TORONTO (Reuters) - Great-West Lifeco (GWO.TO), Canada’s No. 2 life insurer, said on Thursday its profit rose 14 percent in the third quarter, driven by higher insurance and wealth management revenue.
Winnipeg, Manitoba-based Great-West, which is 72-percent owned by Canadian holding company Power Financial Corp (PWF.TO), earned a net C$520 million ($521.07 million), or 55 Canadian cents a share, in the quarter ended September 30.
That compared with a year-before profit of C$457 million, or 48 Canadian cents a share, a year earlier.
Analysts had expected a profit of 51 Canadian cents a share, according to Thomson Reuters I/B/E/S.
($1 = 0.9980 Canadian dollars)
Reporting By Cameron French; Editing by Gerald E. McCormick