February 13, 2014 / 7:49 PM / 5 years ago

Great-West Lifeco profit jumps on litigation recovery

TORONTO (Reuters) - Great-West Lifeco (GWO.TO), Canada’s second-largest life insurer, said on Thursday its fourth-quarter profit more than doubled, due in part to a litigation recovery of C$226 million.

Winnipeg, Manitoba-based Great-West, which is 71-percent owned by Canadian holding company Power Corp of Canada (POW.TO), earned a net C$717 million ($652.68 million) in the quarter, or 72 Canadian cents a share.

That compared with a year-ago profit of C$351 million, or 37 Canadian cents a share, when the company took a litigation provision of C$140 million.

Great-West owns insurance subsidiaries London Life and Canada Life, as well as Putnam Investments. Last year, the company acquired Irish Life, Ireland’s largest life and pensions company.

Premiums and deposits rose 34 percent to C$22.6 billion, including $4 billion from Irish Life, the company said.

($1 = 1.0986 Canadian dollars)

Reporting by Cameron French, editing by G Crosse

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