May 6, 2010 / 4:21 PM / 8 years ago

UPDATE 1-Great West Lifeco Q1 in line with expectations

* Q1 EPS C$0.466 vs C$0.345 yr-ago

* In line with analyst est of C$0.47/shr

TORONTO, May 6 (Reuters) - Great West Lifeco Inc (GWO.TO) said on Thursday its profit rose in the first quarter as sales of Canadian insurance and U.S. retirement products surged, and stock market gains boosted investments.

Canada’s second-largest life insurer said net income was C$441 million ($428 million), or 46.6 Canadian cents a share, in the first quarter of 2010. That was up from C$326 million, or 34.5 Canadian cents a share, a year earlier.

Analysts had expected a profit of 47 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Shares of the Winnipeg-based insurer rose 1.5 percent to C$26.59 by midday on the Toronto Stock Exchange.

$1=$1.03 Canadian Reporting by Andrea Hopkins; editing by Rob Wilson

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