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Great-West Lifeco posts profit in 3rd quarter on strong Canadian, European sales

Great-West Lifeco world headquarters is pictured in Winnipeg, Tuesday, February 19, 2013.


Great-West Lifeco Inc. reported a third-quarter profit of $523-million or 53 cents per common share on Thursday, as sales of Canadian and European wealth and insurance products grew.

That was up modestly from the $518-million or 55 cents per share profit that the company reported in the third quarter of 2012.

The Winnipeg-based insurer completed its $1.75-billion deal for Irish Life Group Ltd. during the quarter. Stripping out the acquisition and restructuring costs related to that deal, the insurer's earnings rose to $583-million or 59 cents per share, up more than 12 per cent from the same period last year. The results were in line with expectations.

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With the addition of the Irish Life business, sales of insurance and annuities in Europe rose substantially.

In Canada, Great-West said that wealth management and individual insurance sales both increased in the double digits over last year. Group insurance sales were particularly strong, up 65 per cent over the third quarter of 2012.

Great-West shares have climbed 33 per cent so far in 2013.

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About the Author
Financial Services Reporter

Jacqueline Nelson is a financial services reporter at the Report on Business. Prior to that she was a staff writer at Canadian Business magazine, covering news and writing features on a wide variety of subjects. More


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