Great-West Lifeco profit drops on litigation costs
Feb 7 (Reuters) - Great-West Lifeco Inc, Canada's second-largest life insurer, said on Thursday its fourth-quarter profit fell by 43 percent as the company took a C$140 million litigation reserve.
Winnipeg, Manitoba-based Great-West, which is 72-percent owned by Canadian holding company Power Financial Corp, earned a net C$353 million ($353.76 million), or 37 Canadian cents a share. That was down from a year-before profit of C$624 million, or 66 Canadian cents per share.
On an operating basis, the company earned 52 Canadian cents a share, meeting analysts' expectations, according to Thomson Reuters I/B/E/S.
Great-West's shares were flat at C$25.97 on the Toronto Stock Exchange.