TORONTO Aug 6 Great-West Lifeco Inc,
Canada's second-largest life insurer, said on Wednesday its
second-quarter profit rose 18 percent, helped by the acquisition
of Irish Life Group last year.
Winnipeg, Manitoba-based Great-West, which is 71-percent
owned by Canadian holding company Power Financial Corp, earned a
net C$615 million in the quarter, or 62 Canadian cents a share,
up from a year-ago profit of C$521 million, or 55 Canadian cents
The results met analysts' estimates of a profit of 62
Canadian cents a share.
Great-West owns insurance subsidiaries including London Life
and Canada Life, as well as Putnam Investments. Last July, the
company acquired Irish Life, Ireland's largest life and pension
Premiums and deposits rose 33 percent to C$20.4 billion in
the quarter, with C$2.4 billion of that coming from Irish Life.
In total, Irish Life contributed C$57 million to the company's
bottom line, Great-West said.
(Reporting by Cameron French; Editing by Lisa Shumaker)