TORONTO Feb 13 Great-West Lifeco,
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,
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
Premiums and deposits rose 34 percent to C$22.6 billion,
including $4 billion from Irish Life, the company said.