Aug. 3 (Bloomberg) -- Great-West Lifeco Inc., Canada’s second-largest insurer, said second-quarter profit rose 16 percent on stronger earnings from U.S. operations.
Net income climbed to C$526 million ($547 million), or 55 cents a share, from C$455 million, or 48 cents a year earlier, the Winnipeg, Manitoba-based company said today in a statement. The insurer was expected to earn 46 cents a share, the average estimate of seven analysts surveyed by Bloomberg News.
Great-West, controlled by Montreal’s billionaire Desmarais family, said U.S. earnings more than doubled to C$128 million because of the release of a legal provision at its Putnam Investments unit.
Great-West rose 60 cents to C$23.38 in trading today on the Toronto Stock Exchange before results were released.
(Great-West Lifeco will hold a conference call at 9 a.m. Toronto time tomorrow to discuss second-quarter results. To listen, dial +1-416-340-8018 or +1-866-223-7781.)
To contact the reporter on this story: Sean B. Pasternak in Toronto at firstname.lastname@example.org.