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Great-West Life Says Profit Rises After Year-Earlier Costs

Nov. 10 (Bloomberg) -- Great-West Lifeco Inc., Canada’s second-largest insurer, said profit in the third quarter climbed 71 percent because of year-earlier costs for litigation.

Net income rose to C$457 million ($449 million), or 48 cents a share, from C$267 million, or 28 cents, a year earlier, the Winnipeg, Manitoba-based company said today in a statement. Results matched the average estimate of seven analysts surveyed by Bloomberg.

In the year-earlier period, Great-West recorded a C$204 million cost related to litigation.

Great-West is the last of Canada’s four main insurers to report third-quarter results.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Dan Kraut at dkraut2@bloomberg.net.

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