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Thursday, February 13, 2014

Great-West Lifeco profit jumps on litigation recovery, (TSE: GWO.TO)

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 company.Premiums and deposits rose 34 percent to C$22.6 billion, including $4 billion from Irish Life, the company said.

Great-West Lifeco Inc. (Lifeco) is a financial services holding company with interests in the life insurance, health insurance, asset management, investment and retirement savings and reinsurance businesses. Shares of GWO fell by 3.07% or $-0.98/share to $30.91. In the past year, the shares have traded as low as $25.58 and as high as $33.56. On average, 471925 shares of GWO.TO exchange hands on a given day and today's volume is recorded at 881285.