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Wednesday, August 6, 2014

Great-West Lifeco profit boosted by Irish Life acquisition, (TSE: GWO.TO), (TSE: PWF.TO)

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 a share.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 company.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.

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 traded higher by 0.45% or $0.14/share to $31.44. In the past year, the shares have traded as low as $28.61 and as high as $33.56. On average, 448041 shares of GWO.TO exchange hands on a given day and today's volume is recorded at 387350.

Power Financial Corporation (Power Financial) is a diversified international management and holding company. Shares of PWF traded higher by 1.04% or $0.36/share to $34.96. In the past year, the shares have traded as low as $31.27 and as high as $36.79. On average, 358543 shares of PWF.TO exchange hands on a given day and today's volume is recorded at 492997.



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