Great-West Lifeco third-quarter profit up from year ago at $523 million

WINNIPEG – Great-West Lifeco Inc. (TSX:GWO) says it earned $523 million in its latest quarter as it closed its acquisition of Irish Life Group Ltd.

The insurance company says the profit amounted to 53 cents per share for the quarter ended Sept. 30, up from $518 million or 55 cents per share a year ago.

Total premiums and deposits were $19.7 billion for the quarter, up from $15.5 billion a year ago, including $2.6 billion from Irish Life.

Great-West Life acquired Irish Life, formerly part of a larger group called Irish Life & Permanent, from the Government of Ireland earlier this year in a $1.75-billion deal.

Excluding acquisition and restructuring costs associated with the Irish Life acquisition, the insurer says it earned $583 million or 59 cents per share for the quarter.

Great-West is one of Canada’s largest insurance and wealth management companies and is part of the Power Corporation (TSX:POW) group of companies, one of Canada’s largest non-bank financial conglomerates.