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    GWO   CA39138C1068

GREAT-WEST LIFECO INC.

(GWO)
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Great-West Lifeco profit jumps on litigation recovery

02/13/2014 | 02:46pm EDT

TORONTO (Reuters) - Great-West Lifeco (>> Great-West Lifeco Inc.), 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.

TORONTO (Reuters) - Great-West Lifeco (>> Great-West Lifeco Inc.), 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 (>> Power Corporation 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.

($1 = 1.0986 Canadian dollars)

(Reporting by Cameron French, editing by G Crosse)

By GREATWEST-RESULTS/


ę Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION 0.97% 42.52 Delayed Quote.9.45%
GREAT-WEST LIFECO INC. -0.03% 36.87 Delayed Quote.21.52%
POWER CORPORATION OF CANADA 0.35% 40.24 Delayed Quote.37.67%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2021 66 951 M 54 364 M 54 364 M
Net income 2021 2 983 M 2 422 M 2 422 M
Net Debt 2021 - - -
P/E ratio 2021 11,7x
Yield 2021 4,75%
Capitalization 34 242 M 27 754 M 27 804 M
Capi. / Sales 2021 0,51x
Capi. / Sales 2022 0,49x
Nbr of Employees 24 500
Free-Float 26,1%
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Technical analysis trends GREAT-WEST LIFECO INC.
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 36,87 CAD
Average target price 37,70 CAD
Spread / Average Target 2,25%
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Managers and Directors
NameTitle
Paul Anthony Mahon Co-President, Chief Executive Officer & Director
Jeffrey F. Macoun Co-President & Chief Operating Officer
Garry MacNicholas Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Philip Armstrong Global Chief Information Officer & Executive VP
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