Great-West Lifeco income improves 14%.

(From Insurance Day)

Byline: Richard Banks

CANADA'S Great-West Lifeco, which this month acquired Canada Life Financial Corporation, has reported net income for the first six months of the year of C$514m (US$366m), a rise of 14% on the year-ago period writes Richard Banks, London.

In the second quarter the company, the largest insurer in Canada, achieved net income of $261m, up from $234m for the second quarter of 2002. Great-West Life Assurance, which operates predominantly in Canada, reported an 18% increase in consolidated net earning during the first half of this year to $250m. The company said the rise was particularly the result of "favourable mortality and morbidity experience" as well as good management of expenses.

There was little change in total premiums and deposits during the first half of this year compared with first-half 2002, although reinsurance premiums rose 30%, mainly related to life insurance business.

During the second quarter, earnings attributable to common shareholders, at Great-West Life Assurance, rose 19% to ...