Great West Lifeco Inc. said Thursday its profit rose in the first quarter as sales of Canadian insurance and U.S. retirement products surged, and stock market gains boosted investments.
Canada's second-largest life insurer said net income was $441-million, or 46.6 cents a share, in the first quarter of 2010. That was up from $326-million or 34.5 a year earlier.
Analysts had expected a profit of 47 Canadian cents a share, according to Thomson Reuters.
Shares of the Winnipeg-based insurer rose 1.5 per cent to $26.59 by midday on the Toronto Stock Exchange.