Canada Life Financial Corp. is reporting improved profit for the third-quarter ended September 30. Net income was $114 million, or 71¢ a share, up from $91 million, or 57¢ a share, in the year-before period.

Return on equity on a 12-month basis fell to 11.6% from 13.2%.

Premiums, premium equivalents and new deposits of $2,812 million for the quarter were up $61 million or 2% over the comparable period in 2001.

Segregated funds deposits decreased $55 million or 6% in the quarter as compared to the same period in the prior year as a result of global stock market volatility in the third quarter of this year.

Assets under administration were $65,164 million as at September 30, an increase of $2,558 million or 4% over the same date last year. The company says the increase was the result of new business growth over the past year and the strengthening of the U.S. dollar, British pound and Euro against the Canadian dollar.

The company approved a quarterly dividend of 15¢ per common share.