Great-West Lifeco Inc. today said its third-quarter profit rose 13.3%, as a strong profit from its Canadian and European units outweighed a decline in its U.S. business.

Net income for the Winnipeg, Manitoba-based insurer was $477 million, or 54¢ per share, up from $421 million, or 47¢ cents per share, in the year-before period.

Consolidated net earnings of the Canadian segment of Great-West Lifeco attributable to common shareholders for the third quarter of 2006 increased 9% to $221 million from $203 million at Sept. 30, 2005.

Consolidated net earnings of the United States segment of Great-West Lifeco attributable to common shareholders for the third quarter of 2006 decreased 6% to US$110 million from US$117 million at Sept. 30, 2005.

Consolidated net earnings of the European segment of for the third quarter of 2006, increased 97% compared to Sept. 30, 2005.

Corporate net earnings for Great-West Lifeco attributable to common shareholders were $5 million for the third quarter of 2006, compared to a net charge of $8 million in 2005.

Corporate net earnings for Lifeco attributable to common shareholders in 2005 included restructuring costs related to the acquisition of Canada Life Financial Corp.of $4 million after-tax.