Canada Life Financial Corp. on Wednesday reported lower profit for the second quarter ended June 30.

Net income for the quarter was $118 million or 73¢ per share, down $7 million or 6% from the comparable period in 2002.

Results for the quarter included the impact of $11 million after-tax for an investment provision for a specific exposure and $6 million after-tax for special compensation-related expenses as a result of the change in control of the company.

Great-West Lifeco Inc. completed its acquisition of Canada Life earlier this month.

Return on common shareholders’ equity was 14.2% for the 12 months ended June 30, 2003, up from 11.7% for the 12 months ended June 30, 2002.