Great-West Lifeco is reporting a higher third-quarter profit.

The insurer said it earned $247 million, or 65.3¢ a share, in the quarter ended September 30, compared with a net profit of $131 million, or 33.4¢ a share, in the same period last year.

For the third quarter, Canadian net income was $114 million compared to $97 million at Sept. 30, 2001, up 18% after adjusting for charges relating to the events
of September 11, 2001.

For the third quarter, United States net income was $126 million compared to $116 million at September 30, 2001, an increase of 9%.

“Great-West continues to perform well in all fundamental measures, particularly given the volatility of the current market environment,” said Raymond McFeetors, president & CEO, Great-West Life.

“Earnings are up in quarter and year to date, as are premiums and deposits from all lines of business. Segregated funds continue to be a success story for Great-West and London Life, where we’ve seen growth in our market share and significantly outperformed the market in net deposits.”

Total premiums and deposits for the nine months ended Sept. 30, 2002, including reinsurance premiums, were up 13% from 2001 levels.

Fee income increased 10% in the nine months ended September 30, 2002 compared to 2001, associated with increases in both segregated funds assets
and ASO contract volumes.

Total assets under administration at September 30, 2002 were $53.3 billion, up 3% from a year ago and essentially the same as at Dec. 31, 2001.