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Great-West Life doubles Q4 earnings compared to 2012

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Winnipeg-based global insurance provider, Great-West Lifeco Inc. doubled its fourth quarter earnings to $717 million for the period ending Dec. 31, 2013 compared to the year before.

For the entire year the company had net earning of $2.3 billion up 26 per cent from the year before.

Net earnings for the quarter include a litigation recovery of $226 million after-tax in the fourth quarter of 2013.

Consolidated assets under administration at the end of the year grew to over $758 billion, up $212 billion from Dec. 31, 2012, including $105 billion of Irish Life assets under administration.

Great-West Lifeco closed its acquisition of Irish Life in July, 2013.

Total premiums and deposits in the fourth quarter were $22.6 billion, up 34 per cent from a year ago, including $4.0 billion from Irish Life.

Total company sales in the fourth quarter of 2013 were up 61 per cent from the same period in 2012. Canadian sales of $2.9 billion were even with the fourth quarter of 2012.

European sales were up 270 per cent to $4.8 billion compared to the fourth quarter of 2012, including sales of $3.8 billion from Irish Life.

Sales at Putnam, its U.S. financial services company, were up 22 per cent to $8.3 billion US driven by mutual fund sales of $5.7 billion US which were at their highest level since the third quarter of 2003.

Its U.S. insurance operations, Great-West Financial, had sales of $5.3 billion US, up 97 per cent compared to the fourth quarter of 2012.

Great-West Lifeco shares were down 58 cents to #31.31 in early afternoon trading.

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