Great-West Lifeco Inc. says it earned $1.1 billion in the fourth quarter of 2024, up from $740 million a year earlier.
Adjusted earnings, or what Great-West calls base earnings, were $1.1 billion, up from $971 billion.
The Winnipeg-based insurer raised its dividend and said it intends to purchase $500 million in common shares in 2025.
It said insurance and annuities sales in Canada were down slightly to $180 million from $175 million in the final quarter of 2023.
In a release, Paul Mahon, president and CEO of Great-West Lifeco, noted the strong results set new quarterly and full-year records.
“The strength of the company’s earnings momentum and the value created for
shareholders is reflected in the 10% increase in the company’s dividend and our intention to repurchase additional common shares,” he said. “These results reflect our unrelenting focus to deliver on our growth strategies which has enabled us to exceed our medium-term financial objectives.”
The company raised the quarterly dividend by 10% to 61 cents per common share.
Net earnings per common share were $1.20, up from 79 cents during the same quarter last year.
The company reported a base return on equity of 17.5%, up from 16.6% a year earlier.