The insurer said it will now pay a quarterly dividend of 32.6 cents per share, up six per cent from its previous payment to shareholders.
Great-West's fourth-quarter profit amounted to 65.8 cents per share compared with a profit of $717 million or 71.7 per share a year ago.
However, the year-ago results included a one-time gain of $226 million after-tax. Excluding the litigation recovery in 2013, the company said its earnings were up 34 per cent compared with a year ago.
Total assets under administration grew to approximately $1.1 trillion at the end of 2014, up 40 per cent from the end of 2013.
Great-West, a member of the Power Financial group of companies, offers life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.
It operates under the Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments banners.