02/12/2015 10:26 EST | Updated 04/14/2015 05:59 EDT

Great-West Lifeco raises quarterly dividend six per cent to 32.6 cents per share

WINNIPEG - Great-West Lifeco Inc. (TSX:GWO) raised its dividend Thursday as it reported a fourth-quarter profit of $657 million.

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.