Great-West Lifeco Inc. says net earnings for its first quarter were $595 million, down more than 55 per cent from $1.3 billion a year earlier. 

The Winnipeg-based insurer says base earnings for the quarter ended March 31 were $808 million, up more than 13 per cent from $712 million the same quarter a year ago. 

Diluted earnings per share were 64 cents, down from $1.43 a year earlier. 

The company attributed the decline in net earnings in part to losses in non-fixed income assets and effects from changing interest rates. 

It said that the increase in base earnings was driven in part by recent acquisitions. 

Great-West Lifeco acquired the retirement business of Prudential Financial Inc. in April 2022.

This report by The Canadian Press was first published May 9, 2023.