Great-West Lifeco Inc. says earnings rose in the fourth quarter compared with a year earlier as its diversified portfolio performed well despite challenging market conditions.

The Winnipeg-based insurer says it had base earnings of $892 million, or 96 cents per share, compared with earnings of $825 million or 89 cents per share last year.

Net earnings came in at $1.03 billion, or $1.10, compared with $765 million or 82 cents per share a year earlier.

The company says that given the results, it has increased its common shareholder dividend by six per cent to 52 cents per share.

Scotiabank analyst Meny Grauman says the results beat expectations by nine per cent thanks in part to policyholder yield enhancement, along with an overall solid performance. 

Great-West says it had consolidated assets of $701 billion and assets under administration of $2.5 trillion at the end of 2022, an increase of 11 per cent and nine per cent from a year earlier. 

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

Companies in this story: (TSX:GWO)