05:33 PM EST, 02/05/2025 (MT Newswires) -- Great-West Lifeco ( GWLIF ) , after trade Wednesday, reported higher fourth-quarter base earnings.

The company said its base earnings, excluding most one-time items, stood at $1.1 billion, or $1.20 per share, during the quarter ended Dec. 31, up from $971 million, or $1.04 per share, a year ago.

The increase reflects "higher net fee and spread income from all segments from growth in the business and higher equity markets, partially offset by the impact of the Global Minimum Tax in the Capital and Risk Solutions and Europe segments," the company said.

Earnings from continuing operations were $1.1 billion or $1.20 per common share, compared with $743 million, or $0.80 per share, a year ago. It reflects higher base earnings, better-than-expected market performance, and favorable impacts from changes in the risk-free rate, the company said.

Base Return on Equity was 17.5 %, compares with last year's 16.6 %.

The insurer's board approved a quarterly dividend of $0.61 per share on Lifeco's common shares, an increase of 10%, or $0.055 per share. It will be paid on March 31 to shareholders on record as of March 3, the company said.

The company also plans to buy back $500 million worth of shares under its current normal course issuer bid, in addition to purchases made to offset dilution from its share compensation plans.

The company's shares closed up $0.62 to $47.47 on the Toronto Stock Exchange.