05:34 PM EDT, 08/06/2024 (MT Newswires) -- Great-West Lifeco ( GWLIF ) on Tuesday reported record second quarter base earnings.

The life insurer said non-GAAP base earnings rose 13% to a record $1.04 billion, or $1.11 per share, from $920 million, or $0.99 per share, last year. The increase reflects pre-tax growth in all segments.

Net earnings from continuing operations almost doubled to more than $1 billion, or $1.08 per share, from $569 million, or $0.61 per share, up 77% from a year ago. The increase reflects improved market experience from interest rate movements and improved non-fixed income assets experience, and lower expenses related to business transformation activities in Europe and Empower, the company said.

Great West said the U.S. segment is on course to become the largest segment within its portfolio this year. It reported double-digit earnings growth of 19% to US$236 million, in-line with Great-West's 2023 objective. The increase was primarily due to higher fee income driven by higher equity markets.

"Our strong momentum is supported by market-leading franchises with focused and disciplined execution of their growth strategies. As we work to deliver for our customers, we continue to drive sustainable and profitable growth for our shareholders, leading to a fourth consecutive quarter of record base earnings," said Paul Mahon, President and CEO.

The board approved a quarterly dividend of $0.555 per share, payable on September 27.

Great-West closed $0.47 lower to $40.62 on the Toronto Stock Exchange.