05:37 PM EST, 11/06/2024 (MT Newswires) -- Great-West Lifeco ( GWLIF ) on Wednesday reported higher third-quarter base earnings.

Base earnings of $1.06 billion or $1.14 per share, was a record and a 12% increase from $950 million or $1.02, last year. The increase reflects pre-tax growth and higher earnings from all segments, partially offset by the Global Minimum Tax (GMT) in the Capital and Risk Solutions and Europe segments.

Net earnings from continuing operations fell 9% to $859 million or $0.92 per share, reflecting less favorable impacts of relative interest rate movements. Last year's result included reductions in commercial property values in the Europe segment, the company said.

Base ROE of 17.3%, compares with last year's 16.4%.

Great-West will pay a quarterly dividend of $0.555 per share, on December 3.

"We continue to execute on our focused strategies to deliver sustainable and profitable growth for our shareholders. In our fifth consecutive quarter of record base earnings, we're delivering at the top end of our medium-term financial objectives," said Paul Mahon, President and CEO, Great-West Lifeco ( GWLIF ). "We have strong underlying momentum across all of our segments, and we have delivered on key actions to support and accelerate our growth strategies in both the U.S. and Canada."

Great-West closed $0.35 higher, to $47.55, on the Toronto Stock Exchange.