Great-West Lifeco Inc. reported higher profits for the first quarter ended March 31 on Thursday despite a decline in total revenues.

The insurer said net income climbed to $253 million, or 69¢ a share, from $222 million, or 60.2¢ a share, a year ago.

Great-West said total premiums and deposits fell 11% in the quarter to $6.7 billion from $7.5 billion last year. Return on equity rose to 23.5% from 14.6% on a 12-month basis.

The company is in the process of in the midst of a $4.7 billion takeover Canada Life Financial Corp.

The company said Canadian consolidated net earnings increased 17% to $121 million from $103 million a year ago.

United States consolidated net earnings for the quarter increased 11% to $132 million from $119 million a year
ago.

At its meeting Thursday, the board of directors approved a quarterly dividend of 27¢ per common share.