Canada Life Financial Corp. on Thursday, which is on the verge of being acquired by Great-West Lifeco, reported a slight increase in profit for the first quarter ended March 31.

The insurer said net income rose to $128 million, or 80¢ a share, up from $120 million, or 75¢ a share, a year ago.

Canada Life said the growth in net income was achieved despite global political and economic uncertainties and continued decreases in equity markets worldwide.

Total premiums and new deposits were almost flat in the quarter at $2.87 billion from $2.84 billion last year. Return on equity rose to 14.4% for the 12 months ended March 31, from 11.5%.

Shareholders will vote on the Great-West Lifeco takeover at a special meeting next week.

Also on Thursday, Canada Life’s board of directors approved a quarterly dividend of 20¢ per common share.