Great-West Lifeco Inc. today reported a 27% jump in first-quarter profit on one-time gains.

The Winnipeg-based insurer said Q1 net earnings were $654 million, or 73.2¢ compared to $514 million, or 57.6 cents per share, a year ago.

The results included $118 million in non-recurring items. Excluding these items, adjusted net income attributable to common shareholders was $536 million, or 60¢ per share.

Great-West’s Canadian operations posted net income of $249 million, up from $225 million in 2007, while the U.S. segment earned $237 million, up 67% from $142 million. European income rose to $175 million from $147 million a year ago.

The company also said Thursday that Robert Gratton had decided to resign as chairman, and was being replaced by Raymond McFeetors.

Allen Loney, a former executive vp was appointed president and CEO of Great-West Lifeco, Great-West Life, London Life and Canada Life.