Great-West Lifeco Inc. today reported a 15% increase in fourth quarter profit on stronger results across all operating lines. The insurance holding company also said it was increasing its dividend.

Great-West said net income for the quarter ended Dec. 31, 2004, was $409 million or 45.5¢ a share, for the quarter ended Dec. 31, up from $357 million, or 40¢ a share, in the year-before period.

Excluding restructuring charges, the insurer earned 47.5¢ a share.

Total premiums and deposits for the quarter were $8.328 billion, down 1% from $8.371 billion in the year-before period.

Return on equity, excluding restructuring costs, was 20.8% for the 12 months ended Dec. 31.

Great-West also raised its quarterly dividend to 19.5¢ a share, up 1.375¢.

Assets under administration at Dec. 31, 2004 totalled $164.9 billion, up $5.7 billion from December 31, 2003 levels.

Great-West controls Canada Life Financial, Great-West Life Assurance Co, London Life Insurance, and U.S.-based Great-West Life & Annuity Insurance Co.

Great-West said it experienced solid operating results in all major business segments.

The results for 2004 include a full year of results of the Canada Life Financial Corporation (CLFC) acquisition, which closed on July 10, 2003.

Consolidated net earnings of the Canadian segment of Great-West Lifeco fo or the fourth quarter of 2004, earnings were up 36% to $150 million, compared to $110 million a year ago.