Great-West Lifeco Inc. has reported net income attributable to common shareholders of $514 million for the three months ended March 31 compared to net income of $446 million reported a year ago.

On a per share basis, this represents $0.576 per common share for the three months ended March 31, an increase of 15% compared to $0.501 per common share for 2006.

Lifeco reported earnings growth in all reporting segments, with significant growth in the company’s European segment.

Quarterly dividends declared were 25.5¢ per common share payable June 29. Dividends paid on common shares for the three months ended March 31 were 14% higher than a year ago.

Earnings per common share for the first quarter of 2007 increased 15% compared to a year ago. Return on common shareholders’ equity was 20.4% for the 12 months ended March 31.

Assets under administration at March 31 totalled $216.2 billion, up $3.6 billion from Dec. 31, 2006.

Consolidated net income for Lifeco is comprised of the net income of the Great-West Life Assurance Co., Canada Life Financial Corp., London Life Insurance Co. and Great-West Life & Annuity Insurance Co., together with Lifeco’s corporate results.

In Canada, net income attributable to common shareholders for Q1 increased 10% to $225 million from $204 million for the first quarter of 2006.

Total sales for Q1 were $2.3 billion, compared to $2.1 billion for Q1 2006, an increase of 8%.

Total assets under administration at March 31, 2007 were $100.4 billion, up $3.9 billion from Dec. 31, 2006.

In the U.S. net income attributable to common shareholders for Q1 increased 6% to $142 million from $134 million for Q1 2006.

Total sales for Q1 were $1.5 billion, compared to $1.2 billion in 2006, an increase of 19%. Sales of 401(k) retirement accumulation plans were particularly strong due to the impact of recent acquisitions.

In Europe, net income attributable to common shareholders for Q1 increased 32% to $147 million from $111 million for Q1 2006.

Total sales for Q1 were $1.6 billion, compared to $1.1 billion in 2006, an increase of 50%. Total assets under administration at March 31, 2007 were $68.2 billion, up $300 million from Dec. 31, 2006.

At its meeting on Thursday, the board of directors approved a quarterly dividend of 25.5¢ per share on the common shares of the company payable June 29 to shareholders of record at the close of business June 1.

In addition, the directors approved quarterly dividends on:
– Series D First Preferred Shares of $0.293750 per share;
– Series E First Preferred Shares of $0.30 per share;
– Series F First Preferred Shares of $0.36875 per share;
– Series G First Preferred Shares of $0.325 per share;
– Series H First Preferred Shares of $0.30313 per share; and
– Series I First Preferred Shares of $0.28125 per share;

All are payable June 29 to shareholders of record at the close of business June 1.