Great-West Lifeco Inc. on Wednesday reported increased profit for the second quarter ended June 30.

Canada’s largest insurer said earnings were boosted by higher income from premiums and investments.

Net income for the quarter rose to $261 million, or 71.5¢ a share basic, up from $234 million, or 63.4¢ a share, a year ago.

Great-West said revenues climbed in the quarter to $3.97 billion from $3.65 billion last year.

Great-West completed its acquisition of Canada Life Financial this month to take the top spot among Canadian insurance companies.

For the quarter, earnings at Canadian subsidiary Great-West Life Assurance Co. increased 19% to $129 million, compared to $108 million a year ago.

Total assets under administration at June 30, were $55.6 billion, up slightly from December 31, 2002 levels, with increases in general funds mitigated by reductions in segregated funds.

At the company’s U.S. unit, Great-West Life & Annuity Insurance Co, quarterly earnings increased 5% to $132 million, compared to $126 million a year ago.

The firm raised its quarterly dividend to 29.25¢, an increase of 2.25¢.