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GreatWest Lifeco Inc. had net earnings of $960 million in the first quarter of 2024, up from $595 million the same quarter a year earlier.

The Winnipeg-based company said that for the first time ever, it had exceeded $1 billion in quarterly base earnings, building on strong momentum from 2023.

Net earnings per common share were $1.03, up from 64 cents during the same quarter in 2023.

The company said Q1 net earnings from its Canadian segment were $353 million this year, up from $233 million in Q1 2023.

Great-West Lifeco’s insurance and annuities sales in Canada were $155 million in the first quarter of 2024, down $1 million compared to the same quarter last year.

At the same time, its individual wealth management sales were $4.47 billion, up from $2.66 billion. This was primarily due to higher mutual fund sales driven by the acquisitions of investment planning counsel and value partners, as well as higher segregated fund sales, the company’s report to shareholders said.

As of March 31, the company had $941 billion in assets under management, down from $1.04 trillion the same time last year. The decrease was partly caused by the sale of Putnam Investments to Franklin Templeton earlier this year.