Great-West Lifeco Inc. is reporting a sharply higher first quarter profit.

The insurer says it earned $229 million, or 60.2¢ per basic share, in the quarter ended March 31, compared with a year-earlier profit of $173 million, or 44.6¢ per basic share. The company earned 58.9¢ per diluted share.

First-quarter total revenues jumped to $4.3 billion from $3.8 billion last year, as as individual life insurance sales doubled.

Return on equity was 21.2% for the 12 months ended March 31, compared with 20.3% in 2001, excluding 2001 non-recurring items.

“Great-West and London Life have recorded an exceptional start to the year, with excellent performance across all our lines of business,” says Raymond McFeetors, president and CEO. “Whether you look at sales, premium income, expense management or earnings, this has been one of our best quarters since the integration of Great-West and London Life.”

James Burns, chairman of Great-West for 23 years, announced his retirement at the shareholder’s meeting on Thursday. He will be replaced by Robert Gratton, currently president and chief executive of Power Financial Corp., the insurer’s parent company.