Citing solid results from all major business segments, London, Ont.-based Great-West Lifeco Inc. reported Thursday a “significant growth in net income” for the three months ended March 31, 2005.

Excluding restructuring charges relating to the 2003 acquisition of Canada Life Financial Corp., Great-West’s net income rose 10.4% to $423 million in the first quarter of 2005, from $383 million reported in the corresponding period a year ago. This translates into an 11% increase in earnings per common share. After restructuring costs, net income in the quarter increased 11.4% to $419 million, from $376 million in 2004.

The company said assets under administration at March 31 totaled $167 billion, up $2.1 billion from Dec. 31, 2004. Return on common shareholders’ equity, excluding restructuring costs, was 20.7% for the 12 months ended March 31. Quarterly dividends declared were 19.5¢ per common share, payable June 30, 2005. Dividends paid on common shares for the first quarter were 21% higher than a year ago.

Consolidated net earnings from Great-West’s Canadian operations rose 27% in the quarter from a year earlier; operations in Europe posted a 31% improvement, while U.S. operations rose 9%.

Great-West Lifeco is a financial services holding company with interests in the life insurance, health insurance, retirement savings, and reinsurance businesses. It has operations in Canada and internationally through Great-West Life Assurance Co., London Life Insurance Co. and Canada Life Assurance Co., and in the U.S through Great-West Life & Annuity Insurance Company and Canada Life Assurance Company. Great-West Lifeco is a member of the Power Financial Corp. group of companies.