Insurance company Great-West Life (TSX:GWO) is raising its quarterly dividend by 12%.
The insurer says it has declared an additional dividend of 5.2 cents per share, payable on December 31 to shareholders of record at the close of business on December 3.
Combined with its dividend of 43.8 cents per share announced on November 3, Great-West will pay a total quarterly dividend of 49 cents per share.
Great-West Life is the latest financial institution to raise its quarterly dividend after the Office of the Superintendent of Financial Institutions lifted COVID-19 restrictions on November 4 that had prevented federally regulated banks and insurers from raising dividends and buying back shares.
Great-West says it has set a target dividend payout ratio range of 45% to 55% of its base earnings.
