Great-West Lifeco says the amount of money received from insurance policy premiums, segregated fund deposits and mutual fund sales plunged in the first quarter, resulting in a 15 per cent decline in fees and other income compared with last year.

Total premiums and deposits received for the various financial products and services that it sells dropped to $14.56 billion in the quarter, down 51 per cent from $29.45 billion a year ago.

That included a 72 per cent decline in premiums from life insurance, annuities and insured health products, which fell to $4.7 billion in the quarter ended March 31 from $16.79 billion a year ago.

Meanwhile, investing activities generated a $456 million loss, mostly due to the change in fair value of assets held for trading, compared with a $412-million gain in the first quarter of 2008.

Great-West Life's basic earnings per share fell to 34.5 cents from 73.2 cents in the first quarter of 2008.