Great-West Lifeco stock: Empower points to double-digit 2027 growth

Great-West Lifeco's third-quarter earnings call on November 5 added a fresh growth signal to the insurer's recent results: Empower now serves more than 20 million customers after the completed Milliman transaction. In the same call, management said it expects double-digit earnings growth at Empower in 2027. The details come from Great-West Lifeco's earnings-call transcript.

Empower expands its scale

The Milliman retirement and benefits administration transaction added CAD 134 billion in client assets. Management said Empower's retirement and wealth operations remain principal growth engines, supported by positive net plan flows, organic participant growth and broader product adoption.

Empower's outlook also includes continued investment in technology, brand and distribution, which is expected to moderate margins. The company said Empower Wealth reached a record 42 percent operating margin in the third quarter, while net sales increased 40 percent from the previous quarter.

Capital returns remain important

Great-West Lifeco expects 2027 share repurchases to be at least as large as in 2026. Management said buybacks and dividends could produce a payout ratio above 75 percent next year, while smaller acquisitions could be incremental to that outlook.

The company also expects more than USD 20 billion in contractual net plan sales at Empower in the first quarter of 2027. That target gives investors a near-term indicator for whether the retirement business can sustain its current momentum.

Share price and investor context

Great-West Lifeco stock was last quoted at 59.47 euros on Lang & Schwarz at 16:07 CET on Friday, November 13. The quote is in euros, while the company's operating figures are reported in Canadian dollars.

Canadian insurers remain exposed to market conditions, claims trends and capital-allocation decisions. Current market reports provide the broader market setting.

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