Great-West Lifeco stock tracks record Q3 profitability split

Published on 11/10/2026 at 16:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Great-West Lifeco stock reflects record third-quarter profitability. U.S. growth outweighed weaker Canadian group-benefits experience.

Profitability rises as regional gap widens

Great-West Lifeco reached a record third-quarter base return on equity as U.S. operations led earnings growth.
Canadian base earnings declined as weaker group-benefits insurance experience offset gains in other businesses.
Retirement and wealth now generate more than half of base earnings, increasing the importance of fee-driven U.S. growth.

GWO, CA39138C1068, Illustration mit AI erstellt.

Great-West Lifeco reported record third-quarter profitability on November 4, with U.S. operations offsetting weaker Canadian insurance experience. Insurance Business reported the result on November 5.

Great-West Lifeco stock traded at 59.42 euros on Lang & Schwarz at 16:43 CET on Tuesday, November 10, 2026. That was 2.27 percent above the 58.10-euro quote recorded in the previous company report at 13:16 CET the same day.

U.S. operations lead earnings

Group base earnings reached 1,323 million Canadian dollars in the quarter, an 8 percent increase from a year earlier. Base earnings per share rose 11 percent to 1.48 Canadian dollars, exceeding the 1.42-dollar analyst consensus cited by Insurance Business.

Base return on equity reached a record 19.4 percent, matching Great-West Lifeco's medium-term objective of at least 19 percent. The U.S. segment contributed 510 million Canadian dollars in base earnings, up 17 percent year over year and 22 percent year to date. Empower benefited from higher fee income, positive net plan inflows in retirement and net inflows in wealth.

Canada remains the main counterweight

Canadian base earnings declined 6 percent to 347 million Canadian dollars from 371 million in the third quarter of 2025. Moderated group-benefits insurance experience drove the decline, while stronger retirement results and improved Insurance and Risk Solutions experience provided only a partial offset.

Year-to-date U.S. base earnings reached 1.4 billion Canadian dollars, compared with 1.04 billion in Canada. Retirement and wealth businesses now account for more than half of base earnings, excluding earnings on surplus and corporate expenses. Capital and Risk Solutions added 309 million Canadian dollars, up 17 percent year over year.

Capital returns and next focus

Great-West completed the acquisition of Milliman's retirement and benefits administration business in September and repurchased 340 million Canadian dollars of shares during the quarter. The Canadian LICAT ratio held at 127 percent. For investors, continued momentum at Empower and in capital solutions is balanced by the need to monitor Canadian group-benefits claims experience.

The Euro Stoxx 50 provides a broad reference for European equities, while Great-West Lifeco remains driven by Canadian and U.S. insurance markets.

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