Great-West Lifeco stock posts 11% base EPS growth in Q3

Great-West Lifeco reported its third-quarter 2026 results on Wednesday, November 4, after the market close. In a release carried by CNW, the insurer reported higher underlying earnings while net income edged lower because of items outside its base earnings measure.

Base earnings rose 8 percent year over year to 1.323 billion Canadian dollars, while base earnings per share increased 11 percent to 1.48 Canadian dollars. The company said the result was a record and was supported by continued momentum in Retirement and Wealth, led by Empower, as well as stronger new business in Capital and Risk Solutions.

Net earnings attributable to common shareholders fell 2 percent to 1.139 billion Canadian dollars from 1.158 billion Canadian dollars a year earlier. Net earnings per share nevertheless increased 2 percent to 1.27 Canadian dollars. Great-West Lifeco said assumption changes and management actions, business transformation initiatives and amortization of acquisition-related intangibles weighed on the conversion of base earnings into net income.

U.S. Growth Leads The Quarter

The United States segment generated 510 million Canadian dollars in base earnings, up 17 percent from the year-earlier quarter. Great-West Lifeco attributed the gain to stronger markets, higher fee income, positive net plan flows in Retirement, net inflows in Wealth and operating leverage. Empower's Retirement business produced 1.2 billion U.S. dollars in net plan flows, while its Wealth business recorded 2.5 billion U.S. dollars of net inflows.

Capital and Risk Solutions added 309 million Canadian dollars of base earnings, an increase of 17 percent, driven by demand for Capital Solutions new business. Europe contributed 273 million Canadian dollars, up 3 percent, with higher retirement earnings and lower non-directly attributable expenses helping offset moderated insurance experience.

Canada was the main counterweight. Segment base earnings declined 6 percent to 347 million Canadian dollars, primarily because of moderated Group Benefits insurance experience. Strong Retirement results and improved Insurance and Risk Solutions experience provided only a partial offset.

Capital Returns And Next Steps

Great-West Lifeco reported a base return on equity of 19.4 percent, up from 17.7 percent in the prior-year quarter and in line with its medium-term objective of at least 19 percent. The consolidated LICAT ratio stood at 127 percent, while the company repurchased 3.7 million common shares for 340 million Canadian dollars during the quarter.

The board approved a quarterly common-share dividend of 0.67 Canadian dollars, payable on December 31 to shareholders of record at the close of business on December 3. The company also completed its acquisition of Milliman's U.S. retirement and benefits administration business during the quarter.

Great-West Lifeco stock traded at 60.33 euros on Lang & Schwarz at 13:37 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Great-West Lifeco stock.

The S&P/TSX Composite provides the relevant Canadian market backdrop for Great-West Lifeco.

Great-West Lifeco will discuss the third-quarter figures with management on Thursday, November 5, at 9:30 a.m. Eastern Time. The call should give investors more detail on the Canadian Group Benefits experience, the Milliman integration and the outlook for Retirement, Wealth and Capital Solutions. More news and analyses on Great-West Lifeco stock.

Great-West Lifeco At A Glance

• Company: Great-West Lifeco Inc.
• ISIN: CA39138C1068
• Ticker: GWO
• Home exchange: Toronto Stock Exchange
• Lang & Schwarz quote: 60.33 euros at 13:37 CET on November 5, 2026
• Q3 base earnings: 1.323 billion Canadian dollars
• Q3 net earnings: 1.139 billion Canadian dollars
• Base ROE: 19.4 percent in Q3 2026