Great-West Lifeco stock posts record ROE as Canada lags

Published on 11/10/2026 at 13:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Great-West Lifeco stock delivered record profitability in the third quarter. U.S. strength outweighed weaker Canadian group-benefits experience.

Record profitability meets Canadian weakness

Great-West Lifeco reached a record 19.4 percent base return on equity in the third quarter.
U.S. base earnings rose 17 percent year over year, while Canadian base earnings fell 6 percent.
Retirement and wealth businesses now generate more than half of base earnings.

GWO, CA39138C1068, Illustration mit AI erstellt.

Great-West Lifeco reported record profitability for the third quarter of 2026, with strong performance at its U.S. retirement and wealth businesses offsetting weaker Canadian insurance experience. Insurance Business reported the results on November 5, highlighting a widening split between the insurer's U.S. and Canadian operations.

Great-West Lifeco stock traded at 58.10 euros on Lang & Schwarz at 13:16 CET on Tuesday, November 10, 2026.

U.S. operations lead earnings

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

Base return on equity reached a record 19.4 percent, matching the company's medium-term objective of at least 19 percent. The result gives investors a stronger profitability indicator as Great-West continues to shift its mix toward businesses that require less capital and generate recurring fee income.

The U.S. segment contributed 510 million in base earnings, up 17 percent year over year and 22 percent on a year-to-date basis. The performance was anchored by Empower, where higher fee income, positive net plan inflows in retirement and net inflows in wealth supported operating leverage.

Canada remains the weak point

Canadian base earnings declined to 347 million from 371 million in the third quarter of 2025. The 6 percent decline followed another soft quarter and was linked to moderated group-benefits insurance experience. Strong retirement results and improved insurance and risk-solutions experience provided only a partial offset.

The contrast with the United States has become more pronounced during 2026. Year-to-date U.S. base earnings reached 1.4 billion, compared with 1.04 billion in Canada. Canada had been Great-West's largest earnings contributor as recently as 2024, according to the report, but the balance has since shifted toward U.S. operations and capital solutions.

Business mix supports capital returns

Retirement and wealth businesses now account for more than half of Great-West's base earnings, excluding earnings on surplus and corporate expenses. Capital and Risk Solutions added 309 million in base earnings, up 17 percent year over year, as demand for capital solutions remained strong.

The company also completed the acquisition of Milliman's retirement and benefits administration business in September. Great-West repurchased 340 million of shares during the quarter, while its Canadian LICAT ratio held at 127 percent. These actions support shareholder returns but also leave the earnings mix increasingly dependent on U.S. growth and market-sensitive fee income.

What investors should watch next

For investors, the third-quarter figures combine a record group profitability measure with a clear regional risk. Continued momentum at Empower and in capital solutions can support the medium-term earnings objective, while Canadian group-benefits claims experience remains the main area to monitor.

The Euro Stoxx 50 is a broad reference point for European equities, while Great-West Lifeco remains tied primarily to Canadian and U.S. insurance markets.

Further company-specific developments are available in More news and analyses on Great-West Lifeco stock.