Great-West Lifeco Inc

GWO: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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The Acquisition of Milliman Will Boost Great-West's Empower Business

Maoyuan Chen

Aug 24, 2026

Business Strategy and Outlook

Great-West Lifeco is one of the Big Three Canadian life insurers, which collectively account for about 80% of the nation’s life insurance premiums. The firm has a strong domestic market position across various life insurance markets and group retirement plans. Of the three, we believe that Great-West Lifeco is the best run, with higher and more-stable returns on equity due to its disciplined underwriting strategy and solid expense control. Given the maturity of the insurance industry in the company's main markets in Canada, the US, the UK, and Ireland, we believe that growth will remain modest in the long run.

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Great-West Lifeco Inc

The Acquisition of Milliman Will Boost Great-West's Empower Business

Business Strategy and Outlook

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