Company Reports

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.

Great-West Lifeco reported overall solid numbers in the second quarter. Base earnings came in at CAD 1.42 per share, up 15% from the previous year. The results translated into a strong adjusted return on equity of 19.3%, meeting management's target of 19%-plus for the second quarter in a row.

Great-West Lifeco is one of the Big Three Canadian life insurers that collectively represent about 80% of the nation’s life insurance premiums. The firm has a strong market position domestically in 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.

Canadian life insurers' earnings have benefited from the effects of market appreciation on their investment portfolios the past several quarters. The Morningstar Canada stock index has had a strong total return of around 33% in the past 12 months.

Great-West Lifeco reported a strong first quarter. Base earnings came in at CAD 1.37 per share, up 23% from the previous year. The results translated into a strong adjusted return on equity of 19.1%, meeting management's target of 19%-plus.

Great-West Lifeco is one of the Big Three Canadian life insurers that collectively represent about 80% of the nation’s life insurance premiums. The firm has a strong market position domestically in 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.

Great-West Lifeco reported a strong set of numbers for the fourth quarter. Base earnings came in at CAD 1.36 per share, up 13% from the previous year. Meanwhile, the firm's full-year 2025 adjusted return on equity was 18.2%, below management's target of 19%-plus.

Great-West Lifeco is one of the Big Three Canadian life insurers that collectively represent about 80% of the nation’s life insurance premiums. The firm has a strong market position domestically in 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.

Great-West Lifeco reported a strong set of numbers for the third quarter. Base earnings came in at CAD 1.2 billion, or CAD 1.33 per share, up 17% from the previous year. The firm reported adjusted return on equity of 17.7%, below its management target of 19%-plus.

Great-West Lifeco reported decent numbers for the second quarter. Base earnings came in at CAD 1.15 billion, or CAD 1.24 per share, up 11.7% from CAD 1.11 per share in the previous year. The firm reported adjusted return on equity of 17.4%.

Great-West Lifeco is one of the Big Three Canadian life insurers that collectively represent about 80% of the nation’s life insurance premiums. The firm has a strong market position domestically in 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.

We are transferring coverage of Great-West to a new analyst. Great-West is one of the Big Three Canadian life insurers and has operations in Canada, the US, and European markets.

Great-West reported decent numbers in the first quarter as base earnings came in at CAD 1.03 billion, or CAD 1.11 per share, up 6% from CAD 1.05 per share in the previous year. The firm reported an adjusted return on equity of 17.2% during the quarter.

Great-West Lifeco provides a variety of financial-services products, including life insurance, retirement solutions, and investment management, mainly in the US, Canada, and Europe. Given the maturity of the insurance industry in the company's main markets, we believe that growth will remain modest in the long run. The company's strategic priorities include expanding its portfolio of advice-centric wealth and insurance products, investing in digital tools and services, and developing solutions to extend the customer lifetime value of its vast network of workplace participants.

Great-West reported impressive numbers in the fourth quarter as base earnings came at CAD 1.12 billion or CAD 1.20 per share, up 15% from CAD 1.04 per share in the previous year. The firm reported an adjusted return on equity of 17.5% during the quarter.

Great-West reported solid results in the third quarter as base earnings came in at CAD 1.06 billion or CAD 1.14 per share, up 12% compared with CAD 0.95 billion or CAD 1.02 per share in the third quarter of the previous year. The results equated to an annualized base return on equity of 17.3%.

No-moat-rated Great-West Life reported a good set of numbers in the second quarter as the company benefited from higher interest rates, buoyant equity markets, and the company’s Empower business recording strong growth and profitability. The highlight in 2024 for us is the solid performance of the Empower business which is on course to become the largest segment for the company in the current year. We think that the Empower business has the best growth outlook among the various Great West business segments from a long-term perspective. The cost synergies achieved from the recent acquisitions made under the Empower business also bode well for shareholders.

Great-West Lifeco provides a variety of financial-services products, including life insurance, retirement solutions, and investment management, mainly in the US, Canada, and Europe. Given the maturity of the insurance industry in the company's main markets, we believe that growth will remain modest in the long run. Great-West's strategic priorities include expanding its portfolio of advice-centric wealth and insurance products, investing in digital tools and services, and developing solutions to extend the customer lifetime value of its vast network of workplace participants.

No-moat-rated Great-West Life reported a solid set of numbers in the first quarter as the company benefited from higher interest rates and underwriting profitability remained stable. The highlight of the quarter for us was the strong performance of the Empower business. We are seeing increasing signs of cost synergies from the recent acquisitions made under the Empower business. We believe that the various steps taken by management to reposition the company’s portfolio over the past three years will bode well for the shareholders. Great-West announced that the integration of Prudential’s retirement business has been completed with 94% of assets under administration and 86% of revenue being retained. Management has exceeded its retention target of 83% for the Prudential acquisition. Importantly, the company has also been able to achieve significant cost synergies as the expense base associated with the acquisition has been reduced by about 32%. The inherent synergies baked in to defined-contribution deals make it a win-win for both transacting parties and explain the consolidating nature of the industry.

Great-West Lifeco provides a variety of financial-services products, including life insurance, retirement solutions, and investment management, mainly in the US, Canada, and Europe. Given the maturity of the insurance industry in the company's main markets, we believe that growth will remain modest in the long run. Great-West's strategic priorities include expanding its portfolio of advice-centric wealth and insurance products, investing in digital tools and services, and developing solutions to extend the customer lifetime value of its vast network of workplace participants.