Great-West Lifeco Doubles Size of Share Buyback Program
By Robb M. Stewart
Great-West Lifeco doubled the scope of its buyback program to roughly 4.3% of its issued and outstanding shares.
The financial-services company, which operates under the brands Canada Life, Empower and Irish Life, said it amended its current normal course issuer bid to allow it to repurchase up to 40 million of its shares from 20 million previously.
As well, the Toronto Stock Exchange approved an amendment that will permit Great-West to buy its shares from majority shareholder Power Corp. of Canada's Power Financial unit and its subsidiaries.
From Friday, Great-West will be able to buy its shares from Power Financial. Power Corp. plans to maintain its roughly 69% stake in Great-West.
The changes to the buyback program are expected to become effective on or around Friday.
The normal course issuer bid allows for the repurchase of shares over a one-year period through Jan. 5, 2026. To date, the company said it has bought 9.8 million its shares under the program.
Great-West's shares have risen 14% in 2025 and are up 22% over the last 12 months, closing Tuesday at C$54.34.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
September 03, 2025 08:11 ET (12:11 GMT)
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