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Great-West Lifeco Inc GWO

Rating as of

Morningstar’s Analysis

Valuation
Currency in CAD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Smooth Sailing for Great-West in Third Quarter

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Great-West Life reported base earnings of CAD 0.94, easily beating FactSet consensus of CAD 0.81. Base earnings were robust in the Canada, U.S., and European segments but were soft in the capital and risk solutions segment. Overall, there was little in the firm’s press release that would alter our long-term view of the firm, and we will maintain our fair value estimate of CAD 39 and no-moat rating.

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Company Profile

Business Description

Great-West Lifeco is one of the three big Canadian life insurance firms. With just under half of the firm’s profit and revenue in Canada, Great-West also operates in the U.S. and Europe. In Canada, Great-West provides both individual and group insurance. In the United States, Great-West operates Putnam Investments and defined-contribution recordkeeping firm Empower Retirement. In 2020, Great-West announced it would acquire Personal Capital and MassMutual's recordkeeping business. In Europe, Great-West offers life insurance, annuities, and reinsurance primarily in the U.K., Ireland, and Germany.

Contact
100 Osborne Street North
Winnipeg, MB, R3C 1V3, Canada
T +1 204 946-1190
Sector Financial Services
Industry Insurance - Life
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,500