Great-West Lifeco stock highlights record ROE and U.S. growth

Great-West Lifeco's third-quarter 2026 results, reported by Insurance Business on November 5, showed record profitability alongside a widening gap between its U.S. and Canadian operations. Base earnings rose 8 percent year over year to 1.323 billion Canadian dollars, while base earnings per share increased 11 percent to 1.48 Canadian dollars.

Great-West Lifeco stock traded at 60.05 euros on Lang & Schwarz at 16:39 CET on Wednesday, November 11, 2026, up 3.36 percent from 58.10 euros in our report published Tuesday, November 10, at 13:16 CET.

U.S. operations lead the quarter

The group posted a record base return on equity of 19.4 percent, matching management's medium-term objective of at least 19 percent. The U.S. segment generated 510 million Canadian dollars in base earnings, up 17 percent year over year, supported by higher fee income, positive retirement net plan flows, wealth inflows and operating leverage at Empower.

Capital and Risk Solutions added 309 million Canadian dollars in base earnings, also up 17 percent, as demand for capital solutions remained strong. Retirement and wealth businesses now account for more than half of base earnings, excluding earnings on surplus and corporate expenses.

Canada remains the main risk

Canadian base earnings fell 6 percent year over year to 347 million Canadian dollars from 371 million. Strong retirement results and improved insurance and risk-solutions experience only partly offset moderated group-benefits insurance experience. This marked a second consecutive quarter in which Canadian earnings weakened, according to Insurance Business.

The regional split is becoming more important for investors. Year-to-date U.S. base earnings reached 1.4 billion Canadian dollars, compared with 1.04 billion in Canada. Great-West also completed the acquisition of Milliman's retirement and benefits administration business in September, while its Canadian LICAT ratio stood at 127 percent and share repurchases reached 340 million Canadian dollars in the quarter.

What investors should watch next

Empower's earnings momentum and Capital and Risk Solutions demand support the group's medium-term growth objective. Canadian group-benefits claims experience remains the main operating factor to monitor as the company enters the final quarter of 2026.

The Euro Stoxx 50 offers a broad reference for European equities.

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