Great-West Lifeco stock posts record base ROE in Q3
Published on 11/06/2026 at 14:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSStrong quarter led by U.S. operations
- Great-West Lifeco lifted base EPS by 11% year over year to CAD 1.48 in the third quarter.
- Base ROE reached a record 19.4%, matching management's medium-term objective of at least 19% for the third consecutive quarter.
- Empower and Capital and Risk Solutions drove growth, while Canada base earnings declined 6%.
- The company approved a quarterly common dividend of CAD 0.67 payable on December 31, 2026.
Great-West Lifeco released its third-quarter results on Wednesday, November 4, reporting stronger underlying earnings despite weaker performance in Canada. The company's stock traded at 57.19 euros on Lang & Schwarz at 14:35:22 CET on Friday, November 6. The quote is available through the real-time quote of Great-West Lifeco stock.
Underlying earnings reach a record
According to the CNW Group release published by Yahoo Finance, base earnings rose 8% year over year to CAD 1.323 billion. Base EPS increased 11% to CAD 1.48 from CAD 1.33, reaching a record high. Net earnings declined 2% to CAD 1.139 billion, while net EPS increased 2% to CAD 1.27.
Base ROE climbed to a record 19.4% from 17.7% a year earlier. The result met Great-West Lifeco's medium-term objective of at least 19% for the third consecutive quarter. Management attributed the improvement to earnings growth, a more capital-efficient business mix and share repurchases.
Empower and CRS drive expansion
The United States segment provided the strongest contribution. Base earnings increased 17% in Canadian-dollar terms to CAD 510 million, supported by higher fee income, stronger markets, positive net plan flows in Retirement, net inflows in Wealth and operating leverage. The segment's base ROE rose to 22.9% from 22.2% in the previous quarter.
Capital and Risk Solutions also delivered strong momentum. Base earnings increased 17% to CAD 309 million, mainly because of new business growth in Capital Solutions. Its base ROE reached 42.6%. Europe contributed CAD 273 million, up 3% from a year earlier.
Canada remained the weak spot. Base earnings fell 6% to CAD 347 million as moderated Group Benefits insurance experience offset continued strength in Retirement and improved Insurance and Risk Solutions results. The company said Retirement and Wealth now account for more than half of base earnings, underlining its shift toward higher-growth and more capital-efficient activities.
Capital deployment remains active
Great-West Lifeco repurchased 3.7 million common shares for CAD 340 million in the quarter. It also completed the acquisition of Milliman's U.S. retirement and benefits administration business. The consolidated LICAT ratio stood at 127%, while total client assets reached CAD 3.860 trillion at September 30.
The board approved a quarterly common dividend of CAD 0.67 per share, payable on December 31 to shareholders of record at the close of business on December 3. The company held its third-quarter conference call on Thursday, November 5, giving investors additional detail on the integration of Milliman and the outlook for Empower.
Great-West Lifeco at a glance
- Company: Great-West Lifeco Inc.
- ISIN: CA39138C1068
- TSX ticker: GWO
- Lang & Schwarz quote: 57.19 euros at 14:35:22 CET on November 6, 2026
- Q3 base EPS: CAD 1.48, up 11% year over year
- Q3 base ROE: 19.4%
Canadian financial stocks remain sensitive to interest rates, market levels and insurance experience; the S&P/TSX Composite provides the broader market backdrop for the company's Toronto listing.
