Highlights

  • Great-West Lifeco delivered Q4 2025 base earnings growth of 11.7% YoY to CAD 1,245 million, supported by retirement, wealth, and capital solutions momentum.
  • Net earnings from continuing operations declined 6.1% YoY to CAD 1,048 million due to transformation costs, market experience, and assumption changes.
  • Dividends paid increased to CAD 0.61, alongside a 10% rise in the quarterly payout to CAD 0.67 per share.
  • The company entered 2026 targeting ROE above 19%, with expectations of positive retirement net flows and growth in higher-margin, capital-efficient businesses

Great-West Lifeco (TSX:GWO) is a financial services holding company that operates in Canada, the US, and Europe under brands like Canada Life, Empower, and Irish Life, focusing on life insurance, health, retirement, and investment services.

For the fourth quarter of 2025 (Q4 2025), the company’s U.S. segment base earnings rose to CAD 440 million from CAD 381 million in Q4 2024, representing a 15.5% year-on-year increase, supported by asset growth, positive net flows, and higher fee income. Overall base earnings increased 11.7% year-on-year to CAD 1,245 million, reflecting momentum across retirement, wealth, and capital solutions businesses.

Net earnings from continuing operations declined 6.1% year-on-year to CAD 1,048 million, with the company citing transformation costs, market experience, and assumption changes. Dividends paid increased to CAD 0.61 from CAD 0.56 in the prior corresponding period.

Recent Business Update

Great-West Lifeco reported a dividend update on 11 February 2026, raising its quarterly payout by 10% to CAD 0.67 per share. The company stated that the increase reflects confidence in earnings visibility and capital generation. The payout continues to be supported by base earnings growth and a payout ratio in the mid-40% to high-40% range on a base earnings basis.

Company Outlook

The company entered 2026 with momentum across its core segments and expects continued positive net flows in retirement and growth in higher-margin assets. Management indicated a focus on improving return on equity above 19%, expanding capital-efficient businesses, and maintaining capital returns. The company also noted that capital generation and scalable platforms support visibility for earnings growth.

Top Shareholders

The top 10 shareholders control roughly 78.42% of shares, led by Power Financial Corp at 72.75% and The Vanguard Group at 1.09%.

Stock Information

GWO stock has risen about 5.03% over the past week and 0.57% over the past month. It trades above its 52-week high of CAD 68.56 and low of CAD 49.54, supporting potential trend continuation.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 23, 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 

 

 

Great-West Lifeco (TSX:GWO) Reports Higher Q4 Base Earnings, Raises Dividend on Capital Generation

Highlights

  • Great-West Lifeco delivered Q4 2025 base earnings growth of 11.7% YoY to CAD 1,245 million, supported by retirement, wealth, and capital solutions momentum.
  • Net earnings from continuing operations declined 6.1% YoY to CAD 1,048 million due to transformation costs, market experience, and assumption changes.
  • Dividends paid increased to CAD 0.61, alongside a 10% rise in the quarterly payout to CAD 0.67 per share.
  • The company entered 2026 targeting ROE above 19%, with expectations of positive retirement net flows and growth in higher-margin, capital-efficient businesses

Great-West Lifeco (TSX:GWO) is a financial services holding company that operates in Canada, the US, and Europe under brands like Canada Life, Empower, and Irish Life, focusing on life insurance, health, retirement, and investment services.

For the fourth quarter of 2025 (Q4 2025), the company’s U.S. segment base earnings rose to CAD 440 million from CAD 381 million in Q4 2024, representing a 15.5% year-on-year increase, supported by asset growth, positive net flows, and higher fee income. Overall base earnings increased 11.7% year-on-year to CAD 1,245 million, reflecting momentum across retirement, wealth, and capital solutions businesses.

Net earnings from continuing operations declined 6.1% year-on-year to CAD 1,048 million, with the company citing transformation costs, market experience, and assumption changes. Dividends paid increased to CAD 0.61 from CAD 0.56 in the prior corresponding period.

Recent Business Update

Great-West Lifeco reported a dividend update on 11 February 2026, raising its quarterly payout by 10% to CAD 0.67 per share. The company stated that the increase reflects confidence in earnings visibility and capital generation. The payout continues to be supported by base earnings growth and a payout ratio in the mid-40% to high-40% range on a base earnings basis.

Company Outlook

The company entered 2026 with momentum across its core segments and expects continued positive net flows in retirement and growth in higher-margin assets. Management indicated a focus on improving return on equity above 19%, expanding capital-efficient businesses, and maintaining capital returns. The company also noted that capital generation and scalable platforms support visibility for earnings growth.

Top Shareholders

The top 10 shareholders control roughly 78.42% of shares, led by Power Financial Corp at 72.75% and The Vanguard Group at 1.09%.

Stock Information

GWO stock has risen about 5.03% over the past week and 0.57% over the past month. It trades above its 52-week high of CAD 68.56 and low of CAD 49.54, supporting potential trend continuation.

 

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 23, 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.