Great-West Lifeco (GWO) investor relations material

Executive summary

• Achieved record base earnings of $1,225 million in Q3 2025, up 15% year-over-year, with double-digit growth in the U.S., Europe, and Capital and Risk Solutions segments.

• Net earnings from continuing operations rose 35% year-over-year to $1,158 million, reflecting strong operational performance and favorable market experience.

• All business segments delivered base earnings growth in line with or ahead of medium-term ambitions, supported by robust market positions and customer growth globally.

• Total client assets reached $3.3 trillion, up 15% year-over-year, with significant growth in Retirement and Wealth segments.

• Strong execution on strategic priorities, with robust cash generation supporting increased share buybacks and capital deployment.

Financial highlights

• Base earnings grew 15% year-over-year to $1,225 million, with base EPS up 17% to $1.33 and net EPS at $1.25.

• Net earnings reached $1,158 million; book value per share increased 8% year-over-year to $27.86.

• Base return on equity (ROE) reached 17.7%, up 40 basis points year-over-year; net ROE at 15.8%.

• Insurance experience gains totaled $112 million, nearly double the four-quarter average.

• Net plan inflows in U.S. retirement business were $30 billion; Empower Wealth net inflows hit $3.4 billion, up 43% year-over-year.

Outlook and guidance

• Raised medium-term base ROE objective to 19%+ and reaffirmed base EPS growth target of 8–10%.

• Plans to incur $250–$300 million in post-tax restructuring costs over three years for technology modernization and productivity enhancements.

• Expect continued double-digit growth in Empower, with plan flows for H2 2025 in line with previous guidance.

• CRS earnings growth expected in the mid-single-digit range or better over the medium term.

• Remittances in Q4 expected to align with four-quarter average; strong free cash flow supports ongoing capital deployment.