Great-West Lifeco (GWO) Q2 2026 earnings summary

Executive summary

• Achieved double-digit earnings growth in Q2 2026, with base EPS up 15% year-over-year and net EPS up 20% year-over-year.

• Base ROE reached 19.3%, meeting the 19%+ medium-term objective for the second consecutive quarter.

• Strategic capital deployment included $336 million in share repurchases and the announced acquisition of Milliman's retirement plan and benefits administration business in the U.S.

• Total client assets grew to $3.7 trillion, with strong asset growth in Retirement and Wealth segments.

Financial highlights

• Q2 2026 base earnings were $1,270 million, up 11% from Q2 2025; net earnings were $1,039 million, up 16%.

• Base EPS was $1.42, up 15% year-over-year; net EPS was $1.16, up 20%.

• Book value per share increased 9% year-over-year to $29.85.

• Base dividend payout ratio improved to 47.3% from 49.2% year-over-year.

• Efficiency ratio improved to 54.1% from 56.7% year-over-year.

Outlook and guidance

• Acquisition of Milliman's retirement business expected to be accretive to base earnings in Year 1 and generate a mid-teens IRR.

• Transaction to be funded through existing cash, with no pro forma impact on cash balance or leverage ratio.

• Empower's platform expected to benefit from expanded capabilities and cost synergies.