Great-West Lifeco (GWO) Q3 2026 earnings summary

Executive summary

• Base EPS rose 11% YoY to $1.48; base earnings increased 8% to $1,323M, a record, and base ROE reached 19.4%.

• Retirement and Wealth contributed more than 50% of operating-segment base earnings; total client assets were $3.86T, up 16%, and AUMA reached $1.27T.

• Capital generation exceeded 80% of base earnings, supporting confidence in medium-term objectives and continued shareholder returns.

Financial highlights

• Q3 base earnings were $1,323M, up 8% YoY; net earnings were $1,139M, down 2%. Base EPS was $1.48 and net EPS was $1.27.

• YTD base earnings rose 13% to $3,832M and net earnings rose 16% to $3,370M; YTD base EPS was $4.27.

• Four-quarter average free cash flow was $1,089M; Q3 base capital generation exceeded 80% of base earnings.

• Book value per share increased 8% YoY to $30.07; Q3 dividends paid per share rose 10% to $0.67.

Outlook and guidance

• Medium-term objectives remain base EPS growth of 8–10%, base ROE of 19%+, base dividend payout of 45–55% and base capital generation of 80%+ of earnings.

• Empower expects double-digit base earnings growth; CRS expects mid-single-digit-plus growth as new business volume and insurance experience normalize. Europe remains on track for mid-single-digit-plus growth.

• Canada expects 2027 insurance experience to be neutral; 2027 group insurance and long-term disability experience are expected to be broadly neutral.

• 2027 share repurchases are expected to be at least at the 2026 level; combined with dividends, total payout is expected to exceed 75%.

• 2026 share repurchases are expected to be similar to 2025; outlook depends on markets, sales, retention, customer behavior, expenses and business mix.