Great-West Lifeco stock posts record ROE as Canada lags

Great-West Lifeco released its third-quarter 2026 results on Wednesday, November 4, highlighting record underlying profitability but a widening split between its U.S. and Canadian operations. The company's base earnings rose 8 percent year over year to CAD 1.323 billion, according to the Great-West Lifeco earnings release.

Base earnings per share increased 11 percent to CAD 1.48 from CAD 1.33 a year earlier. Net earnings slipped 2 percent to CAD 1.139 billion, while net earnings per share rose 2 percent to CAD 1.27. The different directions underline the effect of items outside the company's base earnings measure, making the underlying result more important for investors assessing operating momentum.

U.S. operations lead the expansion

Empower was the main growth engine. U.S. base earnings increased 17 percent 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. Management said Empower's base earnings rose 15 percent in constant currency, while Empower Wealth base earnings climbed 28 percent in constant currency.

The Milliman retirement and benefits administration transaction added USD 134 billion in client assets. Empower Retirement also moved above 20 million customers, strengthening the group's position in workplace retirement and wealth services.

Capital and Risk Solutions added further momentum, with base earnings up 17 percent to CAD 309 million. Growth was driven mainly by new business in Capital Solutions. The segment's base return on equity reached 42.6 percent, according to figures carried in the results coverage.

Canada remains the pressure point

Canadian base earnings fell 6 percent to CAD 347 million. Weaker group-benefits experience, particularly in long-term disability, outweighed continued strength in Retirement and improved Insurance and Risk Solutions results. Group-benefits base earnings fell 35 percent to CAD 114 million, showing that the Canadian weakness was concentrated rather than uniform across the business.

Europe delivered a smaller positive contribution, with base earnings up 3 percent in the quarter and 6 percent for the first nine months of 2026. Across the group, base return on equity reached a record 19.4 percent, compared with 17.7 percent a year earlier. Management's medium-term objective remains at least 19 percent, and the third quarter marked the third consecutive quarter at or above that level.

Stock context and next investor focus

Great-West Lifeco stock traded at 59.56 euros on Lang & Schwarz at 13:22 CET on Wednesday, November 11, 2026. The company did not provide a new medium-term profitability target in the release; the next focus is whether U.S. growth and capital solutions can continue to offset the less favorable Canadian insurance experience.

Broader market sentiment can be followed through the S&P 500 market overview.

More news and analysis are available on Great-West Lifeco stock.