Great-West Lifeco
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Great-West Lifeco (GWO) investor relations material

Great-West Lifeco Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record base earnings of $4.6 billion for 2025, up 11% year-over-year, and base EPS up 12%, surpassing medium-term objectives, with double-digit growth in Retirement, Wealth, and Group Benefits, especially at Empower, driving a shift to capital-light business lines.

  • Leadership transitions completed, positioning for continued growth in 2026 and beyond, with strong cash generation enabling significant share buybacks and enhanced shareholder focus.

  • Total client assets reached $3.3 trillion, with over $1 trillion in higher-margin assets under management or advisement.

  • Increased quarterly dividend by 10% to $0.67 per share and renewed share repurchase program, with $1.6 billion in buybacks in 2025.

  • Total shareholder return was strong in 2025, supported by robust capital deployment and strategic execution.

Financial highlights

  • FY2025 base earnings reached $4,649M, up 11% year-over-year; net earnings were $3,960M.

  • Base EPS rose 12% to $5.03; net EPS was $4.29.

  • Base ROE reached 18.2%, with the U.S. segment surpassing 20% for the first time; net ROE at 15.5%.

  • Total client assets ended at $3.3 trillion, with $1.14 trillion in assets under management or advisement.

  • Empower crossed $2 trillion in assets, with net new assets driving 14% organic growth and a 26% increase in base earnings.

Outlook and guidance

  • Confident in achieving medium-term growth ambitions, targeting base ROE over 19%, with Empower expected to deliver double-digit earnings growth in 2026.

  • On track to generate over 70% of base earnings from capital-light businesses.

  • Anticipate bulk annuity volumes in Europe to return to growth in 2026 as regulatory headwinds subside.

  • Effective tax rate expected to rise to approximately 18% by 2028 due to business mix and tax changes.

Given LICAT dip, what's the buyback plan?
What drives Empower's expected 2026 net plan flows?
Europe Q4 decline: What offsets strong UK sales?
AI's role in advice and Empower's platform advantage
Detail M&A criteria and capital deployment priorities
Address Empower Retirement's revenue/asset growth gap
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Frequently asked questions

Great-West Lifeco Inc is a Canadian financial services holding company providing life insurance, retirement savings, investment, and reinsurance solutions. It operates through several subsidiaries in North America and Europe, serving individual and institutional clients. The company is headquartered in Winnipeg, Canada, and its shares are listed on the TSX.

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