Great-West Lifeco posts $1.2B in Q1 net earnings

Great-West Lifeco posted net earnings of $1.2 billion for the first quarter of 2026, up 39% from $860 million a year earlier, the insurer announced Wednesday.

The earnings jump reflected favourable market experience, offset by business transformation costs from restructuring in the U.S. and Europe.

The company reported net earnings per share of $1.32, up from 92 cents during the same period last year.

Base earnings of $1.23 billion were up 20% from $1.03 billion a year ago, driven by momentum in the retirement and wealth business, new business volumes in capital and risk solutions and improved insurance experience in capital and risk solutions, among other factors.

The insurer had $3.5 trillion in assets under administration as of March 31.

In Canada, base earnings of $352 million for the quarter were up from $316 million in the first quarter of 2025. The 11% rise came mainly from higher client assets driven by market growth in retirement and wealth, higher investment results in group benefits and an improved mortality experience in insurance and annuities.

Insurance and annuities sales in Canada for the first quarter were up 13% year over year to $121 million, mainly driven by improved participating sales and higher term and annuity sales. Meanwhile, insured group benefits sales fell by $19 million to $106 million as Great-West made fewer large case sales.

The insurer reported net asset inflows of $123 million in Canada in the first quarter compared with net asset outflows of $514 million a year prior. This was primarily due to more large case sales and improved terminations compared to last year.

Great-West Life’s life insurance capital adequacy test ratio came in at 129% for the first quarter, down slightly from 130% at the same time in 2025.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.