WINNIPEG, MB — February 11, 2026 — Leads & Copy — Great-West Lifeco Inc. (TSX:GWO) has released its Q4 2025 results, showcasing a pivotal year marked by strong financial performance and strategic leadership transitions.
According to David Harney, President and CEO, Great-West Lifeco delivered on its medium-term base earnings growth objective, driving strong return on equity and capital generation while maintaining financial flexibility. The company ended 2025 with significant momentum across its businesses.
Key Financial Highlights:
Base earnings for Q4 2025 reached $1.2 billion, or $1.36 per share, up 12% from Q4 2024. Full-year base earnings totaled $4.6 billion, or $5.03 per share, marking an 11% and 12% increase, respectively, from 2024.
Net earnings for Q4 2025 were $1.0 billion, or $1.15 per share, a 6% decrease from Q4 2024. Full-year net earnings from continuing operations amounted to $4.0 billion, or $4.29 per share, down 1% and largely flat compared to 2024.
The company reported a base ROE of 18.2% and an ROE of 15.5%.
Lifeco’s LICAT ratio stood at 128%, with Lifeco cash at $2.1 billion.
The Board of Directors approved a 10% increase in the quarterly dividend to $0.67 per common share.
Great-West Lifeco repurchased $1.6 billion of common shares in 2025 and $250 million year-to-date in 2026. Under the renewed NCIB, Lifeco may repurchase up to 20 million common shares.
Segmented Operating Results:
Lifeco’s operations are divided into five reportable segments: Canada, United States, Europe, Capital and Risk Solutions, and Corporate.
United States: Q4 base earnings of US$317 million ($440 million), a 17% increase from Q4 2024, driven by higher fee and spread income and a record pre-tax base operating margin of 39% in Wealth.
Canada: Q4 base earnings of $400 million, a 10% increase, primarily due to favorable insurance experience and higher fee income.
Europe: Q4 base earnings of $256 million, a 2% decrease, mainly due to adverse insurance experience and lower earnings on surplus.
Capital and Risk Solutions: Q4 base earnings of $258 million, an 11% increase, driven by strong new business volume.
Dividend Details:
The Board of Directors approved a quarterly dividend of $0.67 per share on common shares, payable March 31, 2026, to shareholders of record on March 3, 2026.
Quarterly dividends on preferred shares were also approved.
Share Purchases:
The Company repurchased $1.625 billion of shares under its NCIB program during 2025, including shares repurchased to offset option dilution. Under the current NCIB, Lifeco may purchase up to 20 million common shares for cancellation.
Analysts’ Estimates:
The average estimate of base earnings per share among analysts was $1.29, and the average net earnings per share estimate was $1.20.
Conference Call:
Lifeco will hold a conference call and audio webcast on Thursday, February 12, 2026, at 9:30 a.m. ET.
Great-West Lifeco Inc. is a financial services holding company with operations in Canada, the United States, and Europe. It provides wealth, retirement, group benefits, and insurance and risk solutions to approximately 40 million customer relationships. As of December 31, 2025, Great-West Lifeco’s total client assets were $3.3 trillion.
Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Great-West Lifeco’s Quarterly Report to Shareholders for the fourth quarter of 2025, including its Management’s Discussion and Analysis (MD&A) and consolidated financial statements for the three and twelve months ended December 31, 2025, are available at greatwestlifeco.com/financial-reports and sedarplus.com.
All figures are expressed in millions of Canadian dollars, unless otherwise noted.
Source: Great-West Lifeco Inc.
