Canada · Delayed Price · Currency is CAD Great-West Lifeco Earnings Call Transcripts
Fiscal Year 2026
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Strong earnings growth and capital generation have driven record ROE and margin expansion, especially in capital light and U.S. wealth businesses. AI and technology investments are enhancing efficiency, while ongoing M&A and brand initiatives support further growth. Buybacks remain a key capital deployment tool.
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Double-digit base EPS and ROE growth were driven by strong performance in Empower, CRS, and European operations, with significant capital deployment and robust cash generation. Empower's acquisition of Milliman and balance sheet optimization in Europe further enhance growth prospects.
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Double-digit earnings and EPS growth were achieved across all segments, with base ROE surpassing 19% for the first time. Strong capital generation, disciplined deployment, and robust segment performance support a positive outlook for 2026.
Fiscal Year 2025
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Record base earnings and double-digit EPS growth were driven by strong performance across all segments, robust capital generation, and disciplined capital deployment. Empower and wealth businesses led growth, while capital was returned to shareholders through buybacks and a dividend increase.
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Record Q3 base earnings and ROE were driven by strong growth across all segments, especially in CRS and U.S. retirement. Share buybacks increased, capital position remains robust, and technology investments are enhancing efficiency. Positive outlook continues, with disciplined capital deployment.
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Focused on expanding capital-light businesses, raising earnings and ROE targets, and deepening U.S. wealth market penetration. Strong organic growth, disciplined M&A, and tech-driven efficiency initiatives underpin strategy, with leading positions in core markets and ongoing industry consolidation expected.
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Leadership transition brings continuity, with a focus on organic growth, digital transformation, and capital-light strategy. Empower drives U.S. growth, while Europe and Canada remain stable with targeted expansion. Strong capital position supports buybacks and future M&A.
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The session highlighted a consistent strategic direction focused on capital-light growth, disciplined M&A, and technology-driven efficiency. Ambitious ROE and efficiency targets are underpinned by strong market positions, especially in the U.S. and Europe, and ongoing investments in AI and digital platforms.
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Record Q2 base earnings and double-digit growth were driven by strong U.S. and wealth performance, disciplined capital allocation, and product innovation. Empower remains a key growth engine, with robust net flows and high retention, while capital strength supports increased buybacks.
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Base earnings rose 5% year-over-year to over $1 billion, with double-digit growth in retirement and wealth segments and strong net inflows. Despite temporary impacts from mortality, wildfires, and mortgage write-downs, capital and liquidity remain robust, supporting continued growth and a positive outlook.
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Revised summary: The event announced a shift to a more capital-efficient, cash-generative portfolio, raising the base ROE target to 19%+ and setting a capital generation goal of 80%+ of base earnings. Empower targets double-digit earnings growth; Canadian and European segments aim for mid-single-digit growth, supporting sustainable shareholder returns.
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Diversified business lines and conservative risk management underpin strong performance, with Empower driving double-digit growth through technology, brand, and advisor expansion. U.K. bulk annuities and CRS offer stable, regulated growth, while ROE outperformance is driven by scale and discipline.
Fiscal Year 2024
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Record base earnings and double-digit growth in key segments drove strong results, with Empower in the U.S. now the largest contributor. Capital strength enabled a 10% dividend hike and a CAD 500 million share buyback, supporting continued growth and strategic flexibility.
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Record base earnings and double-digit growth were achieved, led by the US segment and strong market performance. Capital and risk management remain robust, with no material hurricane losses and a strengthened balance sheet. Empower and wealth businesses continue to drive future growth.
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Empower is positioned for medium-term growth through organic plan-level expansion, cost efficiency, and rollover capture, supported by disciplined M&A and technology integration. Canadian and European operations focus on product education, automation, and market leadership, while the business mix shifts toward capital-light, higher-growth segments.
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Record base and net earnings surpassed $1 billion, with double-digit growth across all major segments and strong capital positions. Empower and European operations led performance, while commercial mortgage impairments and the Global Minimum Tax were notable headwinds.