Q4 2025 Great-West Lifeco Inc Earnings Call Transcript

Feb 12, 2026 / 02:30 PM GMT

Release Date Price: €37.2

Transcript

Key Points

Positve

Great-West Lifeco Inc (GWLIF) delivered record base earnings, up 11% over the previous year, with a 12% increase in base earnings per share.
The company maintained a strong balance sheet with over €2 billion in deployable cash at year-end, despite significant share buybacks.
Empower, a key segment, crossed the $2 trillion mark in client assets, highlighting strong customer attraction and retention.
The company announced a 10% increase in its quarterly dividend, reflecting confidence in its financial position.
Great-West Lifeco Inc (GWLIF) achieved a base ROE of 18.2%, with the US business surpassing 20% for the first time.

Negative

In Canada, results were negatively impacted by lower earnings on surplus due to falling yields.
Europe experienced a significant decrease in earnings on surplus, primarily due to large dividend payments exceeding business earnings.
The company's LICAT ratio decreased from 131% to 128%, partly due to seasonality in the reinsurance business.
The PNC retrocession market saw a 20% rate reduction, leading to less attractive returns and reduced exposure.
The company anticipates an increase in its effective tax rate to approximately 18% by 2028, due to growing earnings from Empower and tax changes in Canada.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GWO.TO - Great-West Lifeco Inc
Q4 2025 Great-West Lifeco Inc Earnings Call
Feb 12, 2026 / 02:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. Welcome to the Great West Life Co 4th quarter and full gear 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star, then the number 1, on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing, then 0.

I would like to now turn the conference over to Mr. Shuba Khan, senior Vice President and head of investor relations at Great West Lifeo. Please go ahead.

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