Q2 2026 Great-West Lifeco Inc Earnings Call Transcript

Jul 29, 2026 / 01:30 PM GMT

Release Date Price: C$23.71

Transcript

Key Points

Positve

Great-West Lifeco Inc (GWLIF) delivered 15% base EPS growth year-over-year, driven by double-digit growth at Empower and Capital and Risk Solutions (CRS).
Empower surpassed $2 trillion in client assets on its workplace platform and announced the acquisition of Milliman's Retirement and Benefits Administration business, expected to be accretive in the first year.
The company reported a strong base ROE of 19.3%, supported by a shift to a more capital-efficient business mix and balance sheet optimization initiatives.
Capital and Risk Solutions (CRS) saw 38% year-over-year base earnings growth in the first half of 2026, driven by strong demand for capital solutions across geographies.
Europe's balance sheet optimization initiatives are on track to deliver over $3 billion in capital benefits, improving the region's base ROE by 350 basis points from 2024.

Negative

Canadian operations saw a 9% year-over-year decline in base earnings due to moderated long-term disability experience gains, which can fluctuate quarter-to-quarter.
Empower experienced $14 billion in participant net outflows in the quarter, partly attributed to higher market balances and seasonality, though improvements are expected in the second half.
Net earnings were impacted by unfavorable market experience, primarily from interest rate movements, though the year-to-date impact was largely neutral.
The company noted that margins on existing Capital and Risk Solutions transactions face erosion over time as competition enters the market.
Credit spreads are near historical tight levels, creating a challenging environment for yield enhancement and potentially pressuring pricing in capital-intensive businesses.

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

GWO.TO - Great-West Lifeco Inc
Q2 2026 Great-West Lifeco Inc Earnings Call
Jul 29, 2026 / 01:30PM 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 second quarter 2026 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 one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Mr. Shubha Khan, Senior Vice President and Head of Investor Relations at Great West. Please go ahead.

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Unidentified_2 [2]

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