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Earnings

Great-West Lifeco reports record 2025 base earnings; announces dividend increase of 10% and continued share repurchases

By The Northwire Desk — AI Analysis Feb 11, 2026 · 17:01 GWO · 60.38 GREAT-WEST LIFECO INC.
GWO · Price

Executive Summary

  • Great-West Lifeco reported record Q4 2025 base earnings of C$1.245 billion (up 12% YoY) and full‑year 2025 base earnings of C$4.649 billion (up 11%).
  • The Board increased the quarterly common‑share dividend by 10% to C$0.67 per share, payable March 31 2026.
  • Share repurchases totaled C$1.625 billion in 2025 and continued with C$250 million YTD 2026; the renewed NCIB authorizes up to 20 million additional shares.

Key Details

  • Q4 2025 Base Earnings: C$1,245 m (C$1.36 per share), +12% vs Q4 2024.
  • Full‑Year 2025 Base Earnings: C$4,649 m (C$5.03 per share), +11% YoY.
  • Q4 2025 Net Earnings (continuing): C$1,048 m (C$1.15 per share), –6% vs Q4 2024.
  • Full‑Year 2025 Net Earnings: C$3,960 m (C$4.29 per share), –1% YoY.
  • Base ROE: 18.2% for the quarter (up from 17.5%).
  • LICAT Ratio: 128%, down 2 pts year‑over‑year; cash balance C$2.1 bn.
  • Dividend Increase: Quarterly dividend raised 10% to C$0.67/share, payable 31 Mar 2026 (record date 3 Mar 2026). Preferred‑share dividends also listed.
  • Share Repurchases: $1.625 bn repurchased in 2025; $929 m in Q4 2025; $250 m YTD 2026. NCIB program renewed Jan 6 2026, permitting up to 20 million additional shares.
  • Segment Highlights (Q4 2025):
  • U.S. base earnings C$440 m (+17% YoY); net earnings C$417 m.
  • Canada base earnings C$400 m (+10% YoY); net earnings C$425 m.
  • Europe base earnings C$256 m (‑2% YoY); net earnings C$128 m.
  • Capital & Risk Solutions base earnings C$258 m (+11% YoY); net earnings C$203 m.
  • Client Assets: Total client assets reached C$3.318 trillion at year‑end 2025 (up from C$3.033 trillion).
  • Conference Call: Q4 2025 results call scheduled for 12 Feb 2026, 9:30 a.m. ET; replay available through 19 Feb 2026.

Notable Quotes

“2025 was a pivotal year for our organization… We delivered on our medium‑term base earnings growth objective, and drove strong return on equity and capital generation…” – David Harney, President & CEO

Read the original news release →

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Earnings