Great-West Lifeco Competitive Intelligence & Landscape

Great-West Lifeco specializes in a broad range of financial services including life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses [https://www.greatwestlifeco.com/who-we-are/about-us.html]. Its operations are conducted through key brands: Canada Life in Canada, the UK, Isle of Man, and Germany; Empower in the U.S. as a leading provider of employer-sponsored retirement savings plans; and Irish Life, which is Ireland’s leading life assurance, pensions, and investment management business [https://greatwestlifeco.com/].

As of December 31, 2025, Great-West Lifeco reported over 33,430 employees globally and managed total client assets exceeding $3.3 trillion [https://greatwestlifeco.com/]. The company emphasizes sound corporate governance, recognizing its importance to the well-being of the company and its shareholders [https://www.greatwestlifeco.com/who-we-are/corporate-governance/corporate-governance-practices.html].

The company's leadership team is dedicated to enhancing customer financial security and well-being [https://www.greatwestlifeco.com/who-we-are/leadership.html].

Great-West Lifeco is a publicly traded entity, with Power Corporation of Canada indirectly controlling approximately 70% of its outstanding common shares [https://www.greatwestlifeco.com/who-we-are/our-companies.html].

Great-West Lifeco actively works to optimize the value plan participants receive for their invested dollars. A notable pricing initiative from Empower includes the launch of the first-ever zero-fee index fund, specifically designed for retirement plans, aiming to reduce the cost of investing for participants [https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf]. This highlights a strategic move towards more cost-effective solutions in the retirement savings market.

In terms of product expansion and partnerships, Empower has strategically partnered with Blackstone Inc. to broaden access to private markets within defined contribution plans. This program enables plan participants to gain exposure to private equity, private credit, private infrastructure, and private real estate through collective investment trust (CIT) structures, with a focus on enhancing diversification and long-term return potential [https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/q1/lifeco-q1-2026-quarterly-report-to-shareholders-en.pdf]. This initiative represents an expansion of investment options available to plan participants, potentially at varying fee structures depending on the specific CITs.

The company also focuses on expanding its wealth management through managed solutions and book acquisitions, and growing its Irish Wealth division via broker roll-ups and partnerships [https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2025/q3/q3-2025-investor-overview-presentation.pdf]. Furthermore, Great-West Lifeco provides capital solutions for insurance clients, offering attractive alternatives to external financing and supporting clients' capital needs while managing risk [https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2025/q3/q3-2025-earnings-call-slides.pdf]. These services imply tailored pricing models based on the nature and complexity of the capital solutions provided.

The company's hiring patterns also indicate a dedication to sustainability and ethical practices, as evidenced by the appointment of its first Chief Sustainability Officer. This aligns with Great-West Lifeco's broader values, which include supporting stronger communities and building trust, and signals a strategic imperative towards responsible engagement and long-term value creation [https://www.greatwestlifeco.com/content/dam/lifeco/documents/citizenship-and-impact/advancing-inclusive-growth.pdf]. With over 30,000 employees, advisors, and associates, the company emphasizes employee engagement as a core value [https://www.greatwestlifeco.com/content/dam/lifeco/documents/code-of-conduct/lifeco-code-of-conduct-en.pdf].

Great-West Lifeco employs 33,430 individuals worldwide and serves 40 million customer relationships across Canada, the United States, and Europe through its subsidiaries: Canada Life, Empower, and Irish Life [https://www.greatwestlifeco.com/]. While the company has celebrated the retirement of key individuals, such as Garry MacNicholas, Jeff Macoun, Arshil Jamal, and Grace Palombo, it has also welcomed new individuals into roles, showcasing a robust succession planning strategy and depth of internal expertise [https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2024/annual/lifeco-2024-annual-report.pdf]. This continuous refreshment of leadership, coupled with strategic new hires, suggests a dynamic approach to talent management rather than widespread layoffs.

The strategic appointments, particularly in investment and sustainability, underscore Great-West Lifeco's commitment to growth, innovation, and maintaining its position as a leading financial services firm. The company's focus on attracting and retaining top talent, alongside its structured succession planning, indicates a stable and forward-looking employment environment, aiming to strengthen its capabilities in a competitive global market.

For the fourth quarter of 2025, Great-West Lifeco reported insurance revenue of $22,321 million and net investment income of $9,853 million [greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2025/q4/lifeco-q4-2025-financials.pdf]. The company's financial health is further highlighted by strong underlying performance, with base earnings reaching a record $1.23 billion in Q3 2025, a 15% year-over-year increase, and net earnings reaching $1.16 billion, up 35% year-over-year [greatwestlifeco.com/content/dam/gwlco/documents/reports/2025/q3/lifeco-q3-2025-quarterly-report-to-shareholders-en.pdf].

In terms of fundraising and capital management, Great-West Lifeco maintained a strong capital position with $2.1 billion in Holdco cash after completing $567 million of share repurchases in Q1 2026 [greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/q1/lifeco-q1-2026-quarterly-report-to-shareholders-en.pdf]. The company also completed a preferred share offering in 2025 and conducted an offering of €500 million 3.625% senior euro bonds due 2033 in recent updates [greatwestlifeco.com].

Regarding M&A activity, Great-West Lifeco's subsidiary Empower is set to acquire the retirement plan and benefits administration business of Milliman, Inc., indicating strategic expansion within its operational regions [greatwestlifeco.com]. The company operates in Canada, the United States, and Europe through key brands such as Canada Life, Empower, and Irish Life, providing wealth, retirement, group benefits, and insurance solutions to approximately 40 million customer relationships worldwide [greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2025/annual/lifeco-2025-annual-information-form.pdf].

In addition to quarterly updates, Great-West Lifeco also holds significant investor-focused events. For instance, the company hosted an Investor Day in Toronto on April 2, 2025, with the theme "Driving Growth, Delivering Lasting Value." This event included presentations by executive management and question-and-answer sessions. A live webcast and presentation slides were made available for remote attendees.

The company also conducts its Annual Meeting of Shareholders, which, as seen in the 2026 Annual Meeting on May 7, 2026, is held in a hybrid format, allowing both online and in-person participation for shareholders, policyholders, and proxyholders. These meetings provide a platform for company leadership to address stakeholders and discuss corporate performance and strategy.