Great-West Lifeco U.S. Unit Earns US$364M

The U.S. segment's third-quarter base earnings rose 15% from a year earlier as fee income and net inflows grew.

Updated on Nov. 6, 2026 in Corporate Finance

Clean modern mid-rise office tower of glass and pale stone against a clear autumn sky, with a bare bronze planter at street level. — Great-West Lifeco's U.S. segment earned US$364 million in the third quarter, up 15% from a year earlier on higher fee income and net inflows. AI Illustration. Upload story photo >

Great-West Lifeco's U.S. segment generated US$364 million (C$510 million) in base earnings for the quarter ended September 30, 2026, up 15% from a year earlier. Groupwide base earnings per share rose 11% to C$1.48 in the same quarter.

Why it matters

The U.S. growth was driven by higher fee income amid stronger markets, positive net plan inflows in Retirement, net inflows in Wealth and operating leverage. Elevated credit impacts partly offset gains, including US$21 million in one-time post-tax fees.

U.S. segment base earnings reached US$364 million (C$510 million), while groupwide net earnings were C$1.139 billion, down from C$1.158 billion a year earlier. The U.S. segment also included US$21 million in one-time post-tax fees in its base earnings.

The players

Great-West Lifeco

A Winnipeg-based financial services company operating life insurance, retirement and wealth management businesses in Canada, the United States and Europe.

The details

Net earnings per share rose to C$1.27 from C$1.25, and the U.S. segment recorded US$321 million (C$451 million) in net earnings. Management attributed U.S. growth to higher fee income, positive net plan inflows in Retirement and net inflows in Wealth.

September 30, 2026: Quarter ended for the reported U.S. segment results.
November 4, 2026: Great-West Lifeco released third-quarter results.

Market Landscape

The U.S. segment's 15% base earnings growth outpaced the groupwide base earnings growth in the quarter. This reflects the company's reliance on fee income from retirement and wealth businesses during stronger markets.

Investors tracking Great-West Lifeco can use base earnings and base EPS to compare operating performance across periods. The one-time fees and credit impacts should be considered when assessing the company's earnings trend.

The takeaway

Investors should separate recurring fee income from one-time items when evaluating insurer earnings. Watching how credit impacts evolve will show whether the U.S. segment's growth is sustainable.