Great West Lifeco

What Great West Lifeco does

Great-West Lifeco Inc. is a Canadian financial services holding company headquartered in Winnipeg and listed on the Toronto Stock Exchange (GWO), operating across Canada, the United States, and Europe through three core subsidiaries: Canada Life (insurance and wealth management in Canada, the UK, the Isle of Man, and Germany, plus U.S. reinsurance), Empower (U.S. employer-sponsored retirement savings plans), and Irish Life (Ireland's leading life assurance, pensions, and investment management business). The company also operates Keyridge Asset Management, formed in November 2025 by merging its European asset managers, and a Capital & Risk Solutions reinsurance segment. As of December 31, 2025, Great-West Lifeco administered $3.3+ trillion in client assets for 40 million customer relationships, employed 33,430 people, and ranked as the 4th largest life insurer in North America by market capitalization.

The company's revenue is generated through recurring insurance premiums, fee-based wealth and asset management, and usage-based retirement plan administration. Empower's technology platform administers $2 trillion in assets under administration for over 19.5 million individuals and added 500,000 net new plan participants and $23 billion in net plan flows in 2025. Distribution is multi-channel and spans company-owned field sales (especially Empower's U.S. employer-focused team), tied agents in Ireland, third-party intermediaries, and capital markets issuances underwritten by BMO, RBC, Scotiabank, Barclays, BNP Paribas, and J.P. Morgan. The firm's technology stack includes Empower's workplace and personal wealth platforms, Keyridge's €153 billion asset management infrastructure, and a recently redeveloped €200 million Irish Life Dublin headquarters supporting 3,000 European staff.

Great-West Lifeco is controlled by Power Corporation of Canada and operates with an AM Best A+ (Superior) financial strength rating, S&P A+ and Fitch A credit ratings, and a stated $5-6 billion in M&A firepower. Growth is being driven by Empower's retirement and wealth franchises (double-digit AUA and earnings growth), Keyridge's consolidated European asset management platform, and selective M&A such as the Aegon UK bid. The company is in an active capital-return mode, having repurchased $1.6 billion of common shares in 2025, while funding expansion through preferred share issuances (Series Z and Series 24 totaling approximately C$350 million in 2025-2026) and euro-denominated debt.

Name

Great West Lifeco

Legal name

Great-West Lifeco Inc.

Website

https://greatwestlifeco.com

Company type

Public

Founded year

1847

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Great-West Lifeco is a Canadian financial services holding company operating across Canada, the US, and Europe through Canada Life, Empower, and Irish Life, offering life insurance, wealth management, employer-sponsored retirement plans, and reinsurance to 40 million customers with $3.3+ trillion in client assets.

Ownership category

akta.pro rank

Product category

Life Insurance and Financial Services

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Portfolio Management and Investment Advice (523940), Insurance Agencies and Brokerages (524210)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Investment Advice (6282), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Group Term Life Insurance (FSAIAAAJ)

akta.pro secondary industries

Private Client/High-Net-Worth Advisory (FSAEAAAN), Life & Health Reinsurance Brokerage (FSAOAHAF), Onshore Private Banking (Domestic HNW/UHNW) (FSAAABAA)

Keywords

• Life insurance services
• Wealth management solutions
• Retirement plan administration
• Asset management services
• Reinsurance solutions

Headquarters

HQ city

Winnipeg

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Life and health insurance products generate premium revenue from policyholders across Canada, the U.S., and Europe through Canada Life and Irish Life brands.
2. Wealth Management Fees: Asset management and wealth management services generate fee-based revenue from advisory services, fund management, and investment products, with wealth business expanding at over 20% annually.
3. Retirement Plan Administration: Employer-sponsored retirement savings plan administration generates fees based on assets under administration and participant counts through Empower's workplace solutions.
4. Reinsurance Solutions: Reinsurance services provided through Capital & Risk Solutions business, generating revenue from risk assumption and reinsurance premiums.
5. Preferred Share Dividends: Company raises capital through preferred share offerings, with Series 24 and Series Z shares yielding 5.70% per annum, payable quarterly.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Great-West Lifeco is a financial services holding company that provides life insurance, health insurance, wealth management, retirement plan administration, and investment management services. It operates through three primary subsidiaries: Canada Life (insurance and wealth management in Canada, UK, Isle of Man, Germany, plus U.S. reinsurance), Empower (U.S. employer-sponsored retirement savings plans), and Irish Life (life assurance, pensions, and investment management in Ireland). The company also operates Keyridge Asset Management for European asset management and Capital & Risk Solutions for reinsurance, serving over 40 million customer relationships with $3.3+ trillion in total client assets.

Product overview

Great-West Lifeco operates as a diversified financial services company with a platform-plus-segments architecture, offering insurance, wealth management, and retirement services through three primary operating subsidiaries: Canada Life (insurance and wealth management across Canada, UK, Isle of Man, Germany, and U.S. reinsurance), Empower (U.S. employer-sponsored retirement savings plans with Workplace Solutions and Personal Wealth management), and Irish Life (Ireland's leading life assurance, pensions, and investment management). The company also operates Keyridge Asset Management (formed from merged European subsidiaries), and offers capital markets products including preferred shares. The enterprise serves over 40 million customer relationships with $3.3+ trillion in total client assets across Canada, the United States, and Europe.

Differentiator

Problem solved

Functional benefit

Brands

• Unio: Wealth management business created in Ireland
• Keyridge Asset Management

Products and services

• Canada Life

Quantifiable outcome

• $3.3+ trillion in total client assets
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Canada Life (UK Unit)minorStrategic or Co-development Partner · 11 February 2026Canada Life unit submitted initial bid for Aegon's UK arm alongside Lloyds Banking Group and Phoenix Group Holdings, indicating interest in strategic acquisitions within the UK insurance market.

Scale indicators16 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Manulife Financial: Manulife is a Canadian-headquartered life insurer and wealth manager with operations across Canada, the U.S., and Asia. It is the most direct peer to Great-West Lifeco given overlapping life insurance, group retirement, and wealth management franchises and a comparable multi-geographic distribution footprint.
• Sun Life Financial: Sun Life is a major Canadian life insurer with group retirement, individual insurance, and asset management businesses across Canada, the U.S., and Asia. It directly competes with Great-West Lifeco's Canada Life and Empower franchises and was explicitly named as a comparable in Q1 2026 earnings performance benchmarks.
• Prudential Financial: Prudential Financial is a leading U.S. life insurer and retirement plan provider with $1.4+ trillion in AUM. It is directly comparable to Empower's workplace retirement and individual life insurance businesses and overlaps with Canada Life's U.S. operations.
• MetLife: MetLife is one of the largest U.S. life insurers and a global employee benefits provider. It is comparable to Great-West Lifeco's group insurance and U.S. retirement segments and competes for similar institutional clients in the U.S. market.
• Lincoln National: Lincoln National offers individual life insurance, group retirement, and wealth management in the U.S. It directly overlaps with Empower's retirement and personal wealth segments and competes in the same U.S. employer-sponsored retirement plan market.
• Principal Financial Group: Principal Financial specializes in retirement plan administration, investment management, and group benefits, primarily in the U.S. It is a direct competitor to Empower in employer-sponsored retirement plans and serves overlapping mid-market and large employer clients.
• Aegon: Aegon is a Dutch-headquartered life insurer with significant operations in the UK, U.S. (Transamerica), and Europe. It is a direct peer to Great-West Lifeco's European life insurance and U.S. retirement franchises and was the subject of Canada Life UK's recent acquisition bid.
• Legal & General: Legal & General is a leading UK life insurer, pension provider, and asset manager with bulk purchase annuity and workplace pension franchises. It directly competes with Canada Life UK, particularly in bulk annuities, and overlaps in European institutional asset management.
• iA Financial Group: iA Financial is a Canadian life and health insurer and wealth manager with operations in Canada and the U.S. It is a direct domestic peer to Great-West Lifeco's Canadian life insurance and wealth franchise and was named as a comparable in Q1 2026 earnings benchmarking.

Others

• Power Corporation of Canada: Power Corporation of Canada is the controlling parent company of Great-West Lifeco. While not a competitor, it is the strategic holding company that influences capital allocation, M&A priorities, and group-level AI investments via the Sagard AI Fund.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/london-life-great-west-lifeco-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great West Lifeco