# GREAT-WEST LIFECO INC.

Summary updated: 2026-10-04T09:40:54.073842Z
Canonical: https://finbar.com/research/companies/great-west-lifeco

## Overview

Great-West Lifeco Inc. is a Canadian financial-services holding company focused on life and health insurance, retirement savings, wealth and asset management, and reinsurance. Its principal markets are Canada, the United States and Europe, including the United Kingdom, Ireland and Germany. Its stated purpose is “To build stronger, more financially secure futures.” [1](https://app.finbar.com/go?id=P2803961)[2](https://app.finbar.com/go?id=P36357607)[3](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)

For the year ended December 31, 2025, the company reported 33,430 employees worldwide and approximately 40 million customer relationships. Its 2025 reporting also showed C$43.976 billion in aggregate segment revenue. [3](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)
[1](https://app.finbar.com/go?id=P2803961)[2](https://app.finbar.com/go?id=P36357607)[3](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)

## Products & services

Great-West Lifeco’s products and services span retirement, wealth, group benefits, and individual insurance and risk solutions. Retirement offerings include employer-sponsored plans, financial-wellness programs, and enrollment, education, recordkeeping and administration services. The company also provides data analytics and technology for an integrated, consumer-directed health and wealth benefits platform. Wealth offerings include financial products and solutions, personalized advice, investment management, and digital tools for financial insights, portfolio monitoring and planning. [4](https://app.finbar.com/go?id=P143964666)[5](https://app.finbar.com/go?id=P143964667)

Group benefits include group life, disability, critical-illness, accidental-death-and-dismemberment, dental and extended-health coverage, as well as group creditor products and services. Insurance and risk offerings include individual life, living-benefit and annuity products, deferred annuities, capital solutions and risk solutions. Named offerings include Empower Workplace Solutions and Empower Personal Wealth in the U.S.; Group Capital Accumulation Plans and Savings and Retirement Income Plans in Canada; and Group Pension and European Individual Wealth in Europe. [6](https://app.finbar.com/go?id=P143964668)[7](https://app.finbar.com/go?id=P143964669)[8](https://app.finbar.com/go?id=T16473799)

Service capabilities also include disability management through Canada Life’s Santé Circle Health, whose services focus on early intervention, provider management and digital intake to support recovery and return to work. In September 2026, Empower completed its acquisition of Milliman’s retirement administration business, adding defined-benefit administration services for approximately 400 plans and 790,000 participants, with US$80 billion in client assets. [9](https://app.finbar.com/go?id=P143964581)[10](https://www.greatwestlifeco.com/news-and-events/news/2026/empower-closes-acquisition-of-millimans-retirement-administration-business.html)

The company’s Q2 2026 reporting gives segment—not individual product—base earnings for the first half of 2026: U.S. C$888 million, Canada C$693 million, Europe C$539 million and Capital and Risk Solutions C$610 million, against total base earnings of C$2,509 million. These represent approximately 35%, 28%, 21% and 24% of the total, respectively; Corporate contributed C$−221 million (approximately −9%). The report does not provide product-level revenue or performance percentages. [11](https://app.finbar.com/go?id=T16473831)
[4](https://app.finbar.com/go?id=P143964666)[5](https://app.finbar.com/go?id=P143964667)[6](https://app.finbar.com/go?id=P143964668)[7](https://app.finbar.com/go?id=P143964669)[8](https://app.finbar.com/go?id=T16473799)[9](https://app.finbar.com/go?id=P143964581)[11](https://app.finbar.com/go?id=T16473831)[10](https://www.greatwestlifeco.com/news-and-events/news/2026/empower-closes-acquisition-of-millimans-retirement-administration-business.html)

## Geographic presence

Great-West Lifeco reports operations across the U.S., Canada and Europe; its FY2025 report defines Europe as the U.K., Ireland and Germany. Canada Life also lists operations in the Isle of Man, and Ireland is served through Irish Life. These additional markets are not reported as separate financial segments. [1](https://app.finbar.com/go?id=P2803961)[2](https://app.finbar.com/go?id=P36357607)[12](https://www.canadalife.com/international-operations.html)

For the six months ended June 30, 2026, reported segment revenue was C$3,726 million for the U.S. (17.5% of the C$21,298 million subtotal), C$9,757 million for Canada (45.8%) and C$4,856 million for Europe (22.8%). The subtotal also included Capital and Risk Solutions and Corporate, and includes investment income, fair-value changes and fee/other income, so it is not a measure of geographic sales alone. For FY2025, reported segment revenue was C$10,797 million for the U.S. (24.5% of the C$43,976 million subtotal), C$16,960 million for Canada (38.6%) and C$9,987 million for Europe (22.7%). [13](https://app.finbar.com/go?id=T16473870)[14](https://app.finbar.com/go?id=T2572222)

At June 30, 2026, client assets totalled C$3,711.0 billion: C$3,076.4 billion in the U.S. (82.9%), C$235.8 billion in Canada (6.4%), C$329.6 billion in Europe (8.9%) and C$69.1 billion in Other (1.9%). Percentages are calculated from total client assets. [15](https://app.finbar.com/go?id=T16473834)

Lifeco’s registered address is 100 Osborne Street North, Winnipeg, Manitoba. Company sources identify Empower’s headquarters as in metro Denver, Colorado, and list Canada Life’s main Canadian offices in Winnipeg, Toronto, London, Regina and Montreal. Lifeco reported 33,430 employees worldwide at year-end 2025; the cited sources do not provide a regional employee breakdown. [16](https://app.finbar.com/go?id=P11827433)[17](https://www.greatwestlifeco.com/who-we-are/our-companies/empower.html)[18](https://www.canadalife.com/about-us/newsroom.html)[3](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)
[1](https://app.finbar.com/go?id=P2803961)[2](https://app.finbar.com/go?id=P36357607)[13](https://app.finbar.com/go?id=T16473870)[14](https://app.finbar.com/go?id=T2572222)[15](https://app.finbar.com/go?id=T16473834)[16](https://app.finbar.com/go?id=P11827433)[12](https://www.canadalife.com/international-operations.html)[17](https://www.greatwestlifeco.com/who-we-are/our-companies/empower.html)[18](https://www.canadalife.com/about-us/newsroom.html)[3](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)

## Business segments

Great-West Lifeco reports four operating segments: **United States**, focused on retirement and wealth through Empower Workplace Solutions and Empower Personal Wealth; **Canada**, covering retirement and wealth, group benefits, and individual insurance and annuities; **Europe**, covering retirement and wealth, group benefits, and individual insurance and annuities in markets including the U.K., Germany and Ireland; and **Capital and Risk Solutions**, comprising capital solutions and risk solutions, including reinsurance. Corporate activities not directly attributable to the operating segments are reported separately. [8](https://app.finbar.com/go?id=T16473799)[19](https://app.finbar.com/go?id=P143964673)[20](https://app.finbar.com/go?id=P143964671)[21](https://app.finbar.com/go?id=P143964735)[2](https://app.finbar.com/go?id=P36357607)

For the six months ended June 30, 2026, the four operating segments contributed approximately **33.9%** (United States), **29.9%** (Canada), **18.7%** (Europe), and **29.5%** (Capital and Risk Solutions) of reported consolidated net earnings of C$2,231 million. These percentages use each segment’s net earnings—C$756 million, C$666 million, C$418 million and C$658 million, respectively—as the numerator; the positive segment contributions exceed 100% in aggregate because Corporate reported a C$267 million net loss. [22](https://app.finbar.com/go?id=T16473784)
[8](https://app.finbar.com/go?id=T16473799)[19](https://app.finbar.com/go?id=P143964673)[20](https://app.finbar.com/go?id=P143964671)[21](https://app.finbar.com/go?id=P143964735)[2](https://app.finbar.com/go?id=P36357607)[22](https://app.finbar.com/go?id=T16473784)

## Company history

Great-West Life, the company’s operating predecessor, was founded in Winnipeg in 1891. Great-West Lifeco was incorporated in 1979 and adopted its current name in 1986. [23](https://www.greatwestlifeco.com/content/dam/gwlco/documents/misc/canada-life-2019-public-accountability-statement.pdf) [24](https://www.greatwestlifeco.com/who-we-are/corporate-governance/corporate-articles-and-by-laws.html) The group expanded in Canada when London Life joined in 1997 and Lifeco acquired Canada Life Financial Corporation in 2003. [25](https://www.canadalife.com/about-us/who-we-are/our-history-london-life.html) [26](https://www.greatwestlifeco.com/investor-relations/share-information/former-holders-of-clfc-common-shares.html)

Lifeco expanded into U.S. asset management with its 2007 acquisition of Putnam Investments and into Ireland with its 2013 acquisition of Irish Life Group. [27](https://www.sec.gov/Archives/edgar/data/62709/000006270907000150/f8kaugust3-2007putnamclosing.htm) [28](https://www.powercorporation.com/media/uploads/news/2015-11/pcc_2013_02_19_news_release_including_pcc_lifeco_and_pfc.pdf) In 2020, Great-West Life, London Life and Canada Life were brought together under The Canada Life Assurance Company. [29](https://www.greatwestlifeco.com/who-we-are/our-companies/canada-life.html) Lifeco completed the sale of Putnam to Franklin Templeton in 2024. [30](https://www.greatwestlifeco.com/content/dam/lifeco/documents/news/2024/en/great-west-lifeco-completes-sale-of-putnam-investments-to-franklin-templeton.pdf) In 2026, its Empower business announced an agreement to acquire Milliman’s retirement plan and benefits administration business [31](https://app.finbar.com/go?id=P143962809) and subsequently announced the acquisition’s completion. [10](https://www.greatwestlifeco.com/news-and-events/news/2026/empower-closes-acquisition-of-millimans-retirement-administration-business.html)
[31](https://app.finbar.com/go?id=P143962809)[23](https://www.greatwestlifeco.com/content/dam/gwlco/documents/misc/canada-life-2019-public-accountability-statement.pdf)[24](https://www.greatwestlifeco.com/who-we-are/corporate-governance/corporate-articles-and-by-laws.html)[25](https://www.canadalife.com/about-us/who-we-are/our-history-london-life.html)[26](https://www.greatwestlifeco.com/investor-relations/share-information/former-holders-of-clfc-common-shares.html)[27](https://www.sec.gov/Archives/edgar/data/62709/000006270907000150/f8kaugust3-2007putnamclosing.htm)[28](https://www.powercorporation.com/media/uploads/news/2015-11/pcc_2013_02_19_news_release_including_pcc_lifeco_and_pfc.pdf)[29](https://www.greatwestlifeco.com/who-we-are/our-companies/canada-life.html)[30](https://www.greatwestlifeco.com/content/dam/lifeco/documents/news/2024/en/great-west-lifeco-completes-sale-of-putnam-investments-to-franklin-templeton.pdf)[10](https://www.greatwestlifeco.com/news-and-events/news/2026/empower-closes-acquisition-of-millimans-retirement-administration-business.html)

## Sources

1. [GREAT-WEST LIFECO INC. — Full financial report (2025 Y), p7](https://app.finbar.com/go?id=P2803961)
2. [GREAT-WEST LIFECO INC. — Full financial report (2025 Y), p27](https://app.finbar.com/go?id=P36357607)
3. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/content/dam/lifeco/documents/investor-relations/reports/2026/annual/lifeco-2025-annual-report.pdf)
4. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=P143964666)
5. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=P143964667)
6. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=P143964668)
7. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=P143964669)
8. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=T16473799)
9. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p11](https://app.finbar.com/go?id=P143964581)
10. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/news-and-events/news/2026/empower-closes-acquisition-of-millimans-retirement-administration-business.html)
11. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p38](https://app.finbar.com/go?id=T16473831)
12. [www.canadalife.com](https://www.canadalife.com/international-operations.html)
13. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p68](https://app.finbar.com/go?id=T16473870)
14. [GREAT-WEST LIFECO INC. — Full financial report (2025 Y), p98](https://app.finbar.com/go?id=T2572222)
15. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p39](https://app.finbar.com/go?id=T16473834)
16. [GREAT-WEST LIFECO INC. — Full financial report (2025 Y), p7](https://app.finbar.com/go?id=P11827433)
17. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/who-we-are/our-companies/empower.html)
18. [www.canadalife.com](https://www.canadalife.com/about-us/newsroom.html)
19. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p17](https://app.finbar.com/go?id=P143964673)
20. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p16](https://app.finbar.com/go?id=P143964671)
21. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p21](https://app.finbar.com/go?id=P143964735)
22. [GREAT-WEST LIFECO INC. — Full financial report (2026 Q 2), p5](https://app.finbar.com/go?id=T16473784)
23. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/content/dam/gwlco/documents/misc/canada-life-2019-public-accountability-statement.pdf)
24. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/who-we-are/corporate-governance/corporate-articles-and-by-laws.html)
25. [www.canadalife.com](https://www.canadalife.com/about-us/who-we-are/our-history-london-life.html)
26. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/investor-relations/share-information/former-holders-of-clfc-common-shares.html)
27. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/62709/000006270907000150/f8kaugust3-2007putnamclosing.htm)
28. [www.powercorporation.com](https://www.powercorporation.com/media/uploads/news/2015-11/pcc_2013_02_19_news_release_including_pcc_lifeco_and_pfc.pdf)
29. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/who-we-are/our-companies/canada-life.html)
30. [www.greatwestlifeco.com](https://www.greatwestlifeco.com/content/dam/lifeco/documents/news/2024/en/great-west-lifeco-completes-sale-of-putnam-investments-to-franklin-templeton.pdf)
31. [GREAT-WEST LIFECO INC. — Press release (2026 Q 2), p2](https://app.finbar.com/go?id=P143962809)

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