Great-West Lifeco’s third-quarter adjusted EPS beat estimates. Base EPS rose 11% from a year earlier, and base return on equity reached a record.
Great-West Lifeco Inc. (TSX: GWO) reported its third-quarter 2026 results after markets closed on November 3. Calendar data shows EPS of C$1.48, compared with an estimate of C$1.43—a 3.5% beat. The company reported base EPS of C$1.48, up 11% year over year, and net EPS of C$1.27, up 2%. Growth in U.S. Retirement and Wealth and Capital and Risk Solutions was partly offset by unfavourable insurance experience in Canada. See the GWO stock page for company and share data.
Recent earnings trend
Great-West Lifeco Inc.
GWO.TO
GWO.TO
Great-West Lifeco Inc.
WealthAwesomeMarket cap
$84.51B
P/E
19.5x
Div. yield
2.77%
Div. / share
$2.56
52W high
$95.96
52W low
$57.46
1W change
+1.82%
Beta
0.72
Analyst Price Targets
Based on analyst covering GWO · as of Oct 26, 2026
Wall Street analysts forecast GWO stock price to rise 0.6% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$94.92
+0.6% Upside
Previously C$94.85 on Oct 21, 2026
Current Price
C$94.40
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on GWO's historical volatility
30-Day Vol
19.1%
Annualized
90-Day Vol
18.1%
Annualized
Trend (90d)
+16.0%
Annualized drift
90d Mean
C$99.97
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$96.22 | C$90.07 – C$102.79 |
| 60 trading days | C$98.08 | C$89.33 – C$107.68 |
| 90 trading days | C$99.97 | C$89.16 – C$112.08 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 8 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | 1.4800 | 1.4300 | +3.5% |
| 2026-06-30 | 2026-07-28 | 1.4200 | 1.3700 | +3.6% |
| 2026-03-31 | 2026-05-06 | 1.3700 | 1.3100 | +4.6% |
| 2025-12-31 | 2026-02-11 | 1.3600 | 1.2900 | +5.4% |
| 2025-09-30 | 2025-11-04 | 1.3300 | 1.2200 | +9.0% |
| 2025-06-30 | 2025-08-05 | 1.2400 | 1.1700 | +6.0% |
Investor takeaway: Great-West paired double-digit base EPS growth with a record base ROE of 19.4% and a strong LICAT capital ratio of 127%. Retirement and Wealth led growth, while share repurchases also supported per-share results. Keep in mind that base earnings and net earnings are different measures. Net EPS rose to C$1.27 from C$1.25, as assumption changes, management actions and business transformation initiatives offset some of the gains in base earnings. The supplied release does not include consolidated revenue or margin figures.
C$1.48 base EPS, up 11% year over year
The calendar estimate was C$1.43, so reported EPS of C$1.48 beat it by 3.5%. Great-West also reported base earnings of C$1.323 billion, up 8% from the third quarter of 2025, and a record base ROE of 19.4%. These base measures are non-GAAP. Net EPS was C$1.27.
Bull case
Retirement and Wealth continued to grow, with average client assets up 16% year over year in both businesses. In the U.S., base earnings rose 15% in constant currency, helped by favourable markets, improving net flows in Wealth and operating leverage. Capital and Risk Solutions reported 19% growth in run-rate insurance results. Great-West also repurchased C$340 million of common shares and completed its acquisition of Milliman’s U.S. retirement and benefits administration business.
Bear case
Results were mixed across the business. Unfavourable insurance experience in Canada weighed on base earnings growth, and net earnings fell to C$1.139 billion from C$1.158 billion a year earlier, despite higher base earnings. The share price was also close to the average analyst target in the supplied data, suggesting limited upside at that point. Strong results this quarter don’t eliminate risks tied to market conditions, insurance experience or integrating the acquisition.
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