Canada Life Re, Great-West Lifeco’s Capital and Risk Solutions reinsurance operation, delivered a 17% year-on-year increase in base earnings to CAD 309 million in the third quarter of 2026, mainly driven by strong new business growth in Capital Solutions.
The global provider of risk and capital optimisation solutions has again delivered quarterly base earnings of more than CAD 300 million, having produced base earnings of CAD 300 million in the first quarter and CAD 310 million in the second quarter.
The Capital Solutions product drove the growth this quarter, with a 38% year-on-year increase to a result of CAD 201 million, which more than offset a 5% year-on-year decrease for Risk Solutions (excluding P&C), and a flat performance for P&C and other.
Canada Life Re’s net earnings for the quarter totalled CAD 261 million, which is a decrease of 7% on the comparable prior year period’s CAD 280 million.
For the first nine months of 2026, the segment’s base earnings rose by 30% to CAD 919 million, as net earnings for the period increased from CAD 658 million in 2025 to CAD 919 million for 9M’26.
Alongside sustained growth for Capital and Risk Solutions, the segment continued to deliver strong returns with a reported base return on equity of 42.6%.
The Capital and Risk Solutions reinsurance operation made a solid contribution to Great-West Lifeco’s base earnings for the quarter, which totalled CAD 1.323 billion, an increase on the prior year’s CAD 1.225 billion. For 9M’26, the company’s base earnings increased to CAD 3.832 billion from CAD 3.404 billion in 2025.
Great-West Lifeco’s net earnings for the third quarter totalled CAD 1.139 billion, a slight decrease on last year’s CAD 1.158 billion, while net earnings for the nine month period amounted to CAD 3.37 billion, compared with CAD 2.912 billion in 2025.
Jeff Poulin, CEO of Canada Life Re, said: “Q3 was another strong quarter for our parent company Great-West Lifeco Inc with Base earnings of C$1,323 million and a 19.4% Base ROE. This once again reflects the strength of our various businesses and the consistency of delivering exceptional results. I am very pleased with another strong quarter for Canada Life Re. Q3 2026 base earnings of C$309 million were up 17% year over year, with continued strong business momentum across the company.
“Most importantly, these results reflect the outstanding work of our people and the trust our clients place in us. I’m incredibly proud of what our team continues to accomplish and I’m excited about the opportunities ahead.”
