Canada Life Reinsurance, Great-West Lifeco’s capital and risk solutions (CRS) reinsurance business, performed strongly into 2025, with fourth-quarter underlying earnings rising 11% year-over-year to C$258 million, while net income was flat at C$203 million.
Canada Life Re posted double-digit underlying earnings growth in the final quarter of the year after posting 20% year-over-year growth in the third quarter of 2025.
The reinsurer attributed its strong performance at the end of the year to strong demand for capital-efficient solutions and disciplined execution.
For the full year 2025, Canada Life Re’s underlying earnings were C$965 billion and net profit was C$861 million, compared with restated underlying earnings of C$856 million and restated net profit of C$656 million in 2024.
Canada Life Re Chief Executive Officer (CEO) Jeff Poulin said: “Our reinsurance business delivered another record performance for Great-West Lifeco, with underlying earnings per share growing 12% and exceeding our mid-term target. All four of our divisions had a good year, underscoring the strength of a diverse organization.”
Group-wide, Great-West Lifeco’s total underlying earnings for the fourth quarter of 2025 were C$1.245 billion, up 12% from the previous year, but total net profit fell 6% to C$1.048 billion.
For the full year of 2025, the company’s underlying earnings increased 11% to C$4.649 billion, while net profit increased just 1% to C$3.96 billion.
“To our clients: Thank you for your continued partnership. Your confidence strengthens our ability to deliver innovative, capital-efficient solutions that help you navigate complexity and achieve long-term stability.
“To our team: I am incredibly proud of the talent, discipline and commitment you bring to our business. Your expertise enhances our strong reputation and solidifies our leadership in reinsurance globally,” Poulin added.