Great-West Lifeco’s Capital and Risk Solutions (CRS) reinsurance business, Canada Life Re, maintained its strong momentum in the first quarter of 2026, with net profit reaching a record C$353 million, a 92% increase from C$184 million in the same period last year.
After a strong performance late last year on increased demand for capital efficiency solutions, Canada Life Re had another strong performance in the first quarter of 2026, with underlying earnings up 41%, up C$87 million year-over-year to C$300 million, compared with C$213 million in the first quarter of 2025.
Jeff Poulin, chief executive of Canada Life Re, said: “The performance was supported by good experience in US mortality and UK longevity, but most encouraging was the continued momentum in our new business, with net insurance results up 20 per cent.”
New business volume at Canada Life Re’s Capital Solutions unit continued to be strong, while a favorable U.S. Legacy Life experience also benefited the company in the quarter, according to the CEO.
CRS is one of Great-West Lifeco’s four divisions, all of which delivered strong earnings underlying growth in the first quarter of 2026.
“I am pleased to share that Great-West Lifeco Inc delivered strong first quarter results, with all four divisions achieving double-digit year-over-year underlying earnings growth, with Canada Life Re reporting particularly outstanding growth of 41%.
Poulin added: “This performance highlights the strength of our diverse business and reinforces our position as a reliable, long-term counterparty to our clients.”
Group-wide, Great-West Lifeco’s underlying profit in the first quarter of 2026 was C$1.239 billion, an increase of more than 20% from the previous year, and total net profit increased by 39% year-on-year to C$1.192 billion, reflecting a good market experience, but offset by the impact of business transformation.
