Great-West Lifeco’s Capital and Risk Solutions reinsurance operation, Canada Life Re, generated base earnings of more than CAD 300 million in the second quarter of 2026, following record earnings of CAD 353 million in the opening quarter of the year.
Q2’26 earnings of CAD 310 million for Canada Life Re is an increase on last year’s CAD 229 million, and as highlighted by CEO, Jeff Poulin, contributed “to the outstanding base earnings delivered by Great-West Lifeco Inc.”
The firm attributes the year-on-year improvement to continued strength in Capital Solutions new business growth.
For the first half of the year, the reinsurer delivered base earnings of CAD 610 million, an increase of 38% on the prior year’s CAD 442 million.
Net earnings also improved year-on-year, reaching CAD 305 million in Q2’26, compared with CAD 194 million in the comparable prior year quarter. For the first half of the year, the reinsurer’s net earnings totalled CAD 658 million, which is up on the prior year’s CAD 378 million.
Group-wide, so including Capital and Risk Solutions, United States, Canada, Europe, and Corporate, total base earnings at Great-West Lifeco rose to CAD 1.27 billion in Q2’26 from CAD 1.149 billion in Q2’25, and for the first half of the year reached CAD 2.509 billion, up on the previous year’s CAD 2.179 billion.
At the same time, net earnings across the business increased to CAD 1.039 billion from CAD 894 million in the quarter, and increased to CAD 2.231 billion from CAD 1.754 billion in the half-year period.
“We are proud of Canada Life Re’s strong performance this quarter, marking a second consecutive quarter with earnings exceeding $300 million and contributing to the outstanding base earnings delivered by Great-West Lifeco Inc. These results reflect our disciplined execution, growing client demand, and the dedication and expertise of our colleagues around the world,” said Poulin.
“On behalf of everyone at Canada Life Re, I want to thank our clients for their continued trust and partnership. Their support is fundamental to our success, and we remain focused on creating long-term value for our clients, our parent company, and our stakeholders. We look forward to building on this momentum in the quarters ahead,” he added.
