Canada Life Reinsurance, the Capital and Risk Solutions (CRS) reinsurance business of Great-West Lifeco, had a strong end to 2025 with fourth quarter base earnings rising 11% year-on-year on a reported basis to CAD 258 million, while net earnings remained flat at CAD 203 million.
Double-digit base earnings growth in the final quarter of the year followed 20% year-on-year growth in the third quarter of 2025 for Canada Life Re.
The reinsurer attributes the robust end to the year to a combination of strong demand for capital efficient solutions and disciplined execution.
For the full year 2025, Canada Life Re generated base earnings of CAD 965 billion, and net earnings of CAD 861 million, compared with restated base earnings of CAD 856 million, and restated net earnings of CAD 656 million in 2024.
“Our reinsurance business contributed another year of record performance at Great-West Lifeco, which delivered 12% growth in base EPS, surpassing our medium term objective. All four of our segments have had a great year and this emphasizes the strength of a well-diversified organization,” said Jeff Poulin, Chief Executive Officer (CEO) of Canada Life Re.
Group-wide, Great-West Lifeco delivered total base earnings of CAD 1.245 billion for the fourth quarter of 2025, an increase of 12% on the prior year, as total net earnings decreased by 6% to CAD 1.048 billion.
For the full year 2025, the company’s base earnings rose by 11% to CAD 4.649 billion, as net earnings increased by just 1% to CAD 3.96 billion.
“To our clients: thank you for your continued partnership. Your confidence fuels our ability to deliver innovative, capital efficient solutions that help you navigate complexity and achieve long term stability.
“To our team: I remain incredibly proud of the talent, discipline and commitment you bring to our business. Your expertise strengthens our strong reputation and reinforces our leadership in global reinsurance,” added Poulin.
