Great-West Lifeco’s Capital and Risk Solutions (CRS) reinsurance operation, Canada Life Re, maintained its strong momentum in the opening quarter of 2026 with record net earnings of CAD 353 million, an increase of 92% on the comparable prior year quarter’s CAD 184 million.
After a robust end to last year amid elevated demand for capital efficient solutions, Canada Life Re delivered another strong performance in the first quarter of 2026, as base earnings rose 41%, or by CAD 87 million year-on-year to CAD 300 million, compared with CAD 213 million in Q1 2025.
“Results were supported by favorable experience in both U.S. mortality and U.K. longevity, but most encouraging was the continued momentum in our new business, with net insurance results up 20%,” said Jeff Poulin, Chief Executive Officer (CEO) of Canada Life Re.
As per the CEO, Canada Life Re continues to see strong new business volume within Capital Solutions, while a favourable U.S. traditional life experience also benefited the firm in the quarter.
CRS is one of four Great-West Lifeco divisions, and during Q1 2026, all operations generated robust base growth in earnings.
“I’m pleased to share that Great-West Lifeco Inc delivered a strong first quarter, with all four divisions driving double-digit year-over-year base earnings growth, including standout growth at Canada Life Re of 41%.
“This performance underscores the strength of our diversified operations and reinforces our position as a reliable, long-term counterparty for our clients,” added Poulin.
Group-wide, Great-West Lifeco generated base earnings of CAD 1.239 billion in Q1’26, an increase of more than 20% on the prior year, as total net earnings rose 39% year-on-year to CAD 1.192 billion, reflecting a favourable market experience, offset by business transformation impacts.
