Great-West Lifeco posted net earnings of $1 billion for the second quarter of 2026, up 16% from $894 million in the same quarter a year earlier, the insurer announced Wednesday.
The company reported net earnings per share of $1.16, an increase of 20 cents from the same period last year.
In Canada, net earnings amounted to $310 million in the second quarter, up 22% from $255 million a year prior.
Total base earnings — spanning Great-West Lifeco’s operations in the U.S., Canada and Europe, along with its corporate business and capital and risk solutions — amounted to $1.3 billion, up 11% from $1.2 billion in the second quarter of 2025.
Those gains were driven by the firm’s retirement and wealth business and growth in capital and risk solutions. They were partially tempered by an unfavourable insurance experience in Canada and lower trading activity year over year, the insurer said.
In Canada, base earnings totalled $341 million for the quarter, down from $375 million in the second quarter of 2025. The 9% drop was mainly attributed to a less favourable group benefits long-term disability experience and unfavourable morbidity in insurance and annuities, partially offset by higher client assets due to market growth, the firm reported.
Insurance and annuities sales in Canada for the second quarter were up $5 million to $128 million, mainly from strong participating sales. Meanwhile, insured group benefits rose $19 million to $116 million, driven by stronger small and mid-market sales.
The insurer reported net asset outflows of $1.3 billion in Canada in the second quarter compared with net asset outflows of $942 million a year prior. This was primarily due to higher withdrawals from retirement accounts and redemptions in the wealth business, partially offset by improved third-party mutual fund and segregated fund sales.
The insurer had $3.7 trillion in assets under administration as of June 30.