Canada Life Reinsurance, the Capital and Risk Solutions (CRS) division of Great-West Lifeco, posted a strong performance in the third quarter of 2025, reporting significant growth in both base and net earnings. The company’s base earnings for Q3’25 rose 20% year-on-year to $265 million, while net earnings surged to $280 million, up from just $19 million in the same quarter of the previous year. This sharp increase underscores the strength of Canada Life Re’s business model and its ability to generate stable and profitable results across its operations.
The strong quarterly results were driven by sustained growth in Capital Solutions’ new business volume, coupled with a favourable claims experience in Risk Solutions. The segment maintained a robust base return on equity of 41%, highlighting effective capital deployment and disciplined risk management. These factors contributed to the company’s ability to deliver consistent performance while supporting broader Group objectives.
Year-to-date, Canada Life Re generated base earnings of $707 million, up from $624 million in the first nine months of 2024, while net earnings rose 45% to $658 million from $453 million. The firm’s performance contributed significantly to Great-West Lifeco’s overall results. For Q3’25, the Group reported total base earnings of $1.225 billion and total net earnings of $1.158 billion, compared with $1.061 billion and $859 million, respectively, in Q3’24. Over the first nine months of 2025, total base earnings increased to $3.404 billion from $3.077 billion, while total net earnings rose to $2.912 billion from $2.824 billion.
Jeff Poulin, CEO of Canada Life Reinsurance, attributed the success to the company’s dedicated team and strong client relationships. “This success reflects the dedication and expertise of our team and the trust we continue to build with our valued clients. Your confidence in us drives our momentum, and we are deeply grateful for the opportunity to collaborate with you,” Poulin said. He emphasized that the performance demonstrates not only operational strength but also the firm’s ability to deliver value-driven solutions in an evolving market.
The company highlighted that disciplined underwriting, effective risk management, and strategic growth initiatives have strengthened both its earnings stability and capital efficiency. Capital Solutions’ growth in new business, combined with favourable claims experience in Risk Solutions, continues to underpin Canada Life Re’s profitability and long-term outlook.
Poulin also noted that Canada Life Re is well-positioned for the future, supported by a strong capital base, industry expertise, and a clear focus on delivering reinsurance and capital solutions that meet client needs in a complex global environment. The company aims to maintain its momentum while expanding its role within Great-West Lifeco’s broader earnings profile, ensuring sustainable growth and resilience amid evolving market dynamics.
In summary, Canada Life Reinsurance’s Q3’25 results reflect strong financial performance, disciplined operations, and a client-focused strategy. With base earnings up 20% and net earnings surging dramatically, the company continues to play a vital role in Great-West Lifeco’s growth trajectory, demonstrating resilience, efficiency, and strategic foresight.