Canada Life Reinsurance, the Capital and Risk Solutions (CRS) division of Great-West Lifeco, reported a strong third quarter in 2025, with base earnings rising 20% year-on-year to $265 million.
Alongside the increase in base earnings, the firm’s net earnings reached $280 million in Q3’25, a substantial rise from $19 million reported in the same quarter last year.
The company attributed the improved performance to continued growth in Capital Solutions’ new business volume and a favourable claims experience in Risk Solutions during the period. Additionally, the segment’s base return on equity remained strong at 41% for the quarter.
Year-to-date, Canada Life Re generated base earnings of $707 million, up from $624 million in the same period last year, while net earnings rose 45% to $658 million from $453 million in 9M’24.
For both the quarter and the nine-month period, Canada Life Re made a significant contribution to the Group’s overall results, with Great-West Lifeco reporting 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.
For the first nine months of 2025, total base earnings increased to $3.404 billion from $3.077 billion in 2024, while total net earnings rose to $2.912 billion from $2.824 billion.
Jeff Poulin, CEO of Canada Life Re, said:
“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.
I am proud to lead such an outstanding group of professionals at Canada Life Reinsurance. Together, we are shaping a resilient and forward-looking future.”