Canada Life Reinsurance, the Capital and Risk Solutions (CRS) reinsurance business of Great-West Lifeco, had a strong third quarter in 2025 with base earnings up 20% from the prior year quarter to $265 million.
Alongside the increase in base earnings year-on-year, Canada Life Re’s net earnings hit $280 million in Q3’25, a significant lift from the $19 million reported a year earlier.
The firm attributes the improved earnings to continued strength in Capital Solutions new business volume, as well as a favourable Risk Solutions claims experience in the period.
Further, the segment’s base return on equity continues to exceed 40% at 41% for Q3’25.
Year-to-date, the business generated base earnings of $707 million, up on the prior year’s $624 million, while net earnings rose by 45% to $658 million from $453 million in 9M’24.
For both the quarter and the nine month period, Canada Life Re made a solid contribution to the Group’s overall result, with Great West Lifeco posting 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 9M’25, total base earnings increased to $3.404 billion from $3.077 billion in 2024, as total net earnings increased to $2.912 billon from $2.824 billion.
Jeff Poulin, CEO of Canada Life Re, said: “This success is a testament to the dedication and expertise of our team, and to the trust and partnership we continue to build with our valued clients. Your confidence in us fuels our momentum, and we are deeply grateful for the opportunity to collaborate with you.
“I remain proud to lead such an outstanding group of professionals at Canada Life Reinsurance. Together, we are shaping a resilient and forward-looking future.”
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