Great-West Lifeco Inc.
Great-West Lifeco Inc. engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe. The company offers life, accidental death and dismemberment, critical illness, disability, health and dental protect…
Great-West Lifeco Inc. engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe. The company offers life, accidental death and dismemberment, critical illness, disability, health and dental protection, and creditor insurance products; and retirement savings, income and annuity products, and other specialty products to individuals, families, businesses, and organizations. It also provides individual product solutions and employer-sponsored retirement savings plans that offers saving, investment, and advisory services; retail wealth management products and services to individuals, including individual retirement accounts and after-tax investment accounts; and wealth management, including payout annuity, equity release mortgages, pensions, and investments products. In addition, the company offers bulk and individual payout annuities, equity release mortgages, life bonds, retirement drawdown and pension, and group insurance products; savings and investments; and provides asset management services, such as pension schemes, insurance companies, wealth managers, fiduciary managers, and sovereign wealth funds, as well as manages assets for third-party institutional clients. Further, it provides life, annuity/longevity, mortgage surety, and property catastrophe reinsurance products. The company offers its products under the Empower, Canada Life, and Irish Life brand names. It distributes its products through a network of sales force, brokers, consultants, advisors, third-party administrators, financial institutions, employee benefit consultants, and multi-tied agents. The company was founded in 1979 and is based in Winnipeg, Canada. Great-West Lifeco Inc. is a subsidiary of Power Financial Corporation.Looks overvalued
Other models: CAD 68.81–104.75 (median 85.45). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price above modeled range
Justified P/B (ROE) using TTM through 30 Jun 2026 net income and book equity: return on equity of 14.8% gives a fair price-to-book of 1.68x, with 2% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -8.4%).
5-year outlook: relative outlook of about 8.1% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — CAD 58.34 (-34.7%)
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EPS-based Gordon proxy
— CAD 68.81 (-23.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— CAD 84.32 (-5.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— CAD 85.45 (-4.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— CAD 104.75 (+17.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— CAD 84.37 (-5.6%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— CAD 178.30 (+99.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CAD 49.79 | -79.5% |
| Base CAD 58.34 | -53.2% |
| Bull CAD 72.98 | -22.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 88 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 17% | 10 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| GWO.TO (this company) | CAD 89.38 | -53.2% | 17.4 | 2.6 | 3.1% | 88 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: CAD 2.62 per share · yield 2.93% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.010 |
| 2025 | 2.440 |
| 2024 | 2.220 |
| 2023 | 2.080 |
| 2022 | 1.960 |
| 2021 | 1.804 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 04 Nov 2026 19:33
| Revenue | CAD 37,093,000,000 |
|---|---|
| EBITDA | CAD 6,452,000,000 |
| EBIT | CAD 5,872,000,000 |
| Net income | CAD 4,632,000,000 |
| Free cash flow | CAD 4,218,000,000 |
| Capital expenditures | CAD 0 |
| Debt | CAD 8,965,000,000 |
| Cash | CAD 26,181,000,000 |
| Working capital | CAD 40,761,000,000 |
| Shares outstanding | 903,501,332 |
| Reported dividends per share | CAD 2.7858 |