Latest news with #Great-WestLifeco
Cision Canada
6 days ago
- Business
- Cision Canada
Great-West Lifeco President and CEO David Harney to hold virtual fireside chat with CIBC Capital Markets Français
TORONTO, July 24, 2025 /CNW/ - Great-West Lifeco Inc. (TSX: GWO) announced today that David Harney, President and Chief Executive Officer, Great-West Lifeco will join CIBC Capital Markets analyst, Paul Holden in a virtual fireside chat to discuss the company's second quarter 2025 financial results, on Thursday, August 7, 2025 at 11:00 a.m. ET. The webcast replay will be available following the event on Great-West Lifeco's website, and will be accessible until November 5, 2025. About Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of March 31, 2025, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit SOURCE Great-West Lifeco Inc.
Winnipeg Free Press
22-07-2025
- Business
- Winnipeg Free Press
Career in transition, eye on opportunity
In the executive suite, a special greeter helms the reception desk — a reversible plush octopus. It's smiling: it's a Friday in July, sunlight is cascading through the windows, it's inside a Winnipeg-headquartered company that oversees more than $3 trillion in total client assets. And, from the outgoing leader's perspective, Great-West Lifeco is poised to grow further. Paul Mahon is eyeing retirement — both his own and the sector in general, as a growth 'opportunity' for the mammoth financial services company. Acquiring more retirement-focused firms is likely in Great-West Lifeco's future, said Mahon, 61. Acquisitions aren't new to him — he's overseen plenty during his 39-year career with the business. He officially left his role as president and chief executive on Canada Day. However, he's still in his office overlooking Osborne Street, steps away from the friendly stuffed animal. Mahon will keep commuting to work until early 2026. He's advising his replacement, David Harney, on how to steer the international company and its many subsidiaries. He sat down to reflect in a wide-ranging interview with the Free Press. 'It's been a really good transition,' said Mahon, who started with Great-West Lifeco in 1986. When he became president in 2013, the company had $582 billion in consolidated assets under administration. It had just announced its $1.75 billion purchase of Irish Life, an Ireland-based life insurance, pension and investment provider. Canada Life — the country's first life insurance company — and London Life were already under Great-West Lifeco's umbrella. It had 20,000 staff and at least 12 million Canadian customers. The parent company now counts more than 40 million customers globally. It employs some 32,000 people, including 13,000 Canadians. Manitobans account for 3,600 staffers, making Great-West Lifeco one of the province's biggest employers. 'You grow organically by winning more customers every day out in the marketplace.'— Paul Mahon Mahon attributes the growth, in part, to 'competitive' offerings and services. 'You grow organically by winning more customers every day out in the marketplace,' he said. Acquisitions have also ballooned the numbers. Over the past five years, Great-West Lifeco has shifted its gaze into the United States, acquiring companies as it's built out its retirement arm. The corporation's U.S. retirement subsidiary — called Empower — is a result of at least three major acquisitions, including the 2014 takeover of J.P. Morgan's retirement business. Great-West Lifeco has offered retirement options in the U.S. since the 1980s, but an acceleration came around 2019. 'We saw there was both that organic growth opportunity (and) that consolidation opportunity,' Mahon recalled. Empower now has more than 19 million clients, Mahon said. Older adults outnumber children in 11 states, the U.S. Census Bureau shared in June. 'I think we'll continue to see Empower grow,' Mahon stated. 'There's opportunities for further acquisition there.' Empower customers have self-service technology; it makes the brand more attractive to subscale firms open to being purchased, per Mahon. Great-West Lifeco sold Putnam Investments, an investment management firm in the U.S., partly to focus on its retirement portfolio. It took a stake in Franklin Resources, the company who bought Putnam. Meanwhile, Great-West Lifeco has been expanding its wealth management side. Canada Life acquired the Investment Planning Counsel from IGM Financial in April 2023, and Value Partners, a wealth planning firm, two months later. A 2024 survey by JLL, a global real estate and investment management company, found 16 per cent of wealth management firms expected to be acquired or to leave the market by 2027. For Great-West Lifeco, there's a chance for growth, Mahon said. 'The balance of our businesses are really important businesses to us,' he said, highlighting group benefits like health and dental coverage. 'We'll continue to invest in that.' He expressed confidence in Harney, whom he's passing the reins to. Harney, an actuary by trade, started with Irish Life more than 35 years ago. The new CEO wasn't available for an interview by print deadline. 'I'm personally energized by the opportunity,' Harney said in a news release. Great-West Lifeco shifts as the world changes, Mahon noted. Climate risks affect insurance claims — in 2025's first quarter, Great-West Lifeco had a California wildfires-related claims provision of $21 million. 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future,' Mahon said. Artificial intelligence use is already being implemented, he added. Management attended a Great-West Lifeco event where employees showcased their AI usage science fair-style. Harney studied artificial intelligence before it exploded in the public zeitgeist, Mahon said. 'I think AI will be a tool to make us more efficient and more effective,' he added. 'But I think it has to be balanced with those … personal relationships.' 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future.'– Paul Mahon Such relationships are key in call centres and service roles, Mahon said. 'You (might) need less people doing one thing,' he said. 'At the same time, you're going to need more technology experts. 'When a company is large and growing, it creates opportunities.' Great-West Lifeco has grown at an 'unprecedented' level in the insurance industry, said Bram Strain, the Business Council of Manitoba's president. Canada Life is a council member; Mahon sits on the entity's board. Monday Mornings The latest local business news and a lookahead to the coming week. 'I'm not worried about Canada Life at all,' Strain said, adding plenty of senior management reside in Winnipeg. Mahon has been a 'stalwart' in the community, Strain continued: 'I'm excited for what comes next.' Mahon and his wife Anne, a former University of Manitoba chancellor, are preparing to chair United Way Winnipeg's campaign next year. The new retiree said he also plans to help tackle the issue of homelessness. And more family time is in the cards — he's been working at Great-West Lifeco since his U of M graduation, preceded by a St. Paul's High School convocation. Gabrielle PichéReporter Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Cision Canada
22-07-2025
- Business
- Cision Canada
Great-West Lifeco's second quarter 2025 earnings conference call to be held on August 6 Français
WINNIPEG, MB, July 22, 2025 /CNW/ - Great-West Lifeco Inc. (TSX: GWO) will release its 2025 second quarter financial results after market close on Tuesday, August 5, 2025. Earnings Conference Call & Webcast details The second quarter results will be discussed in a conference call and webcast with company management at 8:30 a.m. ET on Wednesday, August 6. The live webcast and presentation materials will be available at Participants may access the call via telephone by dialing 1-833-752-3481 (toll free) or 1-647-846-7232 (if outside Canada or the U.S.). Alternatively, for expediated access, participants may register in advance for the webcast or conference call. A replay will be available following the conference call on our website. About Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of March 31, 2025, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit
Cision Canada
25-06-2025
- Business
- Cision Canada
Canada Life Reinsurance strengthens focus on structured reinsurance; ceases new business for U.S. traditional mortality risk reinsurance Français
BLUE BELL, Pa., June 25, 2025 /CNW/ - Today, Canada Life Reinsurance, a wholly owned subsidiary of Great-West Lifeco Inc. (TSX: GWO) ("Lifeco") announced some changes to its business strategy. Canada Life Reinsurance will cease new business for its US traditional life mortality risk reinsurance line of business ("U.S. Trad Life"). A key motivation behind this decision is increasing the resources devoted to the structured reinsurance market. Canada Life Reinsurance will continue to focus on providing capital and reserve financing solutions for companies in a wide variety of product lines and geographic locations. For current US Trad Life clients with treaties open for new business, the company will provide notices to terminate new business effective December 31, 2025. The company will work closely with existing clients to provide a smooth transition process for both facultative and automatic new business. Canada Life Reinsurance will continue to manage, process and support all inforce business and clients. "This carefully considered decision will allow Canada Life Reinsurance to focus on our core markets of structured solutions, longevity reinsurance and Catastrophe retrocession," said Jeff Poulin, Executive Vice-President, Reinsurance. "With a large U.S. Trad Life inforce block to manage, our clients will be expecting the same high levels of service that we have been providing. We remain committed to meeting our clients' expectations." About Canada Life Reinsurance Canada Life Reinsurance offers a range of innovative risk and capital management solutions. Operating primarily in the U.S., Barbados, Bermuda and Ireland, the company provides reinsurance to other reinsurers to allow those companies to manage their reinsurance risk. The product portfolio offered includes life, annuity/longevity, mortgage surety and property catastrophe reinsurance, provided on both a proportional and non-proportional basis. Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies. About Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to over 40 million existing customer relationships. As of December 31, 2024, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit
Yahoo
25-06-2025
- Business
- Yahoo
Canada Life Reinsurance strengthens focus on structured reinsurance; ceases new business for U.S. traditional mortality risk reinsurance
BLUE BELL, Pa., June 25, 2025 /CNW/ - Today, Canada Life Reinsurance, a wholly owned subsidiary of Great-West Lifeco Inc. (TSX: GWO) ("Lifeco") announced some changes to its business strategy. Canada Life Reinsurance will cease new business for its US traditional life mortality risk reinsurance line of business ("U.S. Trad Life"). A key motivation behind this decision is increasing the resources devoted to the structured reinsurance market. Canada Life Reinsurance will continue to focus on providing capital and reserve financing solutions for companies in a wide variety of product lines and geographic locations. For current US Trad Life clients with treaties open for new business, the company will provide notices to terminate new business effective December 31, 2025. The company will work closely with existing clients to provide a smooth transition process for both facultative and automatic new business. Canada Life Reinsurance will continue to manage, process and support all inforce business and clients. "This carefully considered decision will allow Canada Life Reinsurance to focus on our core markets of structured solutions, longevity reinsurance and Catastrophe retrocession," said Jeff Poulin, Executive Vice-President, Reinsurance. "With a large U.S. Trad Life inforce block to manage, our clients will be expecting the same high levels of service that we have been providing. We remain committed to meeting our clients' expectations." About Canada Life Reinsurance Canada Life Reinsurance offers a range of innovative risk and capital management solutions. Operating primarily in the U.S., Barbados, Bermuda and Ireland, the company provides reinsurance to other reinsurers to allow those companies to manage their reinsurance risk. The product portfolio offered includes life, annuity/longevity, mortgage surety and property catastrophe reinsurance, provided on both a proportional and non-proportional basis. Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies. About Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to over 40 million existing customer relationships. As of December 31, 2024, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit View original content to download multimedia: SOURCE Canada Life Reinsurance View original content to download multimedia: Sign in to access your portfolio
