Cash flow Great-West Lifeco Inc.

Equities

GWO

CA39138C1068

Life & Health Insurance

Market Closed - Toronto S.E. Other stock markets 08:26:54 06/03/26 am AEDT			5-day change	1st Jan Change
63.25 ^CAD	+0.36%		-4.15%	-6.56%

20/02	Great-West Lifeco Inc. - Special Call
19/02	Power Corporation of Canada Announces Chief Executive Officer Changes, Effective July 1, 2026	CI

f59e84b835443863ae5713.Nehtp_hBN39VztB4eeaAXVqbiX8fGmsgA17qfIBHamM.eYoq0oIpWi0W9-YRL464EWroxgxIT1xEbyyNJcsBRwl3txn4kBlfBWybmQ

Published financial data: GREAT-WEST LIFECO INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	52.81B	52.82B	20.4B	21.21B	22.32B
Total Interest And Dividend Income	6.28B	8.25B	3.52B	7.6B	6.31B
Gain (Loss) on Sale of Investments, Total (Rev)	-2.56B	-23.96B	6.25B	1.63B	3.93B
Other Revenues, Total	7.29B	7.6B	1.07B	4.29B	2.89B
Total Revenues	63.83B	44.7B	31.24B	34.74B	35.45B
Policy Benefits	50.3B	29.66B	16.56B	17.12B	17.89B
Policy Acquisition / Underwriting Costs, Total	2.66B	2.68B	702M	748M	843M
Amortization of Goodwill and Intangible Assets - (IS)	336M	373M	366M	415M	441M
Selling General & Admin Expenses, Total	6.34B	7.11B	6.4B	7.05B	7.46B
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-30M	-42M	-1M	7M	9M
Other Operating Expenses	500M	497M	62M	97M	213M
Total Operating Expenses	60.16B	40.36B	24.09B	25.42B	26.84B
Operating Income	3.67B	4.34B	7.15B	9.32B	8.62B
Interest Expense, Total	-313M	-369M	-3.83B	-4.19B	-3.52B
Other Non Operating Income (Expenses)	-15M	-29M	-27M	-26M	-25M
EBT, Excl. Unusual Items	3.34B	3.95B	3.29B	5.1B	5.07B
Restructuring Charges	-90M	-178M	-226M	-122M	-375M
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	615M	-	-	-	-
EBT, Incl. Unusual Items	3.87B	3.77B	3.07B	4.98B	4.7B
Income Tax Expense	304M	234M	53M	737M	534M
Earnings From Continuing Operations	3.56B	3.53B	3.02B	4.24B	4.16B
Earnings Of Discontinued Operations	-	-	-124M	-71M	-
Net Income to Company	3.56B	3.53B	2.89B	4.17B	4.16B
Minority Interest	-301M	-185M	-23M	-103M	-41M
Net Income - (IS)	3.26B	3.35B	2.87B	4.07B	4.12B
Preferred Dividend and Other Adjustments	134M	130M	130M	130M	160M
Net Income to Common Incl Extra Items	3.13B	3.22B	2.74B	3.94B	3.96B
Net Income to Common Excl. Extra Items	3.13B	3.22B	2.86B	4.01B	3.96B
Per Share Items
Net EPS - Basic	3.37	3.46	2.94	4.23	4.29
Basic EPS - Continuing Operations	3.37	3.46	3.07	4.3	4.29
Basic Weighted Average Shares Outstanding	929M	932M	932M	932M	924M
Net EPS - Diluted	3.36	3.45	2.94	4.21	4.26
Diluted EPS - Continuing Operations	3.36	3.45	3.07	4.29	4.26
Diluted Weighted Average Shares Outstanding	931M	932M	934M	935M	929M
Normalized Basic EPS	1.92	2.45	2.19	3.31	3.38
Normalized Diluted EPS	1.92	2.45	2.18	3.3	3.37
Dividend Per Share	1.8	1.96	2.08	2.22	2.44
Payout Ratio	55.52	58.41	72.07	54.03	58.57
Supplemental Items
EBITDA	4.12B	4.83B	7.61B	9.82B	9.14B
EBITA	4.01B	4.72B	7.52B	9.73B	9.06B
EBIT	3.67B	4.34B	7.15B	9.32B	8.62B
Total Revenues (As Reported)	64.42B	44.66B	-	-	-
Effective Tax Rate - (Ratio)	7.86	6.21	1.73	14.8	11.37
Total Current Taxes	148M	421M	467M	884M	783M
Total Deferred Taxes	156M	-187M	-414M	-147M	-249M
Normalized Net Income	1.79B	2.28B	2.04B	3.09B	3.13B
Interest on Long-Term Debt	52M	84M	76M	79M	51M
Non-Cash Pension Expense	-46M	-10M	-26M	-16M	-30M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	185M	151M	280M	219M	413M
Stock-Based Comp., Net of Tax (Total)	5M	6M	8M	12M	12M
Total Stock-Based Compensation	190M	157M	288M	231M	425M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	36.8B	45.81B	11.75B	13.76B	13.04B
Investment In Equity and Preferred Securities, Total	914M	963M	843M	1.93B	2.14B
Trading Asset Securities, Total	119B	130B	163B	174B	185B
Real Estate Owned	7.76B	8.34B	7.87B	8.26B	8.29B
Mortgage Loans	28.85B	39.53B	38.41B	38.88B	36.87B
Policy Loans	8.32B	8.82B	-	-	-
Total investments	202B	234B	222B	237B	245B
Cash And Equivalents	4.77B	6.41B	7.05B	9.56B	8.19B
Reinsurance Recoverable - (IS)	21.14B	25.02B	17.33B	17.84B	16.85B
Other Receivables - (Insurance Template)	7.07B	7.85B	6.98B	7.79B	9.04B
Deferred Policy Acquisition Costs - (BS)	615M	663M	913M	1.06B	1.21B
Separate Account Assets	357B	388B	423B	496B	551B
Gross Property Plant And Equipment	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-
Net Property Plant And Equipment	1.55B	1.49B	1.37B	1.45B	1.5B
Goodwill	9.08B	10.6B	11.25B	11.43B	11.28B
Other Intangibles, Total	5.51B	6.21B	4.48B	4.96B	4.91B
Restricted Cash	1.3B	879M	689M	1.14B	708M
Other Current Assets, Total	883M	2.35B	6.65B	2.32B	1.81B
Deferred Tax Assets Long-Term (Collected)	1.06B	1.15B	1.85B	2.07B	2.28B
Other Long-Term Assets, Total	18.48B	17.31B	9.43B	9.1B	8.53B
Total Assets	630B	701B	713B	802B	863B
Liabilities
Accounts Payable, Total	3.03B	3.19B	3.22B	3.52B	3.98B
Insurance And Annuity Liabilities	208B	234B	144B	156B	162B
Reinsurance Payable - (BS)	1.54B	8.25B	648M	795M	919M
Current Portion of Long-Term Debt	-	-	-	340M	565M
Current Portion of Leases	83M	79M	61M	63M	64M
Short-Term Borrowings	593M	1.15B	435M	523M	648M
Long-Term Debt	8.62B	9.63B	8.85B	13.12B	12.42B
Long-Term Leases	439M	428M	300M	317M	280M
Trust Preferred Securities (BS)	-	-	-	-	-
Separate Account Liability	357B	388B	423B	496B	551B
Current Income Taxes Payable	193M	150M	137M	294M	498M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	4.86B	1.64B	11.78B	1.8B	1.85B
Unearned Revenue Non Current	314M	293M	256M	264M	284M
Pension & Other Post Retirement Benefits	989M	563M	581M	497M	473M
Deferred Tax Liability Non-Current	1.09B	1.01B	787M	834M	937M
Other Non Current Liabilities	12.46B	20.97B	88.98B	95.08B	94.09B
Total Liabilities	600B	669B	683B	770B	830B
Preferred Stock Redeemable	2.72B	2.72B	2.72B	2.72B	2.92B
Total Preferred Equity	2.72B	2.72B	2.72B	2.72B	2.92B
Common Stock, Total	5.75B	5.79B	6B	6.07B	5.98B
Additional Paid In Capital	192M	209M	234M	208M	209M
Retained Earnings	16.42B	17.81B	15.49B	17.27B	17.5B
Comprehensive Income and Other	2.13B	2.48B	2.39B	3.28B	3.24B
Total Common Equity	24.5B	26.29B	24.12B	26.82B	26.94B
Minority Interest	3.27B	3.31B	3.02B	3.11B	3.15B
Total Equity	30.48B	32.32B	29.85B	32.65B	33B
Total Liabilities And Equity	630B	701B	713B	802B	863B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	931M	932M	932M	932M	906M
ECS Total Common Shares Outstanding	931M	932M	932M	932M	906M
Book Value / Share	26.32	28.21	25.86	28.77	29.72
Tangible Book Value	9.9B	9.48B	8.38B	10.44B	10.74B
Tangible Book Value Per Share	10.64	10.17	8.99	11.2	11.85
Total Debt	9.73B	11.29B	9.65B	14.36B	13.98B
Net Debt	4.96B	4.88B	2.6B	4.8B	5.79B
Debt Equivalent of Unfunded Proj. Benefit Obligation	218M	-466M	-242M	-400M	-548M
Minority Interest, Total (Incl. Fin. Div)	3.27B	3.31B	3.02B	3.11B	3.15B
Equity Method Investments, Total	581M	638M	843M	1.01B	1.11B
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	28K	31K	33.5K	33.25K	33.43K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3.26B	3.35B	2.87B	4.07B	4.12B
Depreciation, Depletion & Amortization	187M	185M	139M	141M	138M
Amortization of Goodwill and Intangible Assets - (CF)	336M	373M	366M	415M	441M
Total Depreciation, Depletion & Amortization	523M	558M	505M	556M	579M
(Gain) Loss on Sale of Investments - (CF)	2.58B	23.22B	-6.25B	-1.23B	-3.39B
Total Asset Writedown	-615M	41M	507M	153M	159M
Deferred Policy Acquisition Costs - (CF)	-	-	-	-	-
Provision for Credit Losses	121M	639M	-750M	-602M	-675M
Change in Accounts Receivable	-	-	-480M	38M	-371M
Reinsurance Recoverable - (CF)	1.92B	3.83B	5M	586M	663M
Reinsurance Payable - (CF)	-84M	-294M	170M	115M	120M
Change in insurance Reserves / Liabilities	1.82B	-23.27B	9.32B	5.64B	5.02B
Change in Other Net Operating Assets (Collected)	845M	-294M	-4.56B	-5.54B	3.13B
Net Cash From Discontinued Operations	-	-	-375M	-	-
Other Operating Activities	10M	-732M	3.87B	964M	-6.65B
Cash from Operations	10.37B	7.05B	4.83B	4.75B	2.71B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-380M	-2.16B	-563M	-76M	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate Properties (Collected)	-930M	-655M	-	-	-
Investment in Marketable and Equity Securities, Total	-8.67B	43M	-223M	-121M	-56M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.23B	-2.73B	-	-	-
Other Investing Activities, Total	-	-	-	-211M	-
Cash from Investing	-11.21B	-5.49B	-786M	-408M	-56M
Long-Term Debt Issued, Total	-	1.79B	61M	-	138M
Total Debt Issued	-	1.79B	61M	-	138M
Long-Term Debt Repaid, Total	-768M	-495M	-1.47B	-60M	-689M
Total Debt Repaid	-768M	-495M	-1.47B	-60M	-689M
Issuance of Common Stock	1.6B	43M	158M	88M	99M
Repurchase of Common Stock	-	-	-233M	-114M	-1.65B
Issuance of Preferred Stock	200M	-	-	-	200M
Repurchase of Preferred Stock	-194M	-	-	-	-
Common Dividends Paid	-1.68B	-1.83B	-1.94B	-2.07B	-2.25B
Preferred Dividends Paid	-134M	-130M	-130M	-130M	-160M
Common & Preferred Stock Dividends Paid	-1.81B	-1.96B	-2.07B	-2.2B	-2.41B
Other Financing Activities, Total	-16M	-4M	-	-	-4M
Cash from Financing	-992M	-620M	-3.55B	-2.28B	-4.32B
Foreign Exchange Rate Adjustments	-40M	281M	-40M	534M	-137M
Net Change in Cash	-1.87B	1.22B	452M	2.59B	-1.81B
Supplemental Items
Cash Interest Paid	348M	408M	453M	410M	389M
Cash Income Tax Paid (Refund)	351M	348M	423M	707M	764M
Net Debt Issued / Repaid	-768M	1.3B	-1.41B	-60M	-551M
Levered Free Cash Flow	1.56B	-10.1B	-596M	-5.24B	-5.04B
Unlevered Free Cash Flow	1.76B	-9.87B	1.8B	-2.62B	-2.84B
Change In Net Working Capital	1.25B	13.3B	3.46B	9.23B	9.23B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.37	0.41	0.65	0.77	0.65
Return on Total Capital	5.89	6.48	11.23	12.94	11.46
Return On Equity %	12.39	11.25	10.28	13.58	12.67
Return on Common Equity	13.66	12.68	12.1	15.75	14.73
Margin Analysis
Gross Profit Margin %	16.99	27.57	44.76	48.58	47.19
SG&A Margin	9.93	15.9	20.49	20.29	21.05
EBITDA Margin %	6.46	10.81	24.34	28.26	25.79
EBITA Margin %	6.28	10.55	24.07	28.01	25.55
EBIT Margin %	5.75	9.72	22.89	26.81	24.3
Income From Continuing Operations Margin %	5.58	7.91	9.65	12.22	11.74
Net Income Margin %	5.11	7.49	9.18	11.72	11.62
Net Avail. For Common Margin %	4.9	7.2	9.16	11.55	11.17
Normalized Net Income Margin	2.8	5.1	6.52	8.88	8.82
Levered Free Cash Flow Margin	2.44	-22.59	-1.91	-15.08	-14.22
Unlevered Free Cash Flow Margin	2.75	-22.07	5.76	-7.55	-8.01
Asset Turnover
Asset Turnover	0.1	0.07	0.05	0.05	0.04
Fixed Assets Turnover	40.52	29.4	21.79	24.64	24.08
Receivables Turnover (Average Receivables)	32.42	33.38	20.51	24.16	20.72
Short Term Liquidity
Current Ratio	14.96	11.94	12.42	29.02	26
Quick Ratio	12.57	9.87	10.6	25.38	23.02
Operating Cash Flow to Current Liabilities	1.01	0.49	0.3	0.65	0.32
Days Sales Outstanding (Average Receivables)	11.26	10.93	17.8	15.15	17.62
Average Days Payable Outstanding	30.72	90.26	75.7	83.83	89.88
Long Term Solvency
Total Debt/Equity	31.93	34.93	32.33	43.97	42.36
Total Debt / Total Capital	24.2	25.89	24.43	30.54	29.76
LT Debt/Equity	29.71	31.13	30.67	41.14	38.49
Long-Term Debt / Total Capital	22.52	23.07	23.17	28.57	27.04
Total Liabilities / Total Assets	95.17	95.39	95.81	95.93	96.18
EBIT / Interest Expense	11.73	11.77	1.87	2.23	2.45
EBITDA / Interest Expense	13.4	13.28	2	2.36	2.61
(EBITDA - Capex) / Interest Expense	13.4	13.28	2	2.36	2.61
Total Debt / EBITDA	2.32	2.3	1.26	1.45	1.52
Net Debt / EBITDA	1.18	1	0.34	0.49	0.63
Total Debt / (EBITDA - Capex)	2.32	2.3	1.26	1.45	1.52
Net Debt / (EBITDA - Capex)	1.18	1	0.34	0.49	0.63
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.21	-30.63	2.8	11.19	2.04
Gross Profit, 1 Yr. Growth %	10.94	7.55	2.75	20.7	-0.87
EBITDA, 1 Yr. Growth %	4.94	1.96	-5.5	29.07	-6.89
EBITA, 1 Yr. Growth %	5.37	2.08	-5.35	29.41	-6.93
EBIT, 1 Yr. Growth %	2.97	1.38	-5.76	30.22	-7.51
Earnings From Cont. Operations, 1 Yr. Growth %	12.97	-0.81	-17.85	40.76	-1.96
Net Income, 1 Yr. Growth %	6.05	2.67	-23.03	41.91	1.23
Normalized Net Income, 1 Yr. Growth %	-9.34	5.02	-25.68	51.61	1.34
Diluted EPS Before Extra, 1 Yr. Growth %	5.93	2.74	-21.08	39.74	-0.7
Net Property, Plant and Equip., 1 Yr. Growth %	-3.55	-3.43	-8.03	5.24	3.6
Accounts Receivable, 1 Yr. Growth %	14.22	-11.78	4.65	0	31.68
Total Assets, 1 Yr. Growth %	5	11.26	6.1	12.47	7.56
Common Equity, 1 Yr. Growth %	14.93	7.32	4	11.22	0.43
Tangible Book Value, 1 Yr. Growth %	43.02	-4.28	32.06	24.48	2.94
Cash From Operations, 1 Yr. Growth %	7.94	-32.06	28	-1.59	-43
Levered Free Cash Flow, 1 Yr. Growth %	-108.14	-619.34	-98.18	-41.92	-3.65
Unlevered Free Cash Flow, 1 Yr. Growth %	-109.24	-561.09	-105.87	-60.42	8.63
Dividend Per Share, 1 Yr. Growth %	2.97	8.65	6.12	6.73	9.91
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	19.48	-14.16	-30.37	6.91	6.52
Gross Profit, 2 Yr. CAGR %	8.91	12.28	10.47	11.36	9.38
EBITDA, 2 Yr. CAGR %	8.12	10.88	26.67	10.44	9.63
EBITA, 2 Yr. CAGR %	8.48	11.38	27.56	10.67	9.75
EBIT, 2 Yr. CAGR %	7.43	10.4	29.2	10.78	9.74
Earnings From Cont. Operations, 2 Yr. CAGR %	19.21	5.85	-8.01	7.54	17.48
Net Income, 2 Yr. CAGR %	14.41	4.34	-6.23	4.51	19.86
Normalized Net Income, 2 Yr. CAGR %	-0.18	7.56	-3.19	6.15	23.95
Diluted EPS Before Extra, 2 Yr. CAGR %	16.09	4.32	-4.41	5.02	17.8
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.11	-3.49	-5.76	-1.62	4.41
Accounts Receivable, 2 Yr. CAGR %	16.64	0.38	-21.66	2.3	14.75
Total Assets, 2 Yr. CAGR %	18.21	8.08	6.36	9.24	9.99
Common Equity, 2 Yr. CAGR %	10.77	11.06	-0.78	7.55	5.69
Tangible Book Value, 2 Yr. CAGR %	1.67	17	-7.98	28.21	13.2
Cash From Operations, 2 Yr. CAGR %	30.3	-14.37	-31.78	12.23	-25.11
Levered Free Cash Flow, 2 Yr. CAGR %	-63.42	-27.4	-44.62	-59.99	-25.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	-60.91	-27.92	-8.33	-70.75	-34.53
Dividend Per Share, 2 Yr. CAGR %	4.5	5.77	7.38	6.43	8.31
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.2	-0.01	-19.85	-18.62	5.26
Gross Profit, 3 Yr. CAGR %	4.66	10.47	12.68	13.78	7.12
EBITDA, 3 Yr. CAGR %	0.82	11.05	24.61	27.47	4.33
EBITA, 3 Yr. CAGR %	0.65	11.49	25.52	28.17	4.46
EBIT, 3 Yr. CAGR %	-0.42	10.96	26.14	29.54	4.31
Earnings From Cont. Operations, 3 Yr. CAGR %	5.03	12.13	-1.49	6	4.27
Net Income, 3 Yr. CAGR %	1.78	10.35	-2.31	7.66	3.41
Normalized Net Income, 3 Yr. CAGR %	-6.74	8.33	1.07	12.42	4.52
Diluted EPS Before Extra, 3 Yr. CAGR %	3.92	11.46	-1.08	8.49	3.08
Net Property, Plant and Equip., 3 Yr. CAGR %	9.48	-3.22	-5.03	-2.23	0.09
Accounts Receivable, 3 Yr. CAGR %	14	6.27	-11.17	-15.02	11.28
Total Assets, 3 Yr. CAGR %	13.81	15.85	5.9	8.36	8.68
Common Equity, 3 Yr. CAGR %	3.95	9.61	4.2	3.07	5.12
Tangible Book Value, 3 Yr. CAGR %	-4.27	-0.36	6.59	1.77	19.17
Cash From Operations, 3 Yr. CAGR %	16.9	4.87	-20.5	-22.92	-10.46
Levered Free Cash Flow, 3 Yr. CAGR %	-21.56	-4.67	-68.54	39.14	-46.4
Unlevered Free Cash Flow, 3 Yr. CAGR %	-19.45	-4.95	-54.42	7.01	-54.75
Dividend Per Share, 3 Yr. CAGR %	5.05	5.86	5.89	7.16	7.57
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.58	-1.05	-6.62	-4.92	-10.19
Gross Profit, 5 Yr. CAGR %	3.56	6.9	8.14	13.05	11.35
EBITDA, 5 Yr. CAGR %	0.73	5.23	13.57	22.71	18.39
EBITA, 5 Yr. CAGR %	0.57	5.21	13.86	23.37	18.96
EBIT, 5 Yr. CAGR %	-0.25	4.59	13.99	23.98	19.31
Earnings From Cont. Operations, 5 Yr. CAGR %	3.81	8.89	-0.39	11.1	5.7
Net Income, 5 Yr. CAGR %	3.37	8.01	-1.51	10.31	6.02
Normalized Net Income, 5 Yr. CAGR %	-1.65	3.17	-1.58	11.46	9.66
Diluted EPS Before Extra, 5 Yr. CAGR %	4.76	9.73	0.5	11.47	6.08
Net Property, Plant and Equip., 5 Yr. CAGR %	10.17	8.17	3.11	-2.58	-1.36
Accounts Receivable, 5 Yr. CAGR %	10.76	8.15	-1.88	-3.55	-1.59
Total Assets, 5 Yr. CAGR %	9.54	10.81	10.77	12.2	7.52
Common Equity, 5 Yr. CAGR %	4.68	5.74	2.03	6.08	4.79
Tangible Book Value, 5 Yr. CAGR %	0.75	-1.02	-5.77	1.73	9.18
Cash From Operations, 5 Yr. CAGR %	10.65	0.84	-5.76	-4.91	-22.38
Levered Free Cash Flow, 5 Yr. CAGR %	0.25	132.08	-28.68	-14.78	-23.44
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.1	98.6	-11.74	-25.59	-31.62
Dividend Per Share, 5 Yr. CAGR %	5.44	5.95	5.98	6.09	6.85