A financial services holding company that provides wealth, retirement, group benefits and insurance and risk solutions to its approximately 40 million customer relationships operating in Canada, the United States and Europe.
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financial highlights
Value creation drivers
Retirement
Wealth
Group benefits
Insurance & risk solutions
Medium-term objectives
8-10% base earnings per share growth per year
19%+ base return on equity
Dividend payout ratio of 45-55% of base earnings
Base capital generation of 80%+
BUSINESS MIX[4][5]
By line of business
33%
Insurance & Risk Solutions
29%
Retirement
21%
Group Benefits
17%
Wealth
By operating segment
31%
United States
29%
Canada
21%
Europe
19%
Capital & risk solutions
- Base earnings, base return on equity and client assets are identified as non-GAAP financial measures or ratios by Great-West Lifeco. Additional information regarding these measures and ratios, including reconciliations, is incorporated by reference from and can be found under “Non-GAAP Financial Measures and Ratios” in Great-West Lifeco’s annual MD&A for the year ended December 31, 2025, included in the Corporation’s annual MD&A for the year ended December 31, 2025 and available on SEDAR+ at www.sedarplus.ca.
- Attributable to common shareholders. Based on earnings from continuing operations.
- The description of return on equity is incorporated by reference from and can be found under “Glossary” in Great-West Lifeco’s annual MD&A for the year ended December 31, 2025, included in the Corporation’s annual MD&A for the year ended December 31, 2025 and available on SEDAR+ at www.sedarplus.ca.
- Earnings on surplus, corporate expenses & other as well as Corporate segment results are not included.
- Business mix is based on base earnings, a non-GAAP financial measure identified by Great-West Lifeco. Refer to the section “Disclosure Concerning Public Investees Information” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
A leading wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors globally.
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Wealth management
Asset management
financial highlights
Value creation drivers
Leading core franchises and high-growth businesses in both wealth and asset management segments
Medium-term objectives[4]
9%+ growth in adjusted earnings per share, supported by 7%+ growth from its core businesses and 15%+ growth from strategic investments
BUSINESS MIX[5]
By line of business
54%
Wealth management
35%
Asset management
11%
Corporate & other
By operating segment[6]
88%
Canada
11%
China
1%
United States
- Available to common shareholders.
- Adjusted net earnings and adjusted return on equity are identified as non-IFRS financial measures or ratios by IGM. Additional information regarding these measures or ratios, including a reconciliation, as well as a description of return on equity is incorporated by reference from and can be found under “Non-IFRS Financial Measures and Other Financial Measures” in IGM’s annual MD&A for the year ended December 31, 2025, included in the Corporation’s annual MD&A for the year ended December 31, 2025 and available on SEDAR+ at www.sedarplus.ca.
- For an explanation of the composition of assets under management and advisement and assets under management and advisement including strategic investments of IGM, refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
- As presented at IGM Financial’s 2023 Investor Day.
- Business mix is based on adjusted net earnings. Adjusted net earnings is identified as non-IFRS financial measure by IGM. Refer to the section “Disclosure Concerning Public Investees Information” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
- China represents ChinaAMC’s earnings contribution net of 10% withholding tax and U.S. represents Rockefeller Capital Management’s earnings contribution.
A leading and active investor in Europe focused on long-term value creation with the support of a stable family shareholder base that aims to grow its diversified, high-quality portfolio.
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Listed assets
Direct private assets
Non-core asset classes
financial highlights
Value creation drivers
Portfolio simplification
Direct private assets
Attractive returns to shareholders
Medium-term objectives[3]
Double-digit TSR per annum
€5 billion from disposals to be redeployed to new investments and shareholder returns in approximately equal measure
BUSINESS MIX
By segment[4]
54%
Listed assets
32%
Direct private assets
13%
Non-core asset class — GBL CAPITAL
1%
NON-CORE ASSET CLASS — SIENNA INVESTMENT MANAGERS
By geography[5]
30%
SWITZERLAND
21%
FRANCE
17%
NETHERLANDS
11%
GERMANY
3%
BELGIUM
2%
United States
2%
SPAIN
14%
OTHER
- For an explanation of the composition of net asset value reported by GBL, representing the fair value of its investment portfolio, its gross cash, the present value of its Concentrix note and its treasury shares, less its gross debt, refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
- Includes €335 million in share buybacks and €666 million in dividends in 2025.
- As presented at GBL’s Strategic Update on November 7, 2024.
- Percentage of portfolio value shown as at December 31, 2025.
- Company headquarters.
A global multi-strategy alternative asset management firm active in venture capital, private equity, private credit and real estate, with offices in Canada, the U.S., Europe and the Middle East. Sagard also engages in private wealth management and holds strategic interests in other alternative asset management businesses.
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Founded in 2014, Wealthsimple is Canada’s leading financial innovator and provides simple digital tools for growing and managing client money. Wealthsimple’s mission is to help everyone achieve financial freedom.
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A sustainability-focused investment manager that finances companies and projects that aim for both competitive returns and positive sustainability outcomes. It is comprised of four strategies: Energy Infrastructure Equity, Global High‑Yield Infrastructure Credit, Agri‑Food Private Equity (Lios) and Decarbonization Private Equity.
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- Assets under management includes unfunded commitments. For an explanation of the composition of assets under management of alternative asset investment platforms, unfunded commitments and fee-bearing capital, refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
- Excludes fee-bearing capital of Sagard’s private wealth investment platform.
- Represents the portion of assets under management related to third parties. Included in third parties are associated companies including Great-West Lifeco, IGM and GBL, as well as commitments from management.
- For an explanation of the composition of assets under administration of Wealthsimple, refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2025 Annual Report.
- Excludes tax filers.
