Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 24 Feb, 26 | GWO | Buy | CAD 64.14 | CAD 67.5 | CAD 71.5 | 58 days | Closed |
11.49%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
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.
Higher Assets to Equity Ratio: 30.26x in Q4 2025 vs 4.37x of Industry Median
Higher Operating Profit Ratio: 51.3% in Q4 2025 vs 18.5% of Industry Median
Lower Pretax ROE: 3.9% in Q4 2025 vs 4.3% in Q4 2024
Lower Investment Ratio: 45.6% in Q4 2025 vs 49.9% in Q4 2024
Regulatory risks, Trade tariffs, Inflationary pressures, Lower cash flows, etc.
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 64.14 | 57.0 | 67.5 | 71.5 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Record Base Earnings Reflect Strong Core Growth: Great-West Lifeco delivered record base earnings in 2025, with full-year base EPS rising double digits and Q4 base earnings up 12% YoY. Growth was driven by decent retirement and wealth flows, particularly at Empower, and continued expansion in capital solutions. This highlights resilient core operating performance. The company is meeting its medium-term earnings growth targets, reinforcing confidence in its earnings visibility and scalability.
High-Quality Capital-Efficient Business Mix: Lifeco continues shifting toward capital-efficient segments like wealth, retirement, and capital solutions. These businesses deliver higher ROE and healthier margins with lower capital strain. Over CAD 1.1 trillion in higher-margin assets under management supports fee-based revenue growth and improves earnings stability over time.
Decent U.S. Segment Driving Profit Expansion: The U.S. business remains the largest contributor and posted double-digit base earnings growth. Empower saw decent rollover activity, positive net flows, and rising operating margins. Scalable retirement and wealth platforms are driving higher fee income and margin expansion, supporting long-term earnings growth.
Considering the expected valuation upside, margin expansion trend, positive net flows, healthy retirement demand, improving operating leverage, healthy solvency ratio, stable cash generation, long-term structural growth, disciplined capital deployment and key business risks, a 'Buy’ recommendation has been given on the stock at the last current price of CAD 64.89, as on February 24, 2026 at 6:46 am PST.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Insurance - Life
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) |
|---|---|---|---|---|---|---|---|
| GWO Great-West Lifeco Inc. |
0.58 0.63% | 92.31 | 16.63 | 13.07 | 1.81 | 2.37 | 1.84 |
| MFC Manulife Financial Corp |
0.59 0.99% | 60.35 | 17.14 | 11.61 | 2.82 | 1.99 | 1.56 |
| MFC-PK Manulife Financial Corp Pref K |
0.01 0.04% | 26.50 | 4.95 | - | 3.01 | - | |
| MFC-PJ Manulife Fin Non Cum Cl 1 11 Prf |
-0.15 0.57% | 26.24 | 4.84 | - | 2.81 | - | |
| MFC-PL Manulife Financial Corp Pref L |
-0.06 0.23% | 25.61 | 4.15 | - | 2.79 | - |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on February 24, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2026 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
Australia