Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Great-West Lifeco Inc. is a Canada-based international financial services holding company focused primarily on life insurance, health insurance, retirement and investment solutions, and wealth management. The company operates across the insurance and asset management industries, generating revenue mainly through premiums, fee-based retirement and wealth products, and investment income. Its principal customers include individual policyholders, retirement plan participants, employers, financial advisors, and institutional clients.
Founded in the late 19th century through predecessor insurance businesses, Great-West Lifeco evolved into a diversified global financial services group under the control of Power Corporation of Canada. Over time, it expanded beyond traditional life insurance into retirement services and asset management, particularly in the United States and Europe. The company’s scale, long-duration client relationships, and focus on capital-light, fee-based businesses underpin its strategic positioning.
Business Operations
Great-West Lifeco conducts operations through several major business segments organized by geography and product focus. Its core operating companies include Canada Life, Empower, Irish Life, and Putnam Investments, which collectively provide insurance, retirement services, and investment management. Revenue is generated from insurance premiums, administrative and management fees on retirement and investment products, and returns on invested assets supporting policy liabilities.
Operations span both domestic and international markets, with Canada and the United States representing the largest revenue contributors. The company controls significant retirement plan administration platforms, insurance underwriting capabilities, and global investment management operations. Strategic subsidiaries operate with a degree of autonomy while benefiting from centralized capital management, risk oversight, and investment governance at the holding company level.
Strategic Position & Investments
Great-West Lifeco’s strategy emphasizes growth in capital-efficient businesses, particularly retirement services and asset management, while maintaining disciplined insurance underwriting. A key strategic move was the expansion of Empower into the largest retirement plan provider in the United States by participant count, reinforcing the company’s focus on long-term, fee-based revenue streams.
The company has also invested in broadening its global investment management capabilities through the acquisition of Putnam Investments, strengthening its U.S. asset management presence and distribution reach. Across its portfolio, Great-West Lifeco continues to invest in digital platforms, retirement income solutions, and workplace financial wellness offerings, while selectively exiting or de-emphasizing lower-return legacy insurance blocks.
Geographic Footprint
Great-West Lifeco operates primarily across Canada, the United States, and Europe, with corporate headquarters in Canada. Canada remains a core market through Canada Life, while the United States represents a major growth engine driven by Empower and U.S.-based asset management operations.
In Europe, the company maintains a significant presence through Irish Life, serving insurance, pensions, and investment customers primarily in Ireland. While its operational footprint is concentrated in developed markets, Great-West Lifeco’s investment activities and asset allocations have global reach, reflecting the international scope of its insurance and retirement obligations.
Leadership & Governance
Great-West Lifeco is led by an experienced executive team with deep expertise in insurance, retirement services, and global asset management. The company operates under the strategic oversight of its board while aligning closely with the long-term stewardship philosophy of its controlling shareholder, Power Corporation of Canada.
Key executives include:
- Paul Mahon – President and Chief Executive Officer
- Edmund F. Murphy III – President and Chief Executive Officer, Empower
- Frank O’Dwyer – Chief Executive Officer, Irish Life
Leadership emphasizes disciplined capital allocation, risk management, and sustainable growth through long-term customer relationships rather than short-term earnings expansion.