Great West Lifeco (GWO.TO) Buy, Sell or Hold

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Great West Lifeco (GWO.TO)

88.18

-1.52 (1.69%)

as of Jun 19, 2026, 8:00:01 pm Market Open.

237 watching

BUY

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

GWO is now trading at 9.7x times' Forward P/E. In Q4 – 2022, EPS of $0.96 beat estimates of $0.88. ROE is good at 13.6%.
Total asset under management remained largely flat at $1.03B. Based on consensus estimates, EPS is expected to grow by 6% in 2023.
The financial position is strong with long-term debt (excluding lease) of $10.5B against total Equity of $32B.
The company also increased dividends by 6% and gave out medium-term guidance to grow EPS by 9% on average while maintaining an ROE of 14-15% on average.
Overall, we think this is a good quarter, the company continues to execute well with their previous guidance.
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COMMENT

Their business mix is different from its peers. GWO is a major part of Power Corp. GWO reports tomorrow. The street expects earnings to be down YOY, but analysts estimates are low, so there could be a beat. They pay an excellent dividend which is safe. Prefers SLF, MFC of Industrial Alliance.

BUY ON WEAKNESS

Allan Tong’s Discover Picks

GWO stock pays a 5.57%dividend yield, fine for income earners, and trades at 11.06x earnings. Of the three listed here, GWO boasts the lowest beta at 0.79, so it’s a stable ship on choppy seas. It has beaten three of its last four quarters, but missed the last in November 2022. While the dividend should be stable, GWO’s earnings growth lags its peers and the wider market. Annual growth over the last five year stands at 6.4% while the industry boasts 24.1% and the wider market 21.5%. Last year, GWO earnings growth actually declined by 9.7% while its peers climbed 5.1% and the market 9.4%. Read 4 Insurance Stocks to Stay Safe in a Risky Market for our full analysis.

WEAK BUY

Instead, he owns POW, the holding company. Thinks POW can narrow the discount on its NAV. GWO is not expensive at 1.1-1.2x book. Great dividend yield, low PE. US asset management arm has been tough, but should improve.

BUY

Well run company that charges premiums for insurance products. Nature of insurance allows for buildup of float (cash) that is valuable (can be re-invested). Good long term business for investors. Attractive dividend with long term track record.

BUY

WEAK BUY

GWO vs. POW Holding company. Streamlined structure. Depends if you like the insurance business or not. He prefers to own the top company, rather than the underlying businesses. GWO is a great business. You'll do well with either of them.

BUY

The lifecos have all pulled back because of higher interest rates. GWO is solid and will be relatively defensive if there is a recession. The dividend is safe. The valuation is now attractive.

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BUY ON WEAKNESS

Has a strong long term growth profile. Is well-run, global, trades a a single-digit PE and pays over a 6% dividend. Buy during current market weakness.

DON'T BUY

Lifecos have not been performing. Yes, rates are rising, but not at the long end of the curve, like 10-30 years. Their asset portfolio is getting hurt by rising rates, too, as reflected in quarterly reports.

PAST TOP PICK

(A Top Pick Oct 12/21, Down 12%) Even today, his top income pick. Healthy dividend yield, low valuation. Yield about 6%, PE around 10x, pretty reasonable growth profile. A bit less sensitive to equity markets.

DON'T BUY

It has under-performed the group and he doesn't see much future momentum or closing of the gap to its peers. He holds Manulife instead since it has held up well and has much better growth potential as well as Asian exposure. Manulife has a great dividend yield of 5.6%

WEAK BUY

Insurance companies as a group are down 20% YTD, while the TSX is down around 12%. Weaker economy hurts. Question is whether it's overly reflected in the sector? GWO tends to trade at a premium, clean earnings. He'd buy the sector, given the nice dividends and low valuations. Second half won't be as bad as the first. He'd go with MFC, trading at 6.5x earnings. Second choice SLF, third GWO.

WEAK BUY

GWO vs. MFC vs. SLF He looks at price to book. MFC is one of the cheapest names out there. GWO is trading at 1.17x, whereas MFC is at 0.87x. SLF is more expensive at 1.4x, but you get the heavier wealth management arm and more exposure to Asia. No issue with it, pretty high and secure dividend at 6.3%. On a combination of growth and valuation, he likes MFC more. GWO is on par with SLF as a pick.

BUY

A solid insurer, but it trades at a premium to peers because it's less volatile. Pays a nice dividend and they are well capitalized to ride out economic uncertainties. A solid income name.

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Great West Lifeco (GWO.TO)