Paul Mahon

Great-West Lifeco is one of the world's largest insurance and financial services companies with over $2.4 trillion in assets under administration, operating across Canada, the United States, and Europe. The US business — Empower — is the crown jewel and primary growth engine. Through a series of acquisitions (including the retirement businesses of MassMutual, Prudential, and most recently Putnam Investments), Empower has grown into the second-largest retirement plan services provider in the United States with $1.6+ trillion in assets under administration and 19+ million participants. Empower provides 401(k) plan administration, recordkeeping, investment management, and financial wellness services. The Canadian business (Canada Life) is Canada's largest insurance company, providing group benefits, retirement savings, individual insurance, and wealth management. Irish Life is Ireland's largest life insurance company. Key stock drivers include Empower growth (participant count, AUA expansion, wealth management revenue), Canada Life insurance and wealth management performance, interest rate environment (affecting both investment income and insurance reserves), competitive dynamics in US retirement services against Fidelity and Vanguard, Canadian insurance market trends, and the Power Corporation ownership structure.