Canada Life / Great-West Lifeco

Canada Life, operating as the principal subsidiary of Great-West Lifeco Inc., is one of the largest insurance and financial services companies in Canada. Headquartered in Winnipeg, Manitoba, the company provides life insurance, disability insurance, retirement savings, and investment products across Canada, Europe, and the United States. Great-West Lifeco is a subsidiary of Power Corporation of Canada. Canada Life manages an investment portfolio of approximately $200 billion.

Investment Strategy

Canada Life’s investment portfolio is managed to support the company’s long-duration insurance and retirement liabilities across multiple geographies. The portfolio is predominantly invested in high-quality fixed income securities, including Canadian and international government bonds, corporate bonds, mortgage-backed securities, and private placements. Asset-liability management is central to the investment approach, with the investment team carefully matching asset duration and currency to the company’s global liability profile.

The company’s investment philosophy emphasizes stability and predictability of returns, consistent with its role as a major life and retirement insurer. Canada Life’s investment team leverages the broader Great-West Lifeco and Power Corporation ecosystem, which provides access to investment capabilities, deal flow, and market intelligence across asset classes. The fixed income portfolio includes a meaningful allocation to private placement securities, where the company’s scale and credit research capabilities enable access to attractive opportunities.

Private Markets Approach

Canada Life allocates approximately 10% of its investment portfolio to alternative assets, including real estate, infrastructure, private equity, and private credit. Real estate is the most significant component of the alternatives allocation, managed through GWL Realty Advisors, one of Canada’s largest commercial real estate managers. GWL Realty manages a substantial portfolio of office, retail, industrial, and residential properties, providing Canada Life with direct exposure to high-quality Canadian real estate.

Beyond direct real estate, Canada Life invests in commercial mortgage loans originated across Canada and other markets. The mortgage portfolio is characterized by conservative underwriting, with low loan-to-value ratios and strong borrower credit quality.

Infrastructure investments provide stable, long-duration cash flows that align with the company’s insurance liabilities. Canada Life invests in both core and core-plus infrastructure across energy, utilities, transportation, and social infrastructure. Private equity commitments are made to established managers across North America and Europe, with a focus on buyout and growth strategies. Private credit investments span direct lending, specialty finance, and structured credit, providing yield enhancement above public fixed income markets. The company’s scale and Power Corporation affiliation position it as a meaningful participant in Canadian and international private markets.