The Acquisition of Milliman Will Boost Great-West's Empower Business
Great-West Lifeco is one of the Big Three Canadian life insurers, which collectively account for about 80% of the nation’s life insurance premiums. The firm has a strong domestic market position across various life insurance markets and group retirement plans. Of the three, we believe that Great-West Lifeco is the best run, with higher and more-stable returns on equity due to its disciplined underwriting strategy and solid expense control. Given the maturity of the insurance industry in the company's main markets in Canada, the US, the UK, and Ireland, we believe that growth will remain modest in the long run.