Great-West Lifeco Inc

GWO: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 13.00	Gmd	Bwnmgpkwc

Rising Rates a Positive for Life Insurers in Long Run; Relaunching Great-West With CAD 35 FVE

Suryansh Sharma

Jan 9, 2023

We are relaunching Great-West Lifeco with a fair value estimate of CAD 35 per share after taking a fresh look at it. Our fair value estimate implies that Great-West Lifeco is slightly undervalued at current prices. Great-West Lifeco provides a variety of financial services products, including life insurance, retirement solutions, and investment management, mainly in the U.S., Canada, and Europe. Given the maturity of the insurance industry in the company's main markets, we believe that growth will remain modest in the long run. We assign a no-moat rating, a stable moat trend, and a Standard capital allocation rating to the company.

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