What are Mission Vision & Core Values of Great-West Lifeco Company?

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What are the Mission, Vision, and Core Values of Great-West Lifeco?

Mission and vision statements are crucial for any successful organization, defining its purpose and future goals. These declarations guide business decisions and shape corporate identity. Great-West Lifeco Inc., a leading international financial services holding company, exemplifies this principle.

With operations in Canada, the US, and Europe via subsidiaries like Canada Life, Empower, and Irish Life, Great-West Lifeco serves over 40 million customer relationships. Their mission, vision, and core values direct strategic initiatives, influence product development, and foster a unique corporate culture, underpinning their market leadership. For a deeper dive into external factors, consider a Great-West Lifeco PESTEL Analysis.

The Great-West Lifeco mission statement, also known as its purpose, emphasizes a commitment to enhancing financial well-being and security for individuals, families, and businesses globally. This focus on 'stronger, more inclusive and financially secure futures' highlights a customer-centric and community-focused approach. The phrase 'We're here for life' signifies a long-term dedication to client relationships and their evolving needs.

Customer-Centricity

The Great-West Lifeco mission prioritizes long-term financial security for clients. This is evident in their diverse offerings.

Inclusive Growth

The company aims to foster financial inclusion across various demographics. This aligns with their broad service reach.

Long-Term Commitment

The phrase 'We're here for life' underscores enduring relationships. This reflects a dedication beyond immediate transactions.

Financial Security

A core aspect of the Great-West Lifeco purpose is providing robust financial protection. This supports individuals and families.

Community Focus

Beyond individual clients, the mission extends to broader societal well-being. This includes supporting communities.

Strategic Alignment

The Great-West Lifeco mission guides strategic decisions and operational activities. This ensures consistent direction.

Great-West Lifeco's mission, articulated as its purpose, clearly defines its dedication to enhancing financial well-being and security for individuals, families, and businesses globally. The statement emphasizes a customer-centric and community-focused approach, aiming to create 'stronger, more inclusive and financially secure futures.' The phrase 'We're here for life' signifies a long-term commitment to its customer relationships and their evolving needs. This Great-West Lifeco mission is reflected in their business operations, such as Empower's growth in the U.S. retirement services, now serving over 18.5 million Americans and contributing significantly to the company's base earnings, which reached a record $4.2 billion for the full year 2024. Another example is Canada Life's expansion in 2024 to administer dental benefits for federal public service employees, demonstrating a commitment to broader societal well-being. This Great-West Lifeco purpose is deeply customer-centric, focusing on long-term financial security and inclusive growth rather than solely on product sales or market share. For more insights into their strategic direction, explore the Growth Strategy of Great-West Lifeco.

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Great-West Lifeco's vision statement emphasizes a long-term commitment to growth and value creation. This vision extends to its people, customers, and the communities it serves globally, reflecting its diversified operations across Canada, the U.S., and Europe. The company's strategic objectives are aligned with this vision, aiming for sustainable financial performance and societal impact.

Long-Term Investment Focus

Great-West Lifeco is invested for the long-term, ensuring sustained growth and stability.

Value Creation for Stakeholders

The company aims to create lasting value for its employees, customers, and communities.

Global Reach and Impact

Operations span Canada, the U.S., and Europe, demonstrating a broad global presence.

Strong Financial Performance

In 2024, the company achieved a record base return on equity (ROE) of 17.5%.

Strategic Acquisitions

Empower's acquisition of Plan Management Corporation enhances digital services.

Responsible Investing

Irish Life Investment Managers launched a €500 million climate transition fund in 2024.

Great-West Lifeco's vision, as part of its Great-West Lifeco vision statement, is deeply rooted in achieving sustainable growth and creating lasting value. This commitment extends to its people, customers, and the communities it serves, reflecting a holistic approach to business. The company's strategic initiatives, such as Empower's acquisition of Plan Management Corporation to enhance digital equity plan administration, and Irish Life Investment Managers' launch of a €500 million climate transition fund in 2024, underscore its dedication to both market leadership and responsible investing. For more details on the company's financial strategies, consider reading about the Revenue Streams & Business Model of Great-West Lifeco. This aligns with the Great-West Lifeco company purpose and goals, demonstrating how Great-West Lifeco defines its core values through actionable strategies.

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Great-West Lifeco’s operations are underpinned by a set of intrinsic values that guide its corporate culture and business practices. These Great-West Lifeco core values are evident in their stated purpose and strategic priorities, even if not formally listed with specific titles.

Responsible and Ethical Management

This core value emphasizes integrity, accountability, and prudent financial stewardship. It manifests in Great-West Lifeco's disciplined approach to risk and capital management, maintaining a strong LICAT ratio of 130% in 2024 and Q1 2025, providing substantial financial flexibility.

Customer-Centricity

This value places the customer at the heart of all operations. It drives product development aimed at meeting evolving customer needs, exemplified by Empower's focus on retirement and wealth solutions, which helped add approximately 600,000 net new plan participants in 2024.

Inclusive Growth and Community Impact

This value reflects a commitment to societal well-being and fostering a more equitable future. Great-West Lifeco actively contributes to communities where it operates, with over $165 million in donations to charitable initiatives over the last 10 years.

Long-Term Value Creation

This value underscores a commitment to sustainable performance for all stakeholders. It guides strategic investments that support long-term organic growth, such as the integration of Prudential Financial’s retirement services business, which achieved US$180 million in pre-tax run-rate cost synergies by Q2 2024.

These interwoven Great-West Lifeco company values collectively define its unique corporate identity, emphasizing responsibility, customer focus, societal contribution, and sustainable financial strength. To understand how these values translate into strategic direction, explore how the Great-West Lifeco mission and vision influence the company's strategic decisions in the next chapter. For more insights into their market approach, consider reading about the Target Market of Great-West Lifeco.

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A company's mission and vision are the bedrock of its strategic decision-making, providing a clear direction for growth and operations.

These statements not only define the company's purpose but also shape its long-term objectives and how it aims to achieve them.

Great-West Lifeco's Strategic Compass

Great-West Lifeco's mission to build stronger, more inclusive and financially secure futures, and its vision to achieve growth and create lasting value, are directly embedded in its strategic choices.

• The company's focus on wealth and retirement solutions, exemplified by Empower in the U.S., directly supports the mission of building financially secure futures.
• Empower's significant base earnings growth in 2024 contributed to Great-West Lifeco's record full-year base earnings of $4.2 billion.
• The acquisition of Prudential Financial’s retirement services business in Q2 2024 expanded Empower's reach to over 18.5 million Americans, aligning with the mission of broader financial security.
• Strategic investments in sustainability, such as Irish Life Investment Managers' €500 million climate transition fund, reflect the commitment to inclusive and community-focused futures.
• The company's record 2024 results, as noted by its CEO in February 2025, are a testament to an 'unrelenting focus to deliver on our growth strategies.'

Mission in Action: Financial Security

The strategic emphasis on wealth and retirement solutions, particularly through Empower, directly translates the mission of building financially secure futures into tangible business outcomes.

Vision in Practice: Lasting Value

The ambition to create lasting value for stakeholders is evidenced by strategic growth initiatives and record financial performance, demonstrating the vision's impact on business success.

Inclusivity and Community Focus

The company's commitment to inclusive futures and communities is operationalized through strategic investments in sustainable initiatives, aligning with its core purpose.

Strategic Alignment: Growth Objectives

The CEO's statement on exceeding medium-term financial objectives underscores how strategic decisions are consistently guided by the company's overarching vision for growth.

Measurable Impact: Record Earnings

The record base earnings of $4.2 billion in 2024 serve as a quantifiable indicator of how effectively strategic decisions, driven by mission and vision, translate into financial success.

Strategic Execution: Acquisitions and Innovation

From strategic acquisitions to product development, every key business decision is a direct reflection of Great-West Lifeco's defined mission and vision, as seen in its Brief History of Great-West Lifeco.

Great-West Lifeco's mission and vision are not mere statements but active drivers of its strategic direction, influencing everything from market focus to investment priorities.

Explore how these core principles are continually refined in the next chapter.

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Refining the company's mission and vision can enhance clarity and future adaptability. The current vision, 'We're invested for the long-term, to achieve growth and create lasting value for our people, our customers and our communities,' could be more aspirational by explicitly articulating a qualitative future state beyond just growth and value.

Integrating themes of innovation and digital transformation more explicitly into the vision or mission would better reflect the evolving financial services landscape. While digital capabilities are mentioned, framing them as core to the future identity, rather than operational tactics, would position the company to leverage emerging technologies.

Elevate Aspirational Language in Vision Statement

Enhance the vision statement to paint a more vivid and inspiring picture of the company's desired future market position or societal impact, moving beyond general terms like 'growth' and 'lasting value.'

Integrate Innovation and Digital Transformation Explicitly

Incorporate themes of innovation and digital transformation directly into the mission or vision to underscore their strategic importance in a rapidly evolving industry.

Focus on Future-Forward Digital Solutions

Adapt the vision to explicitly address emerging technologies and changing consumer behaviors, framing them as core growth opportunities and commitments to pioneering digital-first financial solutions.

Strengthen Connection to Evolving Client Needs

Ensure the mission and vision clearly articulate how the company anticipates and adapts to evolving client needs, particularly in the context of technological advancements and changing market dynamics.

The company's mission statement focuses on providing financial security and wealth management solutions, aiming to help customers achieve their financial goals. The Great-West Lifeco vision statement emphasizes long-term growth and creating lasting value for stakeholders, including employees, customers, and communities. The core values often revolve around integrity, customer focus, innovation, and teamwork, guiding the company's culture and operations. Understanding the Mission, Vision & Core Values of Great-West Lifeco provides insight into its strategic direction and commitment to its stakeholders. In 2024, the company reported total assets under management and administration of approximately $723 billion, reflecting its significant market presence and the trust placed in it by its clients.