01:21 PM EDT, 10/17/2025 (MT Newswires) -- The Canadian lifecos begin reporting third-quarter results on Nov. 4.

RBC Capital is making modest changes across its lifeco models, with core EPS estimates increasing 2.5% on average, reflecting an average ~2% QoQ and ~8% YoY increase.

Great-West Lifeco's ( GWLIF ) quarter should be similar to last quarter (i.e., solid). "Our base EPS estimate slightly increases and we forecast its base EPS to decrease ~3% QoQ but increase ~5% YoY." GWO is rated Sector Perform, with a $53 price target.

IAG's quarter should benefit from strong equity markets and in analyst Darko Mihelic's view, will likely be the strongest of the group. Core EPS estimate rises by 3%. IAG is rated Sector Perform, with a $151 target.

Manulife's quarter, if it can avoid some "bad luck", should once again show solid profitability. RBC's core EPS estimate increases by ~7%. "We expect its core EPS to increase ~10% QoQ and ~5% YoY." Manulife is rated Outperform, with a $49 target.

Sun Life's third-quarter may still showcase subdued U.S. earnings. "[W]e lower our underlying EPS estimate by ~1% and we expect its underlying EPS to increase ~2% QoQ and ~4% YoY." Sun Life is rated Outperform, with an $84 price target.

"We still see good value in SLF and MFC as we expect earnings and ROE to rebound in 2026 while capital levels remain elevated."

We adjust our models modestly into Q3/25 reporting and our core EPS estimates increase by an average of ~2%. In Q3/25, we expect core EPS to increase ~2% QoQ and ~8% YoY on average for the large Canadian lifecos. Based on our tracked funds, we expect average retail AUM increases but retail net outflows for all the lifecos we track. Based on historical dividend cadences, we expect SLF to declare a $0.03 dividend increase per common share this quarter.

Price: 57.74, Change: -1.04, Percent Change: -1.77