A high-power, diode-pumped, semiconductor saturable absorber mode-locked Yb(5%):KGW bulk laser was demonstrated with high optical-to-optical efficiency. Average output power as high as 8.8 W with optical-to-optical efficiency of 37.5% was obtained for Nm-polarized laser output with 162 fs pulse duration and 142 nJ pulse energy at a pulse repetition frequency of 62 MHz. For Np polarization, 143 fs pulses with pulse energy of 139 nJ and average output power of up to 8.6 W with optical-to-optical efficiency of 31% were generated.