Great-west Lifeco Inc. · TSX:GWO
Great-west Lifeco — Q1 2026 Earnings Presentation
33 slides from Great-west Lifeco's earnings presentation, 2026
Slide 1: 1Q 2026 Investor Overview
1Q 2026 INVESTOR OVERVIEW GREAT WEST
Slide 2: Cautionary Note Regarding Forward-Looking Information
In this presentation, Great-West Lifeco Inc. (“Great West” or “Company”) and its subsidiaries are collectively referred to as “we”, “us”, and the “Company”. Cautionary Note Regarding Forward-Looking Information From time to time, Great West makes written and/or oral forward-looking statements within
Slide 3: Table of Contents
Strategic Overview 3 U.S. 13 TABLE OF Canada 16 2 CONTENTS Europe 18 Capital and Risk Solutions (CRS) 21 Balance Sheet Strength 23 Appendix 26 GREAT WEST
Slide 4: A leading & diversified financial services company
STRATEGIC OVERVIEW A leading & diversified financial services Corporate Structure 2 company 175+ 40M+ 4TH Years of History Customer Largest Life Insurer in 3 Relationships2 North America3 69% 63% $3.3T AA 20% Client Assets1,2 S&P rating; 5-year Total with $1T+ AUMA1,2 A+ issuer credit Shareholder ra
Slide 5: Leading businesses in attractive and stable markets
STRATEGIC OVERVIEW Leading businesses in 2025 Earnings attractive and stable markets $4.6B Base1 | $4.0B Net2 % 2025 Base Earnings3,4 (%) 2025 Net Earnings3,4 Our Segments CRS 19% U.S. U.S. Canada Europe CRS (20%) 31% (33%) 21% Europe (14%) 4 29% (33%) #2 #1 Leading 14M+ Capital Solutions Canada Ret
Slide 6: Delivering results with a proven strategic playbook
STRATEGIC OVERVIEW Delivering results with a proven strategic playbook Strategic Playbook 5 Build leading companies Focus on attractive Invest to strengthen Capital and risk discipline in stable markets market sectors market leadership reinforce stability and grow advantage Enabled by strong in-mark
Slide 7: Execution priorities guide our next phase of growth
STRATEGIC OVERVIEW Execution priorities guide our next phase of growth Purpose | To build stronger, financially secure futures Strategic Imperatives Driving Lasting Value: 1 2 3 4 6 Digital Driven Accelerating Customer First, Enabling Future Operational Always Growth Leveraging AI Excellence Foundat
Slide 8: Positive long-term economic trends supporting growth
STRATEGIC OVERVIEW Positive long-term economic trends supporting growth Aging population expanding the need for retirement solutions 73M 83M 92M Increasing population aged 65+1 ▷ 2020 2024 2029E Growing need for advice in underserved mid- 7 to-affluent segments Large retirement savings gap2 ($) ▷ 68
Slide 9: Growth opportunities
STRATEGIC OVERVIEW Growth opportunities Attractive reinvestment opportunities across our business Empower Canada Europe CRS High growth & Increased focus to Build on strong value Diversified & expanding returns drive growth proposition opportunistic growth 8 • Grow Wealth roll-over and • Grow Wealth
Slide 10: Growth driven by a focus on high-return, capital-efficient businesses
FINANCIAL PERFORMANCE & OBJECTIVES Growth driven by a focus on high-return, capital-efficient businesses Base earnings by segment1,2 (C$B) Medium-term growth ambitions $4.6B 35-40% Double digits 9 $3.7B 34% 31% 31% 25-30% Mid single digits 8-10% 36% Base EPS1 growth Medium-Term 22% Objective 25% Mid
Slide 11: Delivering on our medium-term objectives
FINANCIAL PERFORMANCE & OBJECTIVES Delivering on our medium-term objectives MEDIUM-TERM 1 year 3-year 5-year OBJECTIVE2 As of Q1-2026 As of Dec 31, 2025 As of Dec 31, 2025 Base EPS1, $ 8-10% Growth p.a. 23% 12%CAGR 12%CAGR 10 Base ROE1,3 19%+ prior target 16-17% 19% 17% 17%4 Base Dividend Payout Rat
Slide 12: Highly cash-generative businesses
FINANCIAL PERFORMANCE & OBJECTIVES Highly cash-generative businesses Targeted base capital generation1 (Medium-term, C$B) ~20% 80%+ Base capital generation1 11 ~80% ~50% Key drivers • Attractive Return on ~30% Capital2 • Mix shift Targeted Organic Base capital Dividends Deployable capital • Expense
Slide 13: Shareholder returns have outpaced the market
FINANCIAL PERFORMANCE & OBJECTIVES Shareholder returns have outpaced the market 5-year annualized total shareholder return (TSR)1 As of March 31, 2026 20.2% 16.4% 15.3% 12 12.0% 9.6% GWO S&P TSX TSX Fin. S&P 500 S&P Fin. GREAT WEST Outpaced the TSX by 490 basis points on average per year, over the l
Slide 14: Building a winning position in the U.S. Retirement and Wealth market
U.S. Building a winning position in the U.S. Retirement and Wealth market Who we are today Where we are going RANKED Workplace Wealth 13 #2 Retirement plan provider in the U.S. by total participants2 Meeting customer needs Efficiencies Workplace-affiliated initiatives + + US$2.0T +14% Advice solutio
Slide 15: Differentiated value proposition
U.S. Differentiated value proposition Enables Empower to grow above market How we gain plan sponsor preference Market share growth in Workplace Empower Workplace asset share (% of industry1) Empower is the #2 player and growing 76 93% 97% 14 World-class Client satisfaction4 Client retention rate5 NP
Slide 16: Wealth platform leverages Workplace scale
U.S. Wealth platform leverages Workplace scale Sizeable rollover opportunity Drivers of continued rollover Continue to grow rollover rate at contributes to growth improvement the same pace as historical Expected five-year opportunity1 Rollover improvement 15 ~US$1T • Improved engagement, offering an
Slide 17: Leading player in Canadian market positioned for growth
CANADA Leading player in Canadian market positioned for growth Who we are today Where we are going Broad reach across all lines of business Expand advice Deepen client Drive Grow Wealth relationships efficiencies 16 + + + 14M+ Serving large proportion of population 2 Grow client assets, drive manage
Slide 18: Canadians choosing to stick with us for their retirement, life, and health needs
CANADA Canadians choosing to stick with us for their retirement, life, and health needs Line of Business How we will grow Group Retain leadership position, expand offering and 12% 2.5x solutions to plan members Voluntary product1 margin vs. rest of 17 Benefits Leverage scale to support Canadians' ev
Slide 19: Leading portfolio in growing markets, positioned for sustained growth
EUROPE Leading portfolio in growing markets, positioned for sustained growth Who we are today Where we are going Ireland United Kingdom Europe-wide LEADER Scale core business Capturing growth Built franchise into leading #1 Across businesses Drive efficiencies 18 2 & extend into Wealth of Bulk Annui
Slide 20: Ireland: Further expanding business with employers
EUROPE Ireland: Further expanding business with employers JOINT VENTURE Group Benefits & Wealth Retirement How we will Develop more multi-product relationships Increasing Wealth advice penetration through joint grow with employers and employees venture, employer and digital channels 19 Right to win
Slide 21: UK: Significant potential in $1T bulk annuities market
EUROPE UK: Significant potential in $1T 1 bulk annuities market Our capabilities and targeted approach have enabled us to build a significant presence in the market. Our strategy has shown proven success 1 2 3 UK bulk annuity market share (%)2 +2-4pp 20 How we Expanding SME Capitalize on Leverage st
Slide 22: Global reinsurance leader positioned for high-margin growth
CRS Global reinsurance leader positioned for high-margin growth Who we are today Who we are today #1 #1 Unique expertise Disciplined execution Desirable counterparty 21 Reinsurer of U.S. Group Life Reinsurer + + Deliver solutions to Employ discipline in Great West’s capital Health Premiums2 in U.S.3
Slide 23: Global operations with a diversified portfolio of reinsurance solutions
CRS Global operations with a diversified portfolio of reinsurance solutions Run-rate insurance result1 (% of 2025 total) ~20% Health Capital solutions • Help align client’s capital more closely to Capital inherent risk of underlying business 22 ~10% Life & Annuities solutions • Provide solutions at
Slide 24: Maintaining rigorous and effective risk management
BALANCE SHEET STRENGTH Maintaining rigorous and effective risk management Geography and lines of business deliver Diversified business mix diversification across market cycles Prudent investment approach: fixed income1 represent 91% S&P Credit Rating3 Low sensitivity to market risk of invested asset
Slide 25: Maintaining a strong balance sheet
BALANCE SHEET STRENGTH Maintaining a strong balance sheet Diversified, high-quality asset mix Robust capital and liquidity Strong ratings, stable outlook Strong ratings, stable Financial Strength Issuer Invested Asset Distribution1 Liquidity requirements are outlook Rating Credit Ratings 3% 4% large
Slide 26: Capital allocation priorities to maximize shareholder returns
BALANCE SHEET STRENGTH Capital allocation priorities to maximize shareholder returns Considerations Balance sheet • Retain current credit rating 1 strength • Strong capital position Organic 25 2 • Attractive risk-adjusted returns on target capital reinvestment 3 Dividends • 45-55% base earnings payo
Slide 27: Appendix
GREAT WEST Appendix
Slide 28: 1Q 2026 Financial Results
APPENDIX 1Q 2026 Financial Results KEY FINANCIAL HIGHLIGHTS Earnings ROE EPS BASE $1,239M 1 19.1% 1 $1.37 1 Up 20% YoY Up 0.7pp YoY Up 23% YoY 27 NET $1,192M 16.8% 2 $1.32 SEGMENTED OPERATING RESULTS U.S. Canada Europe Capital & Risk Solutions BASE $430M 1 $352M 1 $273M 1 $300M 1 Up 18% YoY Up 11% Y
Slide 29: Contact us
Contact us Investor Inquiries Investor Relations Media Relations Great West Shubha Khan Tim Oracheski 330 University Avenue SVP, Head of Investor Relations VP, Communications Toronto, ON M5G 1R7 T: (416) 552-5951 T: (204) 946-8961 investorrelations@canadalife.com shubha.khan@canadalife.com media.rel
Slide 30: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios This document contains some non-Generally Accepted Accounting Principles (GAAP) financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”. Non-GAAP financial measures and ratios are used t
Slide 31: Endnotes
Endnotes Slide 3 – A leading & diversified financial services company: 2. As of March 31, 2026 3. By market capitalization; Source: S&P CapIQ, December 31, 2025 4. S&P Global Ratings - Financial Strength Rating for The Canada Life Assurance Company and Issuer Credit Rating for Great West as of March
Slide 32: Endnotes
Endnotes Slide 12 - Shareholder returns have outpaced the market: 1. Total Shareholder Return includes price appreciation or depreciation and dividends. Slide 13 - Building a winning position in the U.S. Retirement and Wealth market: 2. By total participants, Source: PLANSPONSOR, DC Recordkeeping Su
Slide 33: Endnotes
Endnotes Slide 19 - Ireland: Further expanding business with employers: 1. Central Bank of Ireland, Pension Fund Statistics Q4 2024 (2025), 6% CAGR projection (2024-2029) based on macro trends leading to stable growth in Retirement. 2. Central Bank of Ireland, Household Wealth Q3 2024 (2025), 11% CA