Great-west Lifeco Inc. · TSX:GWO
Great-west Lifeco — Q2 2026 Earnings Presentation
34 slides from Great-west Lifeco's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Quarterly Results Presentation
Q2 2026 Quarterly Results Presentation July 29, 2026
Slide 2: Cautionary note regarding forward-looking information
Q2 2026 Cautionary note regarding forward-looking information From time to time, Great-West Lifeco Inc. (Great West or the Company) makes written and/or oral forward-looking statements within the meaning of applicable securities laws, including in this presentation. In addition, in the course of the
Slide 3: Conference call participants
Q2 2026 Conference call participants PRESENTERS David Harney Jon Nielsen Lindsey Rix-Broom President & CEO EVP & Chief Financial Officer CEO, Europe 3 Q&A PARTICIPANTS Ed Murphy Fabrice Morin Jeff Poulin President & CEO, Empower President & CEO, Canada CEO, Capital & Risk Solutions Linda Kerrigan Jo
Slide 4: Business Overview
Business 4 Overview David Harney President & CEO GREAT WEST
Slide 5: Key messages
Q2 2026 Key messages Base EPS1 growth of 15% YoY driven by sustained top line momentum, operating leverage and share buybacks 5 Empower and CRS both delivered double-digit base earnings growth Strengthening Empower’s US$2T workplace business through bolt-on acquisition Significant financial flexibil
Slide 6: 2Q26 Results overview
2Q26 Results overview Base earnings1 Base EPS1 Base ROE1 Total client assets1 $1,270M $1.42 19.3% $3.7T Up 11% YoY Up 15% YoY Up 1.9 pp YoY Up 22% YoY 6 Net earnings Net EPS Net ROE2 AUMA1 $1,039M $1.16 17.2% $1.3T LICAT Ratio3 Leverage ratio4 Holdco cash Share repurchases of 128% 27% $2.5B $925M YT
Slide 7: Strong momentum toward our growth ambitions
Q2 2026 Strong momentum toward our growth ambitions H1 2026 MEDIUM-TERM BASE EARNINGS1 GROWTH AMBITIONS3 HIGHLIGHTS GROWTH YOY U.S. Continued margin expansion from asset +26% Double digits growth and operating leverage +29% in CC2 7 Retirement and Wealth growth offset by Canada moderated insurance e
Slide 8: Acquisition extends Empower's leadership position
Q2 2026 Acquisition extends Empower’s leadership position Transaction details Strategic benefits 8 ▪ Announced acquisition of Milliman’s ✓ Provides leading proprietary DB retirement and benefits administration administration platform, allowing Empower to business on June 301 compete more effectively
Slide 9: 2Q26 Europe
2Q26 Europe 9 Lindsey Rix-Broom Chief Executive Officer, Europe GREAT WEST
Slide 10: Europe: Strong business performance driving earnings growth
Q2 2026 Europe: Strong business performance driving earnings growth Base earnings1 (bars) and net earnings (diamonds) C$M +8% +4% in CC2 539 501 10 418 Wealth & Retirement • Higher global equity markets YoY +2% Flat Insurance & Annuities 262 266 293 in CC2 • Trading gains moderated in Q2 from strong
Slide 11: Results supported by sustained top line momentum
Q2 2026 Results supported by sustained top line momentum (C$B) H1-2025 H1-2026 Change Insurance & Annuities U.K. bulk annuity sales 0.3 1.4 5X U.K. retail annuity sales 0.8 1.2 +54% 11 Group Benefits In-force premiums 2.9 3.2 +9% Wealth Net flows1 (0.3) +7.1 Retirement GREAT WEST Net flows1 +0.6 +0.
Slide 12: Benefits from balance sheet optimization program have exceeded Investor Day expectations
Q2 2026 Benefits from balance sheet optimization program have exceeded Investor Day expectations On track to deliver over $3B in capital benefits Europe Base ROE (%)3 • Improved Asset-Liability +3.5pp Management (ALM) to 19.6% 12 optimize risk and return ✓ Improved cash remittances 18.8% of invested
Slide 13: 2Q26 Financial Highlights
2Q26 Financial 13 Highlights Jon Nielsen EVP & CFO GREAT WEST
Slide 14: Double-digit Base EPS growth driven by Retirement, Wealth and Insurance & Risk Solutions
Q2 2026 Double-digit Base EPS growth driven by Retirement, Wealth and Insurance & Risk Solutions Earnings EPS ROE Base1 (bars) and net (diamonds), C$M Base1 (bars) and net (diamonds) Base1,3 (bars) and net (diamonds) +11% +15% +1.9pp +10% 1,270 +14% 1.42 19.3% in CC2 in CC2 17.4% 14 1,149 1.24 17.2%
Slide 15: Credit experience at lower end of expectations YTD
Q2 2026 Credit experience at lower end of expectations YTD Annual credit experience: 10-year history Credit experience breakdown Post-tax, bps of average non-participating fixed income assets1 C$M 4 bps 2Q25 1Q26 2Q26 2 bps in credit experience line of 1 (1) (7) 0 bps 0 bps Drivers of Earnings (DOE)
Slide 16: Empower: 34% base earnings growth driven by strong net flows, favourable markets and operating leverage
Q2 2026 Empower: 34% base earnings growth driven by strong net flows, favourable markets and operating leverage Base earnings1,3 (bars) and net earnings (diamonds) US$M +34% 332 293 Retirement • Base earnings up 36% YoY 16 247 • Pre-tax base operating margin1 of 34.7%, up 660 bps YoY 222 • Positive
Slide 17: Canada: Retirement and Wealth growth offset by moderated insurance experience
Q2 2026 Canada: Retirement and Wealth growth offset by moderated insurance experience Base earnings1 (bars) and net earnings (diamonds) C$M (9)% 375 Group Benefits • Sales up 20% YoY 341 • Moderated long-term disability insurance experience gains 17 310 255 Retirement & Wealth • Higher fee income fr
Slide 18: CRS: Continued momentum in Capital Solutions
Q2 2026 CRS: Continued momentum in Capital Solutions Base earnings1 (bars) and net earnings (diamonds) C$M +35% +35% 310 in CC2 305 18 229 194 Capital Solutions • Strong momentum across U.S and international markets • 2Q26 run-rate insurance results1,3 were up 54% YoY GREAT WEST 2Q25 2Q26 For more d
Slide 19: Capital generation in excess of 80% of base earnings supports free cash flow
Q2 2026 Capital generation in excess of 80% of base earnings supports free cash flow Free cash flow1 by quarter C$M 1,823 Withheld in 2Q25 for debt 690 repayment in 3Q25 19 1,056 1,048 1,093 966 4 quarter average: $1,060 690 1,133 366 GREAT WEST 2Q25 3Q25 4Q25 1Q26 2Q26 1: See the endnotes in the Ap
Slide 20: Robust buyback and M&A activity supported by strong cash generation
Q2 2026 Robust buyback and M&A activity supported by strong cash generation Share repurchases and acquisitions C$M $1.6B in 2025 $1.3B YTD 2026 • Repurchased 13.4M shares YTD 28 • Amended current NCIB limit to 22 20 repurchase up to 40 million shares 1,189 • Power Corporation participated on 925 a p
Slide 21: Capital position provides continued financial flexibility
Q2 2026 Capital position provides continued financial flexibility Continued momentum on balance sheet management with preferred share offering, refinancing, and capital deployment this quarter LICAT Ratio1 Financial leverage2 Holdco cash C$B 132% 129% 28% 28% 27% 2.5 128% 2.1 2.1 21 2Q25 1Q26 2Q26 2
Slide 22: Key messages
Q2 2026 Key messages Base EPS1 growth of 15% YoY driven by sustained top line momentum, operating leverage and share buybacks 22 Empower and CRS both delivered double-digit base earnings growth Strengthening Empower’s US$2T workplace business through bolt-on acquisition Significant financial flexibi
Slide 23: Q&A
Q2 2026 23 GREAT WEST Q&A GREAT-WEST LIFECO caecaQ§ entire trish ite
Slide 24: Appendix
24 GREAT WEST Q2 2026 Appendix
Slide 25: Q2 saw strong market recovery
Q2 2026 Q2 saw strong market recovery 2Q26 Returns1 In-quarter average 150% change 140% 2Q26 vs. 2Q26 vs. 2Q25 1Q26 Market Indices 130% S&P 500 28% 7% 120% S&P / TSX Composite 37% 5% 25 MSCI Europe 19% 3% 110% BBG US Agg. Bond 5% (0%) Currency 100% USD/CAD 0% 1% EUR/CAD 3% 0% 90% GBP/CAD 1% 0% 80% D
Slide 26: Empower: 2Q26 Key metrics
Q2 2026 Empower: 2Q26 Key metrics Base earnings1 (bars) and net earnings (diamonds) US$M +34% 332 US$B 2Q25 2Q26 YoY 314 Retirement 293 Client assets (avg.)2 1,687 1,993 +18% 247 257 Client assets (end)1 1,754 2,045 +17% 26 222 238 Total net flows2 (22.2) (8.9) 13.2 224 Participants (M, ending) 18.5
Slide 27: Empower: Diversified earnings streams
Q2 2026 Empower: Diversified earnings streams Empower 2Q26 net fee and spread income1 Empower 2Q26 ending client asset composition (Retirement) (Retirement) 31% 29% 27 48% 53% 18% 21% Asset-based fee income Spread income Other fee income U.S. equities Foreign & Capital preservation & other equities
Slide 28: Canada: 2Q26 Key Metrics
Q2 2026 Canada: 2Q26 Key Metrics Base earnings1 (bars) and net earnings (diamonds) C$M C$M 2Q25 2Q26 YoY (9)% Retirement 375 356 Client assets (avg)2 77,521 90,987 +17% 352 Retirement 42 341 Net flows2 (567) (737) (170) 43 53 Wealth Wealth 53 310 Client assets (avg)2 119,423 137,174 +15% 57 255 73 N
Slide 29: Europe: 2Q26 Key metrics
Q2 2026 Europe: 2Q26 Key metrics Base earnings1 (bars) and net earnings (diamonds) C$M C$M 2Q25 2Q26 YoY +2% Retirement 273 266 Client assets (avg)2 34,521 41,234 +19% 262 14 Retirement 8 255 16 Net flows2 309 216 (93) Wealth 63 Wealth 68 57 Client assets (avg)2 239,990 271,851 +13% Retail net flows
Slide 30: CRS: 2Q26 Key metrics
Q2 2026 CRS: 2Q26 Key metrics Base earnings1 (bars) and net earnings (diamonds) C$M +35% 353 310 300 305 C$M 2Q25 2Q26 YoY Run-rate insurance results by product2 229 30 Capital Solutions 127 196 +54% Risk Solutions (excl. P&C) 92 88 (4)% 194 290 P&C and other 21 17 (19)% 280 Total 240 301 +25% Reins
Slide 31: Invested assets
Q2 2026 Invested assets Conservative investment portfolio, predominantly comprised of fixed income instruments – 98% of which are investment-grade Invested Asset Distribution Bond Portfolio Quality Bonds represent 70% of invested assets Investment Properties Cash and CD’s 4% BB & Lower 3% AAA Stocks
Slide 32: 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 33: Endnotes
All references to the Company’s Q2 2026 MD&A in the below footnotes are to the Company’s management’s discussion and analysis for the three and six months ended June 30, 2026, which ENDNOTES is available on SEDAR+ at www.sedarplus.ca. Slide 6 – 2Q26 Results overview 2. Additional information regardi
Slide 34: Endnotes
All references to the Company’s Q2 2026 MD&A in the below footnotes are to the Company’s management’s discussion and analysis for the three and six months ended June 30, 2026, which ENDNOTES is available on SEDAR+ at www.sedarplus.ca. Slide 18 – CRS: Continued momentum in Capital Solutions 2. CC is