Great-west Lifeco Inc. · TSX:GWO
Great-west Lifeco — Investor Presentation (2025)
34 slides from Great-west Lifeco's investor presentation, 2025
Slide 1: 3Q 2025 Investor Overview
Great-West Lifeco 3Q 2025 INVESTOR OVERVIEW GREAT-WEST LIFECO
Slide 2: Cautionary Note Regarding Forward-Looking Information
In this presentation, Great-West Lifeco Inc. (“Lifeco”) and its subsidiaries are collectively referred to as “we”, “us”, and the “Company”. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION From time to time, Lifeco makes written and/or oral forward-looking statements within the meaning of appli
Slide 3: Table of Contents
Strategic Overview 3 U.S. 14 Canada 17 TABLE OF Europe 19 CONTENTS 2 Capital and Risk Solutions (CRS) 22 Balance Sheet Strength 24 Appendix 27 GREAT-WEST LIFECO
Slide 4: A leading & diversified financial services company
STRATEGIC OVERVIEW A leading & diversified financial services Corporate Structure 2 company 175+ 40M+ 6TH 3 Years of History Customer Largest Life Relationships2 Insurer in North America3 69% 63% $3.3T 2 AA 23% Client Assets S&P rating; 5-year Total with $1T+ AUMA1,2 A+ issuer credit Shareholder rat
Slide 5: Leading businesses in attractive and stable markets
STRATEGIC OVERVIEW Leading businesses in 2024 Earnings attractive and stable markets $4.2B Base1 | $4.0B Net2 % 2024 Base Earnings3,4 (%) 2024 Net Earnings3,4 Our Segments CRS 18% U.S. U.S. Canada Europe CRS (15%) 31% (28%) 20% Europe (21%) 4 31% (36%) #2 14M+ #1 Leading Capital Retirement provider
Slide 6: Delivering results with a proven strategic playbook
STRATEGIC OVERVIEW Delivering results with a proven strategic playbook Strategic Playbook 5 Build leading companies Focus on attractive Invest to strengthen Capital and risk discipline in stable markets market sectors market leadership reinforce stability and grow advantage Enabled by strong in-mark
Slide 7: Execution priorities guide our next phase of growth
STRATEGIC OVERVIEW Execution priorities reflect guide our next phase of growth Purpose | To build stronger, more inclusive, and financially secure futures Strategic Imperatives Driving Lasting Value: 1 2 3 4 6 Digital Driven Accelerating Customer Enabling Future Operational First, Always Growth Leve
Slide 8: Positive long-term economic trends supporting growth
OVERVIEW STRATEGICOVERVIEW Positive long-term economic trends STRATEGIC supporting growth Aging population expanding the need for retirement solutions 83M 71M 92M Increasing population aged 65+1 ▷ 2019 2024 2029E Growing need for advice in underserved 7 mid-to-affluent segments Large retirement savi
Slide 9: Growth opportunities
OVERVIEW STRATEGICOVERVIEW Growth opportunities STRATEGIC Attractive reinvestment opportunities across our business Empower Canada Europe CRS High growth & Increased focus Build on strong Diversified & expanding returns to drive growth value proposition opportunistic growth 8 • Grow Wealth roll-over
Slide 10: Growth driven by a focus on high-return, capital-efficient businesses
& OBJECTIVES FINANCIAL PERFORMANCE Growth driven by a focus on high-return, capital-efficient businesses FINANCIAL PERFORMANCE Base earnings by segment1,2 (C$B) Medium-term growth ambitions 35-40% $4.2B Double digits 9 $3.3B 25% 34% 25-30% Mid single digits 8-10% Base EPS1 growth 34% Medium-Term 40%
Slide 11: Capital-efficient growth driving Base ROE expansion
& OBJECTIVES FINANCIAL PERFORMANCE Capital-efficient growth driving Base ROE expansion FINANCIAL PERFORMANCE Base ROE1 progression(%) 19%+ 19%+ 35bps 30bps 25bps 120bps 110bps 20bps 17.5% 17.5% 10 2024 Mix shift to Operating Updated 2024 US Canada Europe CRS Updated capital efficient leverage and Ba
Slide 12: Highly cash-generative businesses
& OBJECTIVES FINANCIAL PERFORMANCE Highly cash-generative businesses FINANCIAL PERFORMANCE Targeted base capital generation1 (Medium-term, C$B) ~20% 80%+ Base capital generation1 11 ~80% ~50% Key drivers • Attractive Return on ~30% Capital2 • Mix shift GREAT-WEST LIFECO Targeted Organic Base capital
Slide 13: Raised our medium-term objectives
& OBJECTIVES OVERVIEW Raised our medium-term objectives STRATEGIC FINANCIAL PERFORMANCE Medium-term Prior Delivered Objectives2 Objectives2 4 Base Earnings per 8-10% 12% Share (EPS)1, $ Growth p.a. CAGR 12 Base Return on 5 Equity (ROE)1,3 19%+ 17% 6 Base Dividend Payout Ratio1 45-55% 52% Base Capita
Slide 14: Shareholder returns have outpaced the market
& OBJECTIVES OVERVIEW Shareholder returns have outpaced the market STRATEGIC FINANCIAL PERFORMANCE 5-year annualized total shareholder return (TSR)1 As of September 30, 2025 23.0% 21.2% 19.7% 16.7% 16.5% 13 GREAT-WEST LIFECO GWO S&P TSX TSX Fin. S&P 500 S&P Fin. Outpaced the TSX by >600 basis points
Slide 15: Building a winning position in the U.S. Retirement and Wealth market
U.S. EMPOWER Building a winning position in the U.S. Retirement and Wealth market Who we are today Where we are going RANKED Workplace Wealth 14 #2 Retirement plan provider in the U.S. by total participants2 Meeting customer needs Efficiencies Workplace-affiliated initiatives + + US$1.8T ~50% Advice
Slide 16: Differentiated value proposition
U.S. EMPOWER Differentiated value proposition How we gain plan sponsor Enables Empower to grow above market preference Market share growth in Workplace Empower Workplace asset share (% of industry1) Empower is the #2 player and growing 73 World-class 95% 97% Client 15 Client satisfaction3 NPS2,3 ret
Slide 17: Wealth platform leverages Workplace scale
U.S. EMPOWER Wealth platform leverages Workplace scale Sizeable rollover Drivers of continued Continue to grow rollover rate at opportunity contributes to rollover improvement the same pace as historical growth Expected five-year opportunity1 Rollover improvement 16 ~US$1T • Improved engagement, off
Slide 18: 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 Grow Wealth Expand advice Deepen client Drive relationships efficiencies 17 + + + Expand voluntary 14M+ Serving Grow client assets, Build Advice Execute on iden
Slide 19: 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 18% 2.5x Benefits solutions to plan members Voluntary product1 margin vs. rest of 18 Leverage scale to support Canadians' ev
Slide 20: 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 Scale core Capturing growth LEADER business & extend Drive efficiencies 19 Built franchise into #1 Across businesses 2 into Wealth + of Bulk Annuities +
Slide 21: Ireland: Further expanding business with employers
EUROPE Ireland: Further expanding business with employers JOINT VENTURE Group Benefits Wealth & Retirement How we Develop more multi-product relationships Increasing Wealth advice penetration through will grow with employers and employees joint venture, employer and digital channels 20 Right to Abil
Slide 22: UK: Significant potential in $1T bulk annuities market
EUROPE UK: Significant potential in $1T bulk annuities market 1 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 21 How we Expanding SME Capitalize on Leverage strong wil
Slide 23: 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 22 Reinsurer of U.S. Group Life Deliver solutions to Employ discipline in Lifeco’s capital Health Premiums2 Reinsurer in U.S.2 acc
Slide 24: Global operations with a diversified portfolio of reinsurance solutions
CRS Global operations with a diversified portfolio of reinsurance solutions Run-rate insurance result1 (% of 2024 total) ~15% Health Capital solutions Capital • Help align client’s capital more closely to ~10% Life & Annuities 23 solutions inherent risk of underlying business ~50% ~10% P&C • Provide
Slide 25: Maintaining rigorous and effective risk management
STRENGTH PERFORMANCE Maintaining rigorous and BALANCE SHEET effective risk management FINANCIAL Geography and lines of business deliver Diversified business mix diversification across market cycles Prudent investment approach: fixed income1 represent 92% S&P Credit Rating3 Low sensitivity to market
Slide 26: 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 Financial Issuer Strength Rating Credit Ratings Invested Asset Distribution1 Liquidity requirements are largely self-funded Canada Life Great-West
Slide 27: Capital allocation priorities to maximize shareholder returns
STRENGTH PERFORMANCE Capital allocation priorities to maximize BALANCE SHEET shareholder returns FINANCIAL Considerations Balance sheet • Retain current credit rating 1 strength • Strong capital position Organic 26 2 • Attractive risk-adjusted returns on target capital reinvestment 3 Dividends • 45-
Slide 28: Appendix
GREAT-WEST LIFECO Appendix
Slide 29: 3Q 2025 Financial Results
APPENDIX 3Q 2025 Financial Results KEY FINANCIAL HIGHLIGHTS Earnings ROE EPS BASE $1,225M 1 17.7% 1 $1.33 1 Up 15% YoY Up 0.4pp YoY Up 15% YoY 28 NET $1,158M 15.8% 2 $1.25 SEGMENTED OPERATING RESULTS U.S. Canada Europe Capital & Risk Solutions BASE $436M 1 $371M 1 $266M 1 $265M 1 GREAT-WEST LIFECO U
Slide 30: Contact us
CONTACT US Contact us Investor Inquiries Investor Relations Media Relations Great-West Lifeco 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@canada
Slide 31: Endnotes
ENDNOTES ENDNOTES Slide 3: 2. As of September 30, 2025 3. By market capitalization; Source: S&P CapIQ, December 31, 2024 4. S&P Global Ratings - Financial Strength Rating for The Canada Life Assurance Company and Issuer Credit Rating for Lifeco as of September 30, 2025. 5. Total Shareholder Return i
Slide 32: Endnotes
ENDNOTES ENDNOTES Slide 13: 1. Total Shareholder Return includes price appreciation or depreciation and dividends. Slide 14: 2. By total participants, Source: PLANSPONSOR, DC Recordkeeping Survey, 2024. 3. As of December 31, 2024. 4. 2019 to 2024 CAGR. 2019 includes US$12B from Personal Capital. 5.
Slide 33: Endnotes
ENDNOTES ENDNOTES Slide 20: 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% CAGR projection (2024-2029) based on 10% prior
Slide 34: Non-GAAP Financial Measures and Ratios
NON-GAAP FINANCIAL MEASURES & 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 fin