Great-west Lifeco Inc. · TSX:GWO
Great-west Lifeco — Q4 2025 Earnings Presentation
33 slides from Great-west Lifeco's earnings presentation, 2026
Slide 1: Great-West Lifeco 4Q 2025 Investor Overview
Great-West Lifeco 4Q 2025 INVESTOR OVERVIEW G R E AT - W EST L I F E CO
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. 13 Canada 16 TABLE OF Europe 18 2 CONTENTS Capital and Risk Solutions (CRS) 21 Balance Sheet Strength 23 Appendix 26 G R E AT - W EST L I F E CO
Slide 4: A leading & diversified financial services company
STRATEGIC OVERVIEW A leading & diversified financial services company Corporate Structure 2 175+ 40M+ 4TH Years of History Customer Largest Life Insurer in 3 Relationships2 North America3 69% 63% $3.3T AA 24% 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 attractive 2025 Earnings and stable markets $4.6B Base1 | $4.0B Net2 % 2025 Base Earnings3,4 (%) 2025 Net Earnings3,4 Our Segments CRS 19% U.S. U.S. Canada Europe CRS (20%) 31% (33%) 21% Europe (14%) 4 29% (33%) #2 #1 Leading 14M+ Capital Solutions Retirement
Slide 6: Delivering results with a proven strategic playbook
STRATEGIC OVERVIEW Delivering results with a proven strategic playbook Strategic Playbook 5 Build leading companies in Focus on attractive market Invest to strengthen Capital and risk discipline stable markets sectors market leadership reinforce stability and grow advantage Enabled by strong in-mark
Slide 7: Execution priorities guide our next phase of growth
STRATEGIC OVERVIEW Execution priorities guide our next phase of growth Purpose | To build stronger, more inclusive, and financially secure futures Strategic Imperatives Driving Lasting Value: 1 2 3 4 6 Digital Driven Accelerating Customer First, Enabling Future Operational Always Growth Leveraging A
Slide 8: Positive long-term economic trends supporting growth
OVERVIEW STRATEGICOVERVIEW Positive long-term economic trends STRATEGIC supporting growth Aging population expanding the need for retirement solutions 73M 83M 92M Increasing population aged 65+1 ▷ 2020 2024 2029E Growing need for advice in underserved mid-to- 7 affluent segments Large retirement sav
Slide 9: Growth opportunities
OVERVIEW STRATEGICOVERVIEW Growth opportunities STRATEGIC Attractive reinvestment opportunities across our business Empower Canada Europe CRS High growth & Increased focus to Build on strong value Diversified & expanding returns drive growth proposition opportunistic growth 8 • Grow Wealth roll-over
Slide 10: Growth driven by a focus on high-return, capital-efficient businesses
FINANCIAL PERFORMANCE & OBJECTIVES Growth driven by a focus on high-return, capital-efficient businesses Base earnings by segment1,2 (C$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
STR TEGIC& OBJECTIVES VERVIEW Delivering on our medium-term objectives FINANCIAL PERFORMANCE MEDIUM-TERM 1-year 3-year 5-year OBJECTIVE2 Base EPS1, $ 8-10% Growth p.a. 12% 12% CAGR 12% CAGR 10 4 Base ROE1,3 19%+ 18% 17% 17% prior target 16-17% Base Dividend Payout Ratio1 45-55% 49% 50% 51% G R E AT
Slide 12: Highly cash-generative businesses
& OBJECTIVES RMANCE Highly cash-generative businesses FINANCI L P RF 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 Targeted Organic Base capital Dividends Deploya
Slide 13: Shareholder returns have outpaced the market
STR TEGIC& OBJECTIVES VERVIEW Shareholder returns have outpaced the market FINANCIAL PERFORMANCE 5-year annualized total shareholder return (TSR)1 As of December 31, 2025 23.5% 19.9% 16.1% 12 15.3% 14.4% GWO S&P TSX TSX Fin. S&P 500 S&P Fin. G R E AT - W EST L I F E CO Outpaced the TSX by >700 basis
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 Retirement plan provider in 13 #2 the U.S. by total participants2 Meeting customer needs Efficiencies Workplace-affiliated initiatives + + US$2.0T +14% Advice solutio
Slide 15: Empower: 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 76 93% 97% 14 World-class Client satisfaction4 Client retention
Slide 16: Empower: Wealth platform leverages Workplace scale
U.S. EMPOWER Wealth platform leverages Workplace scale Sizeable rollover opportunity Drivers of continued rollover Continue to grow rollover rate at the contributes to growth improvement same pace as historical Expected five-year opportunity1 Rollover improvement 15 ~US$1T • Improved engagement, off
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 Deepen client Drive Grow Wealth Expand advice relationships efficiencies 16 + + + Build Advice Canada6: Expand voluntary 14M+ Serving large proportion of popula
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 Benefits Retain leadership position, expand offering and 12% 2.5x solutions to plan members Voluntary product1 growth margin vs. rest of 17 Leverage scale to support Canadi
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 with Increasing Wealth advice penetration through joint grow employers and employees venture, employer and digital channels 19 Right to win
Slide 21: UK: Significant potential in $1T bulk annuities market
EUROPE 1 UK: Significant potential in $1T 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 will Expanding SME Capitalize on Leverag
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 Unique Disciplined Desirable #1 #1 expertise + execution + counterparty 21 Reinsurer of U.S. Group Life Reinsurer in Deliver solutions to Employ discipline in risk Lifeco’s capital Health Premiums2 U.S.
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 inherent Capital 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 diversification Diversified business mix 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 Financial Strength Issuer Rating Credit Ratings Invested Asset Distribution1 Liquidity requirements are largely self-funded Canada Life Great-West
Slide 26: Capital allocation priorities to maximize shareholder returns
STRENGTH PERFORMA CE Capital allocation priorities to maximize shareholder BALANCE SHEET returns FINANCIAL Considerations • Retain current credit rating 1 Balance sheet strength • Strong capital position Organic 25 2 • Attractive risk-adjusted returns on target capital reinvestment 3 Dividends • 45-
Slide 27: Appendix
G R E AT - W EST L I F E CO Appendix
Slide 28: 4Q 2025 Financial Results
APPENDIX 4Q 2025 Financial Results KEY FINANCIAL HIGHLIGHTS Earnings ROE EPS BASE $1,245M 1 18.2% 1 $1.36 1 Up 12% YoY Up 0.7pp YoY Up 12% YoY 27 NET $1,048M 15.5% 2 $1.15 SEGMENTED OPERATING RESULTS U.S. Canada Europe Capital & Risk Solutions BASE $440M 1 $400M 1 $256M 1 $258M 1 Up 15% YoY Up 10% Y
Slide 29: 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 30: 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
Slide 31: Endnotes
ENDNOTES ENDNOTES Slide 3 – A leading & diversified financial services company: 2. As of December 31, 2025 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 Lifeco as
Slide 32: Endnotes
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 Recordk
Slide 33: Endnotes
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