Great-west Lifeco Inc. · TSX:GWO
Great-west Lifeco — Q2 2025 Earnings Presentation
59 slides from Great-west Lifeco's earnings presentation, 2025
Slide 1: Supplemental Information Package For Analysts and Investors Q2 2025
Supplemental Information Package For Analysts and Investors (Unaudited) Q2 2025
Slide 2: Table of Contents
Supplemental Information Package Table of Contents 3 Overview 35 Capital and Risk Solutions 36 Drivers of Earnings 4 Great-West Lifeco Inc. 37 Reinsurance 5 Financial Highlights 8 Other Financial Information 38 Corporate 9 Lines of Business 39 Drivers of Earnings 10 Base Earnings 11 Drivers of Earni
Slide 3: Lifeco Overview
Supplemental Information Package Lifeco Overview Great-West Lifeco Inc. (GWO, Lifeco or the Company) is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management, and reinsurance businesses, primarily in Canada, the United
Slide 4: Great-West Lifeco
Great-West Lifeco 4
Slide 5: Lifeco Financial Highlights
Supplemental Information Package Lifeco Financial Highlights (C$MM, unless otherwise stated) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Base earnings (loss)1 U.S. 341 365 381 390 335 2% 706 637 11 % 1,40
Slide 6: Lifeco Financial Highlights – Continued
Supplemental Information Package Lifeco Financial Highlights – Continued (C$MM, unless otherwise stated) 2025 2024 Q2 Q1 Q4 (restated) Base return on equity (ROE) by segment1 United States 18.6 % 18.6 % 18.1 % Canada 16.7 % 16.6 % 17.1 % Europe 17.4 % 16.2 % 16.1 % Capital and Risk Solutions 42.1 %
Slide 7: Lifeco Financial Highlights – Continued
Supplemental Information Package Lifeco Financial Highlights – Continued (C$MM, unless otherwise stated) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Sales and net asset flows Retirement net asset flows -
Slide 8: Other Financial Information
Supplemental Information Package Other Financial Information 2025 2024 Q2 Q1 Q4 Q3 Q2 Share price High $57.47 $56.38 $50.79 $46.24 $43.33 Low $49.95 $45.47 $45.86 $39.52 $38.84 Close $51.79 $56.38 $47.67 $46.12 $39.91 Dividends Common dividends declared / share $0.610 $0.610 $0.555 $0.555 Common div
Slide 9: Lifeco Lines of Business (LoB) Operating Segments
Supplemental Information Package Lifeco Lines of Business (LoB) Operating Segments Capital and Lines of Business U.S. Canada Europe Risk Solutions Retirement ü ü ü Wealth ü ü ü Group Benefits ü ü Insurance & Risk Solutions ü ü ü 9
Slide 10: Base Earnings
Supplemental Information Package Base Earnings1 (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) U.S. Retirement 243 271 279 287 243 —% 514 454 13 % 1,020 Wealth 58 58 65 60 53 9% 116 104 12 % 229 Earni
Slide 11: Lifeco – Drivers of Earnings
Supplemental Information Package Lifeco – Drivers of Earnings (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Expected insurance earnings 677 651 649 638 636 6% 1,32
Slide 12: Lifeco – Retirement
Supplemental Information Package Lifeco – Retirement (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statement of earnings analysis (base)1 Fee and spread income 1,342 1,391 1,395 1,316 1,355 (1)% 2,733 2,602 5% 5,313 Less: Asset-based expenses and commiss
Slide 13: Lifeco – Wealth
Supplemental Information Package Lifeco – Wealth (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statement of earnings analysis (base)1 Fee and spread income 889 886 886 835 805 10 % 1,775 1,587 12 % 3,308 Less: Asset-based expenses and commissions (261) (
Slide 14: Lifeco Operating and Administrative Expenses
Supplemental Information Package Lifeco Operating and Administrative Expenses (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Expenses by type (pre-tax) Salaries and other employee benefits 1,293 1,286 1,301 1,245 1,261 3% 2,579 2,513
Slide 15: Lifeco Statement of Net Earnings
Supplemental Information Package Lifeco Statement of Net Earnings (C$MM, except Earnings per common share) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Insurance service result Insurance revenue 5,551 5,486 5,399 5,292 5,273 5% 11,037 10,
Slide 16: Lifeco Balance Sheet
Supplemental Information Package Lifeco Balance Sheet (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Assets Cash and cash equivalents 10,232 9,943 10,709 8,887 8,582 19 % Bonds 168,155 170,989 167,114 162,102 156,349 8% Mortgage loans 37,999 39,057 38,879 39,485 38,355 (1)% Stocks 19,982 19,589 18,826
Slide 17: Lifeco Cash at Holding Company
Supplemental Information Package Lifeco Cash at Holding Company (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Lifeco cash balance Beginning 2,528 2,158 1,059 973 936 >100% 2,158 1,461 48% 525 Dividends to Lifeco 503 1,085 1,573 815
Slide 18: United States
United States 18
Slide 19: United States – Drivers of Earnings
Supplemental Information Package United States – Drivers of Earnings (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Earnings on surplus 52 47 46 54 50 4% 99 101 (2)
Slide 20: United States – Drivers of Earnings (US$)
Supplemental Information Package United States – Drivers of Earnings (US$) (US$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Earnings on surplus 38 33 34 40 36 6% 71
Slide 21: U.S. - Retirement
Supplemental Information Package U.S. - Retirement (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 611 659 654 625 599 2% 1,270 1,173 8% 2,452 Other fees 307 295 296 266 306 —% 602 545 10 % 1,1
Slide 22: U.S. - Retirement (US$)
Supplemental Information Package U.S. - Retirement (US$) (US$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 443 461 467 460 437 1% 904 862 5% 1,789 Other fees 223 206 212 196 224 —% 429 401 7% 80
Slide 23: U.S. - Wealth
Supplemental Information Package U.S. - Wealth (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 172 171 164 150 140 23 % 343 274 25 % 588 Other fees 32 29 29 27 25 28 % 61 51 20 % 107 Spread inc
Slide 24: U.S. - Wealth (US$)
Supplemental Information Package U.S. - Wealth (US$) (US$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 125 120 117 110 102 23 % 245 201 22 % 428 Other fees 23 20 21 20 18 28 % 43 37 16 % 78 Spre
Slide 25: Canada
Canada 25
Slide 26: Canada – Drivers of Earnings
Supplemental Information Package Canada – Drivers of Earnings (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Expected insurance earnings 248 248 250 247 260 (5)% 49
Slide 27: Canada - Retirement
Supplemental Information Package Canada - Retirement (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 156 157 158 150 146 7% 313 287 9% 595 Spread and other fee income 24 27 26 26 27 (11)% 51 51
Slide 28: Canada - Wealth
Supplemental Information Package Canada - Wealth (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 381 386 394 373 369 3% 767 721 6% 1,488 Spread and other fee income 26 32 36 28 33 (21)% 58 62 (
Slide 29: Canada - Group Benefits and Insurance & Annuities
Supplemental Information Package Canada - Group Benefits and Insurance & Annuities (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Group Benefits Sales - Group Benefits (Insured)1 97 125 100 67 93 4% 222 182 22 % 349 Sales - Group Ben
Slide 30: Europe
Europe 30
Slide 31: Europe – Drivers of Earnings
Supplemental Information Package Europe – Drivers of Earnings (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Expected insurance earnings 189 174 172 175 164 15 % 36
Slide 32: Europe – Retirement
Supplemental Information Package Europe – Retirement (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Fee and spread income 38 36 36 36 35 9% 74 70 6% 142 Less: Asset-based expenses and commissions (9) (8) (9) (9) (8)
Slide 33: Europe – Wealth (includes European Asset Managers)
Supplemental Information Package Europe – Wealth (includes European Asset Managers) (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 % change Statements of earnings analysis (base)1 Asset-based fee income 170 169 164 164 153 11 % 339 304 12 % 632 Spread & other fee
Slide 34: Europe – Group Benefits and Insurance & Annuities
Supplemental Information Package Europe – Group Benefits and Insurance & Annuities (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Group Benefits Sales - Group Benefits (Insured)1 88 103 65 73 68 29 % 191 124 54 % 262 Group Benefits i
Slide 35: Capital & Risk Solutions
Capital & Risk Solutions 35
Slide 36: Capital & Risk Solutions - Drivers of Earnings
Supplemental Information Package Capital & Risk Solutions - Drivers of Earnings (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Expected insurance earnings 240 229 2
Slide 37: Capital & Risk Solutions - Reinsurance
Supplemental Information Package Capital & Risk Solutions - Reinsurance (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) % change (restated) Run-rate insurance results1 CSM recognized for services provided 68 62 53 50 38 79 % 130 76 71 % 179 Risk adjustme
Slide 38: Corporate
Corporate 38
Slide 39: Corporate
Supplemental Information Package Corporate (C$MM) 2025 2024 YoY YTD YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 % change 2025 2024 YoY 2024 (restated) (restated) (restated) (restated) % change (restated) Drivers of earnings analysis (base) Earnings on surplus 34 38 30 24 31 10 % 72 67 7% 121 Base earnings - net i
Slide 40: Assets
Assets 40
Slide 41: Assets under Administration by Segment
Supplemental Information Package Assets under Administration by Segment (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change U.S. Assets under management or advisement2 518,766 513,132 507,615 479,801 480,064 8% Assets under administration only2 1,999,678 1,986,093 2,019,475 1,908,307 1,779,781 12 % Total c
Slide 42: Invested Assets by Segment
Supplemental Information Package Invested Assets by Segment (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Bonds U.S. 66,813 69,638 66,232 65,357 64,163 4% Canada 58,481 58,853 59,236 56,558 54,345 8% Europe 32,859 32,452 31,711 32,488 30,510 8% Capital and Risk Solutions 10,002 10,046 9,935 7,699 7,3
Slide 43: Invested Assets - Bonds
Supplemental Information Package Invested Assets - Bonds (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Credit Quality AAA 24,452 26,410 24,462 23,238 22,588 8% AA 31,143 31,707 32,310 31,021 29,928 4% A 61,104 61,422 60,041 58,497 56,368 8% BBB 48,651 49,189 47,936 46,939 45,467 7% BB or Lower 2,805
Slide 44: Invested Assets - Bonds (cont’d)
Supplemental Information Package Invested Assets - Bonds (cont’d) (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Corporate and Non-Agency Securitized Bonds Corporate Electric utilities 18,376 18,993 18,823 17,677 16,899 9% Consumer products 15,790 15,791 15,597 15,575 15,004 5% Industrial products 12,
Slide 45: Invested Assets - Mortgage Loans
Supplemental Information Package Invested Assets - Mortgage Loans (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Insured mortgages Single-family residential 212 234 251 280 303 (30)% Multi-family residential 2,669 2,630 2,539 2,515 2,484 7% Equity Release — — — — — nmf Commercial — — — — — nmf Total i
Slide 46: Invested Assets - Non-Fixed Income
Supplemental Information Package Invested Assets - Non-Fixed Income (C$MM) 2025 2024 YoY Q2 Q1 Q4 Q3 Q2 % change Investment properties by sector Industrial 2,718 2,760 2,976 3,090 3,077 (12)% Office 1,583 1,629 1,629 1,525 1,651 (4)% Multi-family 2,087 2,093 1,994 1,684 1,551 35 % Retail 919 927 840
Slide 47: The Canada Life Assurance Company – LICAT
Supplemental Information Package The Canada Life Assurance Company – LICAT LICAT ratio for the Canada Life Assurance Company is disclosed according to OSFI's LICAT 2025 Guideline effective January 1, 2025. (C$MM, unless otherwise stated) 2025 2024 Q2 Q1 Q4 Q3 Q2 Available Capital: Tier 1 Capital Com
Slide 48: Glossary
Glossary 48
Slide 49: Drivers of Earnings – Glossary
Supplemental Information Package Drivers of Earnings – Glossary Drivers of earnings Description Characteristics Expected insurance earnings Risk adjustment release Release of in-period insurance risk margins into profit for non-Premium Allocation Approach Stable period to period and emerges predicta
Slide 50: Drivers of Earnings – Glossary
Supplemental Information Package Drivers of Earnings – Glossary Drivers of earnings Description Characteristics Items excluded from base earnings Market experience relative The net earnings impact related to the direct equity and interest rate market impacts on Significant volatility which arises fr
Slide 51: Statement of Base Earnings - Glossary
Supplemental Information Package Statement of Base Earnings - Glossary Statement of base earnings Description Asset-based fee income Represents fee income earned that is directly tied to the level of client assets under advisement, management or administration; including segregated fund products. Ot
Slide 52: Glossary - Client Assets and Other
Supplemental Information Package Glossary - Client Assets and Other Categories Item Description Client Assets Assets under management or Client assets are classified as AUMA where the Company earns a fee for one or more of the following services: investment advisement (AUMA) management services for
Slide 53: Appendix
Appendix 53
Slide 54: Lifeco Drivers of Earnings – Reconciliation
Supplemental Information Package Lifeco Drivers of Earnings – Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) 732 664 696 672 700 1,3
Slide 55: U.S. - Drivers of Earnings Reconciliation
Supplemental Information Package U.S. - Drivers of Earnings Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) — — — — — — — — Base earn
Slide 56: Canada - Drivers of Earnings Reconciliation
Supplemental Information Package Canada - Drivers of Earnings Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) 299 268 273 284 320 567
Slide 57: Europe - Drivers of Earnings Reconciliation
Supplemental Information Package Europe - Drivers of Earnings Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) 196 177 193 160 186 373
Slide 58: Capital & Risk Solutions - Drivers of Earnings Reconciliation
Supplemental Information Package Capital & Risk Solutions - Drivers of Earnings Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) 237 2
Slide 59: Corporate - Drivers of Earnings Reconciliation
Supplemental Information Package Corporate - Drivers of Earnings Reconciliation (C$MM) 2025 2024 YTD YTD Fiscal Q2 Q1 Q4 Q3 Q2 2025 2024 2024 (restated) (restated) (restated) (restated) (restated) Drivers of earnings analysis (base) Base earnings - insurance service result (ISR) — — — — — — — — Base