1st Quarter 2025 Results Quarterly Report to Shareholders

QU ARTERL Y REPO RT TO

SH AREH OL D ERS

2025

FIRST QUARTER RESULTS

For the Period ended

MARCH 31, 2025

Quarterly Report to Shareholders

For cautionary notes regarding forward-looking information and non-IFRS financial measures, see page 2.

This report available at https://www.greatwestlifeco.com or by contacting the Corporate Secretary's Office at 204-946-4388.

QUARTERLY REPORT TO THE SHAREHOLDERS

January 1 to March 31, 2025 Three Months Results

The condensed consolidated interim unaudited financial statements including notes at March 31, 2025 were approved by the Board of Directors at a meeting held today.

Great-West Lifeco Inc. (Lifeco or the Company) today announced its Q1 2025 results.

Key Financial Highlights

In-Quarter

Earnings	Q1 2025	Q4 2024 Q1 2024
Base earnings1 Net earnings from continuing operations Net earnings	$1,030 $860 $860	$1,115 $978 $1,116 $1,031 $1,116 $960
Earnings per share
Base EPS2 Net EPS from continuing operations Net EPS	$1.11 $0.92 $0.92	$1.20 $1.05 $1.20 $1.10 $1.20 $1.03
Retuon Equity
Base ROE2,3 ROE - continuing operations	17.2% 15.6%	17.5% 17.0% 16.7% 14.6%

Base earnings1of $1,030 million or $1.11 per common share in the first quarter, up 5% from $978 million a year ago. The results reflect higher base earnings in our Retirement and Wealth businesses, primarily driven by business growth and higher equity markets compared to a year ago, as well as improved expense efficiency and favourable currency movements. These items were partially offset by lower earnings on surplus, write downs on three mortgage loans totaling $45 million, a claims provision of $21 million related to the California wildfires, and unfavourable mortality experience.

1This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Base EPS and base retuon equity are non-GAAP ratios. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

3Base retuon equity and retuon equity - continuing operations are calculated using the trailing four quarters of applicable earnings and common shareholders' equity.

Net earnings from continuing operations of $860 million or $0.92 per common share in the first quarter, compared to $1,031 million a year ago primarily reflect unfavourable market experience, particularly lower returns on real estate assets and interest rates.

Highlights

• Strong underlying performance:

  • Base earnings once again topped $1.0 billion, up 5% year-over-year, driven by double-digit base earnings growth in our Retirement and Wealth businesses.

  • Base ROE exceeded 17% and remains poised to expand, largely owing to stronger growth in our more capital-efficient U.S. business.

  • Strong capital generation contributed to a $370 million increase in cash at Lifeco compared to Q4 2024.

• Continued repositioning of the portfolio toward higher-growth, capital-efficient businesses, particularly Retirement and Wealth:

  • Total client assets4 exceeding $3.0 trillion, of which more than $1.0 trillion represents higher-margin assets under management or advisement.

  • Strong growth in client assets of 13% across Retirement and Wealth businesses in all markets.

  • Canada Wealth net flows5 improved by more than $300 million compared to a year ago and nearly

    $200 million from the preceding quarter, in part driven by higher Investment Planning Counsel net flows and strong segregated fund sales.

  • Continued mid-single-digit growth across our Group Benefits businesses as we maintain strong pricing discipline.

• U.S. segment continued to deliver double-digit earnings growth:

  • U.S. base earnings up 13% year-over-year, driven by growth in average customer account balances, significant retirement plan wins and continued strength in Wealth net flows. U.S. net earnings from continuing operations were up 32% in the quarter compared to the first quarter of 2024.

  • Base ROE of 18.6%, up 50 basis points from Q4 2024. Net ROE from continuing operations of 16.7%, up 90 basis points from Q4 2024.

  • Approximately 270,000 net new plan participants at Empower in Q1 2025, an increase of 1.5% from Q4 2024.

  • Net flows of US$2.8 billion in the Wealth business, largely driven by continued strength in rollover sales, which increased 30% from the prior year.

• Disciplined approach to managing the business contributes to the Company's resilience during periods of market volatility:

  • Strong capital position provides substantial financial flexibility: LICAT ratio of 130% and Lifeco cash of $2.5 billion.

  • Diversified portfolio of businesses, with no operating segment or line of business accounting for more than a third of base earnings6.

  • Significant earnings contribution from sources that are not market-sensitive in our Retirement and Wealth businesses.

  • Prudent investment approach, with 93% fixed income assets, of which 99% is investment grade.

  • Reduced exposure to weather-related catastrophes in our reinsurance business, as underscored by a claims provision of $21 million after-tax in Q1 2025 related to the wildfires in California despite significant insured losses for the industry.

4This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details

5An indicator of the Company's ability to attract and retain business and includes cash flows related to segregated funds and proprietary and non-proprietary mutual funds.

6Excludes Corporate segment and excludes earnings on surplus, corporate expenses and other within segments

Q1 2025 SEGMENTED OPERATING RESULTS

For reporting purposes, Lifeco's consolidated operating results are grouped into five reportable segments -Canada, United States, Europe, Capital and Risk Solutions and Corporate - reflecting the management and corporate structure of the Company. For more information, refer to the Company's first quarter 2025 interim Management's Discussion and Analysis (MD&A).

In-Quarter

	Q1 2025	Q4 2024 (restated8)	Q1 2024 (restated8)
Segment base earnings7
United States	$365	$381	$302
Canada	316	362	340
Europe	239	260	226
Capital and Risk Solutions	213	232	205
Corporate	(103)	(120)	(95)
Total base earnings	$1,030	$1,115	$978
Segment net earnings from continuing operations
United States	$338	$333	$242
Canada	301	377	391
Europe	167	339	216
Capital and Risk Solutions	184	203	270
Corporate	(130)	(136)	(88)
Total net earnings from continuing operations	$860	$1,116	$1,031
Net earnings (loss) from discontinued operations	-	-	(115)
Net gain on disposal of discontinued operations	-	-	44
Total net earnings	$860	$1,116	$960

7This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

8The Company has updated segment and line of business classifications for 2025 which has resulted in the restatement of certain comparative amounts

UNITED STATES

• U.S. segment base earnings of US$255 million ($365 million) and net earnings from continuing operations of US$237 million ($338 million) - Base earnings increased by US$30 million, or 13%, compared to the first quarter of 2024, primarily due to growth in fee-bearing client assets from higher equity markets and business growth, as well as the impact of cost synergies realized from the integration of Prudential last year. This was partially offset by write downs on three commercial mortgage loans of US$26 million post-tax ($37 million), as well as lower spread income resulting from higher crediting rates compared to a year ago.

  CANADA

• Canada segment base earnings of $316 million and net earnings of $301 million - Base earnings decreased by $24 million, or 7%, compared to the same quarter last year, primarily as a result of lower Contractual Service Margin (CSM) recognized due to actuarial assumption changes in the second half of 2024, less favourable Group Benefits mortality experience, and lower earnings on surplus due to declines in shorter-term yields. These items were partially offset by higher fee income resulting from asset growth in the Retirement and Wealth businesses, as well as organic growth of the Group Benefits in-force block.

  EUROPE

• Europe segment base earnings of $239 million and net earnings of $167 million - Base earnings increased by $13 million, or 6%, compared to the same quarter last year, primarily due to higher fee income from our Wealth business in Ireland, which benefitted from both strong flows and higher equity markets. In addition, Europe segment earnings benefitted from higher CSM recognized, mainly reflecting strong new business volumes in our U.K. bulk annuity business over the past year. These items were partially offset by lower earnings on surplus as a result of remitting capital to Lifeco.

  CAPITAL AND RISK SOLUTIONS

• Capital and Risk Solutions segment base earnings of $213 million and net earnings of $184 million -Base earnings increased by $8 million, or 4%, compared to the same quarter last year as business growth was partially offset by insurance experience losses. In-quarter experience included a net provision for estimated claims resulting from the impact of the California wildfires of $21 million after-tax as well as unfavourable mortality experience in the U.S. life business.

QUARTERLY DIVIDENDS

The Board of Directors approved a quarterly dividend of $0.61 per share on the common shares of Lifeco payable June 30, 2025, to shareholders of record at the close of business June 2, 2025.

In addition, the Directors approved quarterly dividends on Lifeco's preferred shares, as follows:

First Preferred Shares	Amount, per share
Series G	$0.3250
Series H	$0.30313
Series I	$0.28125
Series L	$0.353125
Series M	$0.3625
Series N	$0.109313
Series P	$0.3375
Series Q	$0.321875
Series R	$0.3000
Series S	$0.328125
Series T	$0.321875
Series Y	$0.28125

For purposes of the Income Tax Act (Canada), and any similar provincial legislation, the dividends referred to above are eligible dividends.

P. A. Mahon

President and Chief Executive Officer May 7, 2025

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED MARCH 31, 2025 DATED: MAY 7, 2025

This Management's Discussion and Analysis (MD&A) presents management's view of the financial condition, financial performance and cash flows of Great-West Lifeco Inc. (Lifeco or the Company) for the three months ended March 31, 2025 and includes a comparison to the corresponding period in 2024, to the three months ended December 31, 2024, and to the Company's financial condition as at December 31, 2024, as applicable. This MD&A provides an overall discussion, followed by analysis of the performance of Lifeco's four major reportable segments: United States (U.S.), Canada, Europe, and Capital and Risk Solutions.

TABLE OF CONTENTS

	Basis of Presentation and Summary of Accounting Policies		Liquidity and Capital Management
2	Cautionary Note Regarding Forward-Looking Information	25	Liquidity
2	Cautionary Note Regarding Non-GAAP Financial Measures and Ratios	26	Cash Flows
		26	Commitments/Contractual Obligations
	Consolidated Operating Results	27	Capital Management and Adequacy
4	Financial Highlights	28	Retuon Equity
5	2025 Developments	28	Ratings
7	Base and Net Earnings
8	Taxes		Risk Management and Control Practices
10	Lifeco Lines of Business	29	Risk Management and Control Practices
	Segmented Operating Results	29	Exposures and Sensitivities
13	United States		Accounting Policies
15	Canada	31	International Financial Reporting Standards
18	Europe
20	Capital and Risk Solutions		Other Information
21	Corporate	32	Summary of Earnings Reclassifications
		33	Non-GAAP Financial Measures and Ratios
	Consolidated Financial Position	38	Glossary
22	Assets	41	Disclosure Controls and Procedures
23	Liabilities	41	Internal Control Over Financial Reporting
25	Lifeco Capital Structure	41	Transactions with Related Parties
		41	Quarterly Financial Information
		42	Translation of Foreign Currency
		42	Additional Information

Basis of Presentation and Summary of Material Accounting Policies

The condensed consolidated financial statements of Lifeco, which are the basis for data presented in this report, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) unless otherwise noted and are presented in millions of Canadian dollars unless otherwise indicated. This MD&A should be read in conjunction with the Company's condensed consolidated interim unaudited financial statements for the period ended March 31, 2025. Refer also to the "Accounting Policies" section of this MD&A and the Annual MD&A and audited consolidated financial statements for the year ended December 31, 2024.

The Company has enhanced its disclosures and updated segment and line of business classifications for 2025 which has resulted in the restatement of certain comparative amounts in this MD&A. Refer to the "Summary of Key Changes to Lifeco's Disclosures for 2025" section of this MD&A for additional information.

‌Cautionary Note Regarding Forward-Looking Information

From time to time, Lifeco makes written and/or oral forward-looking statements within the meaning of applicable securities laws, including in this MD&A. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "achieve", "ambition", "anticipate", "believe", "could", "estimate", "expect", "initiatives", "intend", "may", "objective", "opportunity", "plan", "potential", "project", "target", "will" and other similar expressions or negative versions of those words. Forward-looking information in this MD&A includes, without limitation, statements about the Company and its operations, business (including business mix), financial condition, expected financial performance (including revenues, earnings or growth rates, and medium-term financial objectives), strategies and prospects, expected costs and benefits of acquisitions and divestitures (including timing of integration activities and timing and extent of revenue and expense synergies), the timing and extent of expected transformation charges and related expected run-rate base earnings savings, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities and solutions and investments in strategic partnerships), value creation and realization and growth opportunities, product and service innovation, expected dividend levels, expected cost reductions and savings, expected capital management activities and use of capital, the timing and extent of possible share repurchases, market position, estimates of risk sensitivities affecting capital adequacy ratios, estimates of financial risk sensitivities (including as a result of current market conditions), anticipated global economic conditions, potential impacts of catastrophe events, potential impacts of geopolitical events and conflicts and the impact of regulatory developments on the Company's business strategy, growth objectives and capital.

Lifeco's medium-term financial objectives are forward-looking non-GAAP financial measures. Lifeco's ability to achieve those objectives depends on whether the Company is able to achieve segment earnings growth ambitions and other business growth objectives and on certain key assumptions, including: (i) the performance of equity, interest rate and credit markets during the relevant period is consistent with management's expectations, which take into account current market information and assume no credit impairments; (ii) the achievement of the Company's segment base earnings growth ambitions; (iii) the achievement of enterprise and segment efficiency ambitions; (iv) capital levels and available and attractive options for capital deployment; (v) no significant changes in the level of our regulatory capital requirements; (vi) no significant changes to the Company's effective income tax rate; (vii) no significant changes to the Company's number of shares outstanding; (viii) no material assumption changes and no material accounting standard changes. Our medium-term financial objectives do not reflect indirect effects of equity, interest rate and credit market movements, including the potential impacts of those movements on goodwill or the current valuation allowance on deferred tax assets as well as other items that may be non-operational in nature. Further, Lifeco's target base dividend payout ratio assumes that the Company's financial results and market conditions will enable us to maintain our payout ratio in the target range. Dividends on outstanding common shares of the Company are declared and paid at the sole discretion of the Company's board of directors. The decision to declare a dividend on the common shares of the Company takes into account a variety of factors including the level of earnings, adequacy of capital and availability of cash resources.

Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, wealth and retirement solutions industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. In arriving at our assessment of the Company's potential exposure to Global Minimum Tax and our expectation regarding the impact on our effective income tax rate and base earnings, management has relied on its interpretation of the relevant legislation. It has also assumed a starting point of its current mix of business and base earnings growth consistent with management's base earnings growth ambitions. With respect to possible share repurchases, the amount and timing of actual repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, our ability to effect the repurchases on a prudent basis, capital requirements, applicable law and regulations (including applicable securities laws), and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions. In all cases, whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, the ability to integrate and leverage acquisitions and achieve anticipated benefits and synergies, the achievement of expense synergies and client retention targets from the acquisition of the Prudential retirement business, the Company's ability to execute strategic plans and adapt or recalibrate these plans as needed, the Company's reputation, business competition, assumptions around sales, pricing, fee rates, customer behaviour (including contributions, redemptions, withdrawals and lapse rates), mortality and morbidity experience, expense levels, reinsurance arrangements, global equity and capital markets (including continued access to equity and debt markets and credit instruments on economically feasible terms), geopolitical tensions and related economic impacts, interest and foreign exchange rates, inflation levels, liquidity requirements, investment values and asset breakdowns, hedging activities, financial condition of industry sectors and individual issuers that comprise part of the Company's investment portfolio, credit ratings, taxes, impairments of goodwill and other intangible assets, technological changes, breaches or failure of information systems and security (including cyber attacks), assumptions around third-party suppliers, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, changes in actuarial standards, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third-party service providers, unplanned changes to the Company's facilities, customer and employee relations, levels of administrative and operational efficiencies, and other general economic, political and market factors in North America and internationally.

The above list is not exhaustive, and there may be other factors listed in other filings with securities regulators, including those set out in the "Risk Management" and "Summary of Critical Accounting Estimates" sections of the Company's Annual MD&A for the year ended December 31, 2024 and in the Company's annual information form dated February 5, 2025 under "Risk Factors". These, along with other filings, are available for review at https://www.sedarplus.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information.

Other than as specifically required by applicable law, the Company does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.

Consolidated Operating Results

‌Selected consolidated financial information

As at or for the three months ended

(in Canadian $ millions, except per share amounts)

Mar. 31

2025

Dec. 31

2024

Mar. 31

2024

Base earnings1	$ 1,030	$ 1,115 $ 978
Net earnings from continuing operations2	860	1,116 1,031
Net earnings - common shareholders	860	1,116 960
Per common share
Basic:
Base earnings3	1.11	1.20 1.05
Net earnings from continuing operations	0.92	1.20 1.10
Net earnings	0.92	1.20 1.03
Dividends paid	0.610	0.555 0.555
Base dividend payout ratio3	55.0 %	46.3 % 52.9 %
Dividend payout ratio2	66.3 %	46.3 % 54.4 %
Efficiency ratio3	56.7 %	56.7 % 57.9 %
Book value per common share2	$ 27.61	$ 27.17 $ 24.74
Base retuon equity3	17.2 %	17.5 % 17.0 %
Retuon equity - continuing operations2	15.6 %	16.7 % 14.6 %
Financial leverage ratio4	28 %	29 % 30 %
Total assets per financial statements	$ 804,144	$ 802,163	$ 736,722
Total assets under management or advisement1	1,013,530	1,006,384	917,836
Total assets under administration only2	1,993,588	2,026,945	1,738,875
Total client assets1	3,007,118	3,033,329	2,656,711
Total assets under administration1	3,238,101	3,266,298	2,855,164
Total contractual service margin (net of reinsurance contracts held)	$ 13,666	$ 13,368	$ 13,047
Total equity	$ 33,091	$ 32,654	$ 30,239
Canada Life Assurance Company consolidated LICAT Ratio5	130 %	130%	129%

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

3This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

4The calculation for financial leverage ratio includes the after-tax non-participating contractual service margin (CSM) balance in the denominator, excluding CSM associated with segregated fund guarantees. This reflects that the CSM represents future profit and is considered available capital under LICAT. These ratios are estimates based on available data.

5The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company, Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test. Refer to the "Capital Management and Adequacy" section of this document for additional details.

‌2025 Developments

Lifeco has updated its financial performance ambitions by updating its medium-term financial objectives effective January 1, 2025 as follows:

• Increased its base retuon equity (ROE) objective to 19%+ from 16-17%,

• Introduced a new base capital generation objective of 80%+, and

• Reaffirmed its base earnings per share (EPS) growth objective of 8-10% and base earnings dividend payout ratio objective of 45-55%.

The Company's base capital generation measure, calculated over the trailing 12 months ending March 31, 2025, exceeded 80%. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details on base capital generation, which is a non-GAAP ratio.

• Lifeco plans to incur an estimated $250 million to $300 million of post-tax business transformation costs by March 31, 2028 through investment in modernized technology platforms and retiring legacy systems as well as enhanced productivity through increased automation and leveraging a global workplace.

• The Company's efficiency ratio for the first quarter of 2025 was 56.7% compared to 57.9% in the same quarter last year. The improvement in Lifeco's efficiency ratio was driven primarily by increased scale at Empower.

• During 2025, Lifeco intends to purchase $500 million of its common shares under its current NCIB, in addition to the purchases made to offset dilution under its share compensation plans. This is subject to market conditions, the Company's ability to effect the purchases on a prudent basis, and other strategic opportunities emerging.

• The Company's financial leverage ratio at March 31, 2025 was 28% compared to 29% at the end of 2024. This reduction is primarily due to growth in equity and non-participating CSM, excluding segregated funds as well as the impact of currency movement.

• On February 23, 2025, the transfer of Canada Life U.K's onshore individual protection customer policies to Countrywide Assured plc, a subsidiary of Chesnara plc, was concluded. The completion of this transfer enables Canada Life U.K. to focus on core product lines. Through a separate transaction dated December 23, 2024, Canada Life U.K.'s onshore bond business is to be transferred to Countrywide Assured plc pending court approval, which is expected to occur towards the end of 2025.

  Macroenvironmental Risks

  Many factors contribute to the economic uncertainty in the geographies in which the Company operates and to the elevated volatility of global financial markets. Elevated global financial market volatility is due, in part, to certain geopolitical conflicts and trade policy developments, which the Company actively monitors. Central banks are weighing these factors in consideration of interest rate decisions in many of the countries in which the Company operates. The outlook for financial and real estate markets over the short and medium-term remains uncertain and the Company actively monitors events and information globally.

  The Company's strategies are resilient and flexible, positioning it to navigate current market conditions and continue to identify and pursue opportunities, including organic growth and acquisition activities, while supporting customers and employees in an evolving environment.

  Summary of Key Changes to Lifeco's Disclosures for 2025

  The Company has updated its disclosures for 2025 to provide enhanced information to analysts, investors and other stakeholders. Accordingly, the Company has restated results for 2024 to conform with the updated segment and line of business classifications as noted below. There is no change to total Lifeco base or net earnings on a consolidated basis as a result of these reclassifications. See the "Summary of Earnings Reclassifications" section of this document for additional detail.

• Separating Workplace Solutions - Separated the current Workplace Solutions line of business results into Retirement and Group Benefits to provide greater clarity on the distinct drivers of earnings growth for each business. Within the Group Benefits line of business, key metrics are presented separately for group insurance and administrative services only (ASO) products.

• Reclassifying certain expenses, financing charges and related taxes - Reclassified certain expenses, financing charges, and related taxes and other items that are not directly associated with the Company's operating segments to the Corporate segment. This change will better reflect the performance of each operating segment on a standalone basis.

• Reclassification of certain businesses or results previously attributed to the United States segment - Reclassified results of PanAgora Asset Management (PanAgora), Franklin Templeton shareholdings, legacy insurance portfolios and guaranteed lifetime withdrawal benefit (GLWB) product previously attributed to the United States segment to the Corporate segment. This change will better highlight the results of Empower and exclude results that are not part of Empower's primary business going forward.

• More granular assets under administration (AUA) disclosures - Enhanced disclosure of the components of total AUA including assets under management and advisement (AUMA) and assets under administration only (AUAO), the total of which is total client assets. Total client assets, when combined with other balance sheet assets, equals total AUA. This change provides greater visibility into the scale of wealth management and higher value-added solutions within the portfolio.

• Introduced efficiency ratio - This metric has been introduced to provide greater transparency with respect to Lifeco's expense management discipline.

• Restated segment retuon equity (ROE) - Adjusted previous segment returns on equity to reflect the changes in classification for segment base earnings allocations as well as an updated capital allocation methodology to track allocated capital required by each segment on a standalone basis.

  

U.S.		Canada		Europe
				
				
				
				

• Lifeco's updated lines of business, previously referred to as value drivers, are displayed by operating segment below. See the 'Lines of Business' section of this document for descriptions and key metrics.

‌Base and Net Earnings

Consolidated base earnings and net earnings of Lifeco include the base earnings and net earnings of Empower, Canada Life (and its operating subsidiaries) and the Company's Corporate operating results (including PanAgora Asset Management). Net earnings also include the earnings from Putnam Investments reported as discontinued operations.

For a further description of base earnings, refer to the "Non-GAAP Financial Measures and Ratios" section of this document.

For further details on restated earnings for the first and fourth quarters of 2024, refer to the "Summary of Earnings Reclassification" section of this document.

For the three months ended

Base earnings (loss)1United States Canada

Europe

Capital and Risk Solutions Corporate

Lifeco base earnings1

Mar. 31

2025

Dec. 31

2024 (Restated)

Mar. 31

2024 (Restated)

$ 365	$ 381 $ 302
316	362 340
239	260 226
213	232 205
(103)	(120) (95)
$ 1,030	$ 1,115 $ 978
$ (91)	$ 38 $ 107
(32)	16 (1)
(47)	(53) (53)
$ (170)	$ 1 $ 53
$ 338	$ 333 $ 242
301	377 391
167	339 216
184	203 270
(130)	(136) (88)
$ 860	$ 1,116 $ 1,031
-	- (115)
-	- 44
$ 860	$ 1,116 $ 960

Items excluded from base earnings

Market experience relative to expectations2Assumption changes and management actions2Other non-market related impacts3

Items excluded from Lifeco base earnings

Net earnings (loss) from continuing operations2

United States Canada Europe

Capital and Risk Solutions Corporate

Lifeco net earnings from continuing operations2Net earnings (loss) from discontinued operations Net gain from disposal of discontinued operations

Lifeco net earnings - common shareholders

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

3Included in other non-market related impacts are business transformation impacts (including restructuring and integration costs as well as acquisition and divestiture costs), amortization of acquisition-related intangible assets and tax legislative changes and other tax impacts.

Base Earnings

Base earnings for the first quarter of 2025 of $1,030 million ($1.11 per common share) increased by $52 million or 5% from $978 million ($1.05 per common share) a year ago reflecting higher base earnings in Retirement and Wealth businesses, primarily driven by higher average assets from business growth and higher average equity markets compared to a year ago as well as improved expense efficiency and the impact of currency movements. These items were partially offset by lower insurance experience gains, lower earnings on surplus and write downs ($45 million post-tax) on three U.S. commercial mortgages.

Net Earnings

Lifeco's net earnings from continuing operations for the three month period ended March 31, 2025 of $860 million ($0.92 per common share) decreased by $171 million or 17% compared to $1,031 million ($1.10 per common share) a year ago. The decrease was primarily due to unfavourable market experience relative to expectations driven by interest rate and spread movements and lower returns than expected on real estate assets as well as more unfavourable assumption changes and management actions. The decrease was partially offset by higher base earnings, restructuring costs in the Canada segment and restructuring and integration costs in the U.S. segment from the prior year that did not repeat. The results from discontinued operations for the first quarter of 2025 were nil compared to a net loss of $115 million reflecting Putnam transaction-related closing costs as well as a $44 million final gain on sale a year ago.

Lifeco's net earnings from continuing operations for the three month period ended March 31, 2025 of $860 million ($0.92 per common share) decreased by $256 million or 23% compared to $1,116 million ($1.20 per common share) in the previous quarter. The decrease was primarily due to unfavourable market experience relative to expectations driven by interest rate and spread movements, unfavourable assumption changes and management actions compared to favourable impacts in the prior quarter as well as lower base earnings.

Foreign Currency

The average currency translation rate for the first quarter of 2025 increased for the U.S. dollar, British pound and the euro compared to the first quarter of 2024. For the three months ended March 31, 2025, the overall impact of currency movement on the Company's base earnings was an increase of $42 million compared to the three months ended March 31, 2024. The overall impact of currency movement on the Company's net earnings was an increase of $34 million compared to translation rates a year ago.

From December 31, 2024 to March 31, 2025, the market rates at the end of the reporting period used to translate the euro and British pound assets and liabilities to the Canadian dollar increased, while the U.S. dollar remained flat. The movements in end-of-period exchange rates impact the translation of foreign operations, including related hedging activities, resulting in post-tax unrealized foreign exchange gains of $239 million in-quarter recorded in other comprehensive income.

Translation rates for the reporting period and comparative periods are detailed in the "Translation of Foreign Currency" section.

‌Taxes

The Company's effective income tax rate on earnings attributable to common shareholders and total Lifeco earnings are presented below.

Effective Income Tax Rates For the three months ended

	Mar. 31 2025	Dec. 31 2024	Mar. 31 2024
Base earnings - common shareholders1,2	17.2 %	15.6 %	17.9 %
Net earnings - common shareholders3	16.1 %	15.3 %	15.1 %
Net earnings - total Lifeco3	14.6 %	15.0 %	13.4 %

1This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details

2Global Minimum Tax (GMT) legislation was enacted in Canada on June 20, 2024 and applied retroactively to January 1, 2024. The comparative effective income tax rate on base earnings for the first quarter of 2024 is presented on a pro forma basis as if the legislation was enacted in the first quarter of 2024.

3The comparative effective income tax rates for the first quarter of 2024 do not reflect the full impact of the GMT, as the Canadian legislation was not enacted until June 20, 2024. The impact of the retroactive application related to the first quarter of 2024 was recorded in the second quarter of 2024.

The Company's effective income tax rate is generally lower than the statutory income tax rate of 28.0% due to benefits related to non-taxable investment income and lower income tax rates in certain foreign jurisdictions.

In the first quarter of 2025, the effective income tax rate on base earnings for the common shareholders of 17.2% was comparable to 17.9% in the first quarter of 2024.

In the first quarter of 2025, the effective income tax rate on net earnings for the common shareholders of 16.1% was up from 15.1% in the first quarter of 2024, primarily due to the Global Minimum Tax, which was not fully reflected in the first quarter of 2024 due to the timing of the enactment of the Canadian legislation.

In the first quarter of 2025, the effective income tax rate on net earnings for total Lifeco of 14.6% was up from 13.4% in the first quarter of 2024, primarily due to the same reason discussed for the in-quarter common shareholders net earnings results.

Refer to note 14 of the Company's condensed consolidated interim unaudited financial statements for the period ended March 31, 2025 for further details.

Items Excluded from Base Earnings

Market Experience Relative to Expectations

For the three months ended

Public equity market impacts

Real estate and other non-fixed income asset impacts Interest rate and other impacts

Total market experience relative to expectations

Mar. 31

$ (15)	$ (1) $ 26
(38)	(45) (59)
(38)	84 140
$ (91)	$ 38 $ 107

2025

Dec. 31

2024

Mar. 31

2024

Market experience relative to expectations, which are reflected in the net investment result of the Company's consolidated statement of earnings, negatively impacted net earnings by $91 million in the first quarter of 2025, compared to a positive impact of $107 million in the first quarter of 2024.

In-quarter impacts reflect interest rate and spread movements and lower returns than expected on real estate assets. The negative interest rate and other impacts result primarily arose from liabilities decreasing by less than their supporting assets in Europe and Capital and Risk Solutions segments, largely due to risk-free rate increases at longer terms. The lower returns than expected on real estate and other non-fixed income assets arose due to underperforming real estate assets in the Canada segment and in the U.K. in the Europe segment.

In order to mitigate the Company's exposure to interest rate fluctuations, the Company follows disciplined processes for matching asset and liability cash flows. As a result, the impact of changing interest rates is mostly mitigated in the current period, with the impact of changes in fair values of bonds backing insurance contract liabilities mostly offset by a corresponding change in the insurance contract liabilities. However, differences in the interest rate sensitivity in the value of assets and the value of insurance and investment contract liabilities leads to a sensitivity to interest rate movements in net earnings due to the Company's asset liability management strategies and accounting policy choices. These choices include consideration of the impact on regulatory capital, which can result in increased net earnings sensitivity, but decreased capital sensitivity. For example, the Company's asset liability management strategy uses public equities and other non-fixed income assets as a component of general fund assets supporting liabilities, which leads to interest rate exposure in net earnings. The classification of financial assets, which are valued at amortized cost and held in the general fund assets supporting liabilities (for example, mortgage assets in the U.K.), also contributes to interest rate exposure in net earnings. Furthermore, sensitivities to interest rate movements vary depending upon the geography where the changes occur and the level of change in interest rates by term.

For a further description of the Company's sensitivity to equity market and interest rate fluctuations, including sensitivity disclosures as a result of current market conditions, refer to the "Risk Management" section of this document as well as note 6 of the Company's condensed consolidated interim unaudited financial statements for the period ended March 31, 2025.

Assumption Changes and Management Actions

Assumption changes on insurance risks and certain management actions directly impact CSM, for contracts which have CSM. The impact of assumption changes and certain management actions on CSM are measured at locked-in rates, for contracts measured under the General Measurement Model.

Net earnings impacts arise from the fair value impact of measuring assumption changes impacting CSM at fair value (relative to the impacts on CSM measured at locked-in rates), as well as assumption changes on financial risks on certain products and assumption changes on insurance risks on contracts which do not have CSM (including short-term insurance contracts).

For the three months ended March 31, 2025, assumption changes and management actions resulted in a decrease in CSM of $1 million on segregated fund business, an increase in CSM of $10 million as well as a negative net earnings impact of $32 million on non-participating business, excluding segregated funds.

In the Europe segment, CSM was negatively impacted by $1 million on segregated fund business. Also in the Europe segment, CSM was negatively impacted by $4 million and net earnings were negatively impacted by $24 million, due to minor modelling refinements and management actions on other non-participating business. There was a minor model refinement on U.S. non-participating business which positively impacted CSM in the U.S. segment by $9 million and negatively impacted net earnings in the Corporate segment by $7 million. In the Canada segment, CSM was positively impacted by $3 million and there was no impact to net earnings. In the Capital and Risk Solutions segment, CSM was positively impacted by $2 million and net earnings were negatively impacted by $1 million.

This compares to a decrease in CSM of $290 million on segregated fund business, a decrease in CSM of $23 million as well as a positive net earnings impact of $16 million on non-participating business, excluding segregated funds in the previous quarter. This also compares to a decrease in CSM of $10 million and a negative net earnings impact of $1 million on non-participating business for the same period in 2024.

Other Items Excluded from Base Earnings

For the first quarter of 2025, other items excluded from base earnings were negative $47 million compared to negative $53 million a year ago.

Business transformation costs decreased by $39 million compared to the same period in the prior year, primarily due to provisions for restructuring costs in the Canada segment and integration and restructuring costs related to the acquisition of the full-service retirement services business of Prudential Financial Inc. (Prudential) in the U.S. segment from the prior year that did not repeat.

Global Minimum Tax legislation was enacted in Canada on June 20, 2024 and applies retroactively to January 1, 2024. As a result, comparative results for base earnings and items excluded from base earnings for the first quarter of 2024 have been

presented on a "pro forma" basis as if the legislation was enacted in the first quarter of 2024. This resulted in a positive $34 million impact excluded from base earnings in the first quarter of 2024.

‌Lifeco Lines of Business

The Company has a diversified mix of business across its reportable operating segments and accordingly supplements its analysis of results with reporting and disclosures by business type or "lines of business". The Company focuses on four key lines of business that extend across its reportable operating segments:

• Retirement

• Wealth

• Group Benefits

• Insurance & Risk Solutions

Lifeco Base Earnings by Lines of Business

For the three months ended

Base earnings (loss)1

Retirement Wealth

Group Benefits

Insurance & Risk Solutions Earnings on surplus Corporate expenses & other Lifeco base earnings1

Lifeco net earnings from continuing operations2

Mar. 31

$ 316	$ 330 $ 254
166	183 147
204	225 197
344	377 351
137	143 152
(137)	(143) (123)
$ 1,030	$ 1,115	$ 978
$ 860	$ 1,116	$ 1,031

2025

Dec. 31

2024 (Restated)

Mar. 31

2024 (Restated)

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

The information in the table above is a summary of base earnings by the Company's lines of business. Additional commentary regarding base earnings by lines of business is included, as applicable, in the sections below.

Retirement

The Company has built millions of trusted relationships with customers through the Retirement line of business. These relationships are based on the consistent delivery of retirement solutions that are delivered at scale through employer sponsored plans as a core part of the business. The Company is building lifetime customer relationships through a focus on deepening the value of advice and product solutions to better meet customers' retirement needs.

Selected Financial Results

For the three months ended

	Mar. 31 2025	Dec. 31 2024 (Restated)	Mar. 31 2024 (Restated)
Base earnings (loss)1	$ 316	$ 330	$ 254
Retirement net asset flows2	7,283	(11,475)	(8,815)
Net fee and spread income2	1,154	1,155	1,030
Total client assets1	2,481,452	2,513,447	2,197,375
Average client assets2	2,530,729	2,475,801	2,121,911

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base earnings

Retirement base earnings for the first quarter of 2025 of $316 million increased by $62 million or 24% compared to the same quarter last year. The increase was primarily due to higher asset-based fee income, driven by higher average assets from average equity market levels and business growth as well as lower operating expenses. These items were partially offset by write downs in the U.S. segment ($38 million post-tax) on three U.S. commercial mortgages. and lower spread income.

Net asset flows

Net asset inflows for the first quarter of 2025 were $7.3 billion, compared to net asset outflows of $8.8 billion for the same quarter last year, primarily due to positive net plan activity in the current quarter compared to negative net plan activity in the prior year in the U.S. segment, partially offset by large case plan terminations in the Canada segment.

Client assets

Total client assets at March 31, 2025 were $2.5 trillion, a decrease of $32.0 billion compared to December 31, 2024, primarily due to the unfavourable impact of markets, partially offset by net asset inflows in the U.S. and Europe segments.

Wealth

In partnership with over 108,000 advisor relationships globally at the start of 2025, the Company is delivering targeted and sophisticated solutions supported by personalized advice to meet customers' personal wealth needs. The approach is enabled through investments in technology platforms and in managed solutions to help advisors continue to meet the evolving needs of customers.

Selected Financial Results

As at or for the three months ended

	Mar. 31 2025	Dec. 31 2024 (Restated)	Mar. 31 2024 (Restated)
Base earnings (loss)1	$ 166	$ 183	$ 147
Wealth net asset flows2	5,971	5,262	2,582
Net fee and spread income2	626	630	552
Total client assets1	479,415	471,695	414,172
Average client assets2	476,949	463,428	402,429
CSM, segregated fund products	3,225	3,268	3,404

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base earnings

Wealth base earnings for the first quarter of 2025 of $166 million increased by $19 million or 13% compared to the same quarter last year. The increase was primarily due to higher net fee and spread income driven by higher average assets from average equity market levels and business growth, partially offset by higher operating expenses.

Net asset flows

Net asset inflows for the first quarter of 2025 were $6.0 billion compared to $2.6 billion for the same quarter last year, primarily due to higher sales in the U.S. and Europe segments as well as improved segregated fund flows in the Canada segment. These items were partially offset by lower pension sales in the Europe segment.

Client assets

Total client assets at March 31, 2025 were $479.4 billion, increased by $7.7 billion compared to December 31, 2024, primarily due to net inflows as well as the favourable impact of markets in the Europe segment.

CSM, segregated fund products

CSM for segregated fund products at March 31, 2025 of $3.2 billion decreased by $43 million compared to December 31, 2024, primarily due to negative organic CSM movement and the unfavourable impact of market movements, partially offset by the impact of currency movement.

Group Benefits

The Company has built millions of trusted relationships with customers through the Group Benefits line of business. These relationships are based on the consistent delivery of health and wellness benefits that are delivered at scale through employer sponsored plans as a core part of the business. The Company offers effective benefit solutions to small, medium and large sized plan sponsors including a wide range of traditional and specialty group products designed to meet plan members' benefits needs.

Selected Financial Results

For the three months ended

	Mar. 31 2025	Dec. 31 2024 (Restated)	Mar. 31 2024 (Restated)
Base earnings (loss)1	$ 204	$ 225	$ 197
Sales - Group Benefits (Insured)2	228	165	145
Sales - Group Benefits (ASO & Other)2	233	297	70
Fee and other income (ASO & Other)	106	114	114
In-force premiums (Insured)2	10,124	10,066	9,670

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base earnings

Group Benefits base earnings for the first quarter of 2025 of $204 million increased by $7 million or 4% compared to the same quarter last year. The increase was primarily due to favourable group income protection experience in the U.K. and favourable health experience in Ireland, partially offset by less favourable insurance experience in the Canada segment.

Sales

Group Benefits (Insured) sales for the first quarter of 2025 of $228 million increased by $83 million or 57% compared to the same quarter last year. The increase was primarily due to strong protection sales in Ireland in the Europe segment as well as increases in small and large case sales in the Canada segment.

Group Benefits (ASO & Other) sales for the first quarter of 2025 of $233 million increased by $163 million compared to the same quarter last year, primarily due to a large creditor sale and other large case sales in the Canada segment.

Group Benefits in-force premiums (Insured)

Group Benefits in-force premiums at March 31, 2025 were $10.1 billion, an increase of $0.1 billion compared to December 31, 2024, primarily due to organic growth, strong sales and the impact of currency movement in the Europe segment, partially offset by higher terminations in the Canada segment.

Insurance & Risk Solutions

The Company has a strong and stable insurance base which helps produce capital that is invested in areas of opportunity for growth. Additionally, with its sophisticated risk and capital management expertise, the Company is helping organizations manage their risks and deliver sustainable customer solutions. By leveraging this expertise, Lifeco is diversifying its portfolio, offsetting or counterbalancing risks and creating value for stakeholders including strong financial performance.

Selected Financial Results

As at or for the three months ended

	Mar. 31 2025	Dec. 31 2024 (Restated)	Mar. 31 2024 (Restated)
Base earnings (loss)1	$ 344	$ 377	$ 351
Sales - Insurance2	253	263	185
Sales - Annuities2	794	396	1,529
New business non-participating CSM, excluding segregated fund products	143	269	127
Non-participating CSM, excluding segregated fund products	7,150	6,845	6,232

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base earnings

Insurance & Risk Solutions base earnings for the first quarter of 2025 of $344 million decreased by $7 million or 2% compared to the same quarter last year. The decrease was primarily due to an in-quarter net provision for estimated claims resulting from the impact of the California wildfires and unfavourable claims experience in the U.S. life business in the Capital and Risk

Solutions segment as well as less favourable insurance experience in the Europe segment. These items were partially offset by other favourable experience in the Capital and Risk Solutions segment.

Sales

Insurance sales for the first quarter of 2025 of $253 million increased by $68 million or 37% compared to the same quarter last year, primarily due to higher insurance sales in the U.K.

Annuity sales for the first quarter of 2025 of $794 million decreased by $735 million or 48% compared to the same quarter last year, primarily due to lower current quarter bulk and individual annuity sales in the U.K. as well as lower annuity sales driven by declining interest rates in the Canada segment. These items were partially offset by strong bulk annuity sales in Ireland.

New business non-participating CSM, excluding segregated fund products

Insurance & Risk Solutions new business non-participating CSM, excluding segregated fund products, for the first quarter of 2025 of $143 million increased by $16 million compared to the same quarter last year, primarily due to higher new business growth in the Capital and Risk Solutions segment, partially offset by lower new business growth in the Europe segment.

Non-participating CSM, excluding segregated fund products

Non-participating CSM, excluding segregated fund products, at March 31, 2025 of $7.2 billion increased by $0.3 billion compared to December 31, 2024, primarily due to favourable insurance experience in the Europe and Canada segments as well as the impact of currency movement.

Segmented Operating Results

The segmented operating results of Lifeco, including the comparative figures, are presented on an IFRS basis. Consolidated operating results for Lifeco comprise the results of Empower, Canada Life (and its operating subsidiaries), Lifeco's corporate results (including PanAgora Asset Management) as well as results from Putnam Investments, reported as discontinued operations. The following sections analyze the performance of Lifeco's four major reportable segments: United States (U.S.), Canada, Europe and Capital and Risk Solutions.

Translation of Foreign Currency

For the United States, Europe and Capital and Risk Solutions segments, foreign currency assets and liabilities are translated into Canadian dollars at the market rate at the end of the financial period. All income and expense items are translated at an average rate for the period.

‌United States

The United States segment comprises two distinct lines of business: Empower Workplace, which is aligned with the Retirement line of business, and Empower Wealth. The United States segment operating results for Lifeco include the results of Empower Annuity Insurance Company of America (Empower) and an allocation of a portion of Lifeco's Corporate results. The U.S. segment also includes the results of Putnam Investments classified as discontinued operations in 2024.

2025 Developments

• During the first quarter of 2025, Empower announced a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances. Empower will offer benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees' beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more. In partnership with Alegeus Technologies, LLC, the integrated set of CDH benefits will be incorporated into Empower's digital platform under the Empower brand. With a year track record of more than 25 years, Alegeus delivers consumer-directed benefit accounts for over 75,000 employers and more than 10 million participants.

  Selected Financial Information

  Base earnings and net earnings from continuing operations

  For the three months ended

  Base earnings (loss) (US$)1

  Retirement Wealth

  Earnings on surplus

  Base earnings (loss) (US$)1

  Items excluded from base earnings (US$)

  Net earnings from continuing operations (US$)2

  Base earnings (loss) (C$)1

  Net earnings from continuing operations (C$)2

  Mar. 31

  $ 190	$ 199	$ 157
  40	47	38
  25	26	30
  $ 255 (18)	$ 272 $ 225 (35) (45)
  $ 237	$ 237	$ 180
  $ 365	$ 381	$ 302
  $ 338	$ 333	$ 242

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  2Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  Base earnings and net earnings from continuing operations

  In the first quarter of 2025, net earnings from continuing operations increased by US$57 million to US$237 million compared to the same quarter last year. Base earnings of US$255 million increased by US$30 million in the first quarter of 2025 compared to the same quarter last year, primarily due to an increase in fee income driven by higher average assets from higher equity market levels and growth in the business. The increase was also due to lower expenses driven by cost saving synergies related to the Prudential full-service retirement services business acquisition. These items were partially offset by write downs on three

  U.S. commercial mortgage loans in the current year (US$26 million post-tax) and higher paid crediting rates resulting in lower spread income.

  Items excluded from base earnings were negative US$18 million in the first quarter of 2025 compared to negative US$45 million for the same quarter last year, primarily due to higher restructuring and integration expenses in the prior year.

  Additional financial information

  For the three months ended

  Net asset flows - (US$)1

  Retirement Wealth

  Net asset flows - (US$)1Net asset flows - (C$)1

  Net fee and spread income (US$)1

  Retirement Wealth

  Net fee and spread income (US$)1Net fee and spread income (C$)1

  Assets under administration (US$)2Assets under management or advisement2Assets under administration only1

  Total client assets (US$)2

  Total assets under administration (US$)2Total assets under administration (C$)2

  Average client assets (US$)1Average client assets - Retirement Average client assets - Wealth

  Total average client assets (US$)1Total average client assets (C$)1

  Mar. 31

  $ 5,203	$ (8,344) $ (7,019)
  2,768	3,050 1,286
  $ 7,971	$ (5,294) $ (5,733)
  $ 11,398	$ (7,414) $ (7,742)
  $ 707 171	$ 722 171	$ 666 150
  $ 878	$ 893	$ 816
  $ 1,254	$ 1,249	$ 1,101
  $ 356,341	$ 352,509	$ 345,293
  1,379,231	1,402,412	1,283,279
  $ 1,735,572	$ 1,754,921	$ 1,628,572
  $ 1,771,439	$ 1,794,225	$ 1,654,910
  $ 2,550,872	$ 2,583,692	$ 2,234,130
  $ 1,691,593	$ 1,688,416	$ 1,498,595
  89,344	86,447	73,716
  $ 1,780,937	$ 1,774,863	$ 1,572,311
  $ 2,546,740	$ 2,484,809	$ 2,122,620

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  2This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Net asset flows

  In the first quarter of 2025, net inflows were US$8.0 billion, compared to net outflows of US$5.7 billion for the same quarter last year, primarily due to one large plan terminating in the first quarter of 2024. The number of participants at the end of the first quarter of 2025 increased from the end of the first quarter and fourth quarter of 2024 in both Retirement and Wealth.

  ‌Canada

  The Canada segment comprises four distinct lines of business: Retirement, Wealth, Group Benefits and Insurance & Annuities. The segment includes the operating results of the Canadian businesses operated by Canada Life, together with an allocation of a portion of Lifeco's Corporate results.

  2025 Developments

• On February 12, 2025, the Company introduced changes to drive growth and support advisors in individual insurance and wealth. Over the next 18 months, directly affiliated advisors will be transitioning to the managing general agent model for new individual insurance business. Advisors will be able to use the same process, support team and tools for all their new business. A single advisor support team across Financial Horizons Group and Quadrus Investment Services has been created under the new banner, Advice Canada.

• During the first quarter of 2025, Canada Life launched a segregated fund advisor loyalty program. This new incentive program is tied to net sales and is expected to support continued growth of Canada Life's segregated fund business.

• In January 2025, the Company officially launched the Canada Life Commitment, a service guarantee for Group Benefits and Retirement plan sponsors.

Selected Financial Information

Base earnings and net earnings

For the three months ended

Base earnings (loss)1

Retirement Wealth

Group Benefits Insurance & Annuities Earnings on surplus Other

Base earnings (loss)1

Items excluded from base earnings

Net earnings - common shareholders

Mar. 31

$ 38 54 143 58 26 (3)	$ 43 $ 34 68 54 165 162 56 59 29 32 1 (1)
$ 316 (15)	$ 362 $ 340 15 51
$ 301	$ 377 $ 391

2025

Dec. 31

2024 (Restated)

Mar. 31

2024 (Restated)

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

Base and net earnings

In the first quarter of 2025, net earnings of $301 million decreased by $90 million compared to the same quarter last year. In the first quarter of 2025, the Canada segment's base earnings of $316 million decreased by $24 million or 7% compared to the same quarter last year, primarily due to lower CSM recognized for services provided driven by assumption changes in the prior year, less favourable Group Benefits life experience as well as lower earnings on surplus. These items were partially offset by favourable net fee income in Retirement and Wealth driven by strong asset growth and favourable investment results driven by higher expected non-fixed income returns.

Items excluded from base earnings were negative $15 million compared to positive $51 million for the same quarter last year. Market experience relative to expectations was negative $10 million in the first quarter of 2025 compared to positive $67 million for the same quarter last year, primarily due to less favourable interest rate movements and less favourable private equity returns.

Additional financial information

For the three months ended

Sales1

Group Benefits (Insured)1Group Benefits (ASO & Other)1Insurance & Annuities

Net asset flows1Retirement Wealth

Net asset flows1

Net fee and spread income1

Retirement Wealth

Net fee and spread income1

Group Benefits fee and other income (ASO & Other) Assets under administration2

Assets under management or advisement2Assets under administration only1

Total client assets2

Total assets under administration2,3Average client assets1

Average client assets - Retirement Average client assets - Wealth

Total average client assets1

Contractual service margin

Insurance & Annuities - Non-Participating Wealth - Segregated Funds

Insurance & Annuities - Participating

Contractual service margin

Group Benefits in-force premiums (Insured)1

Mar. 31

$ 125 233 107 $ (479) (35)	$ 100 $ 89 297 70 180 154 $ 77 $ 253 (211) (343)
$ (514)	$ (134) $ (90)
$ 116 233	$ 118 $ 104 247 219
$ 349	$ 365 $ 323
$ 106 $ 193,387 2,972	$ 114 $ 114 $ 194,456 $ 180,375 2,888 2,737
$ 196,359	$ 197,344 $ 183,112
$ 306,426 $ 78,608 119,334	$ 305,972 $ 283,122 $ 78,788 $ 69,932 118,235 108,307
$ 197,942	$ 197,023 $ 178,239
$ 698 1,708 3,074	$ 690 $ 1,166 1,760 1,936 3,024 3,145
$ 5,480	$ 5,474 $ 6,247
$ 7,341	$ 7,395 $ 7,211

2025

Dec. 31

2024 (Restated)

Mar. 31

2024 (Restated)

1Refer to the "Glossary" section of this document for additional details on the composition of this measure.

2This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

3At March 31, 2025, Canada Life had $7.1 billion of proprietary mutual fund assets held by retail clients ($7.3 billion at December 31, 2024). $3.3 billion ($3.4 billion as at December 31, 2024) of these assets are consolidated as investment on account of segregated fund policyholders on the Company's balance sheet.

Sales

Group Benefits (Insured) sales for the first quarter of 2025 of $125 million increased by $36 million compared to the same quarter last year, primarily due to increased small and large case sales. Group Benefits (ASO & Other) sales for the first quarter of 2025 of $233 million increased by $163 million compared to the same quarter last year, primarily due to a large creditor sale and other large case sales. Insurance and annuities sales for the first quarter of 2025 of $107 million decreased by $47 million compared to the same quarter last year, primarily due to lower individual annuity sales.

Net asset flows

In the first quarter of 2025, net asset outflows were $514 million compared to net asset outflows of $90 million for the same quarter last year, primarily due to large case plan terminations in Retirement, partially offset by higher segregated fund and third party mutual fund deposits in Wealth.

Contractual service margin

At March 31, 2025, total contractual service margin was $5,480 million, an increase of $6 million from December 31, 2024, driven by positive contributions from new business for non-participating products as well as positive mortality and longevity experience.

Group Benefits in-force premiums

Group Benefits in-force premiums at March 31, 2025 were $7.3 billion, a decrease of $0.1 billion compared to December 31, 2024, primarily due to terminations.

‌Europe

The Europe segment comprises four distinct lines of business: Retirement, Wealth, Group Benefits and Insurance & Annuities. The segment serves customers in the United Kingdom (U.K.), Ireland and Germany operating under the Canada Life brand in the U.K. and Germany and under the Irish Life brand in Ireland along with other acquired brands within the broker market in Ireland. The segment's results also includes an allocation of a portion of Lifeco's Corporate results.

2025 Developments

• In the first quarter of 2025, Canada Life U.K. offshore bond sales reached $1.6 billion (£0.9 billion), marking the highest quarter of sales to date.

• On February 23, 2025, the transfer of Canada Life U.K's onshore individual protection customer policies to Countrywide Assured plc, a subsidiary of Chesnara plc, was concluded. The completion of this transfer enables Canada Life U.K. to focus on core product lines. Through a separate transaction dated December 23, 2024, Canada Life U.K.'s onshore bond business is to be transferred to Countrywide Assured plc pending court approval, which is expected to occur towards the end of 2025.

• In the first quarter of 2025, Irish Life's claims artificial intelligence summarization and productivity tool went into full production for specific claim types. It has enabled faster claims payments and improved customer experience as well as efficiency and productivity improvements.

• Irish Life continues to develop a digital offering with the new financial planning tool launching and a roadmap of increasing functionality and value creation planned. The 'My Irish Life' digital portal now has approximately 400,000 registered and 135,000 monthly active users.

• Canada Life in Germany continues to progress on its plans to deliver a range of efficiency initiatives over 2025 and 2026. These initiatives will provide the business scope to invest in new technology to support business processes. In March 2025, a new artificial intelligence solution was deployed into production across its customer call centre which optimizes call handling through automated call summarization. This supports the Company's customer agents directly and also provides the business with intelligence as it uses the resulting data to understand customer behaviours and practices.

  Selected Financial Information

  Base earnings and net earnings

  For the three months ended

  Base earnings (loss)1

  Retirement Wealth

  Group Benefits Insurance & Annuities Earnings on surplus

  Base earnings (loss)1

  Items excluded from base earnings

  Net earnings - common shareholders

  Mar. 31

  $ 7 54 61 89 28	$ 8 $ 9 50 42 60 35 107 98 35 42
  $ 239 (72)	$ 260 $ 226 79 (10)
  $ 167	$ 339 $ 216

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Base and net earnings

  In the first quarter of 2025, the Europe segment's net earnings of $167 million decreased by $49 million compared to the same quarter last year. Base earnings of $239 million increased by $13 million compared to the same quarter last year. The increase is primarily due to higher net fee income in Ireland and the U.K. driven by strong average asset growth, higher CSM recognized for services provided driven by business growth and assumption changes in the prior year, as well as the impact of currency movement. These items were partially offset by lower earnings on surplus, primarily due to lower asset volumes driven by higher remittances to the Lifeco holding company.

  Items excluded from base earnings for the first quarter of 2025 were negative $72 million compared to negative $10 million for the same quarter last year. Market experience relative to expectations was negative $36 million compared to negative $12 million for the same quarter last year, primarily due to the impact of increases in longer-term risk-free interest rates. This is partially offset by less unfavourable commercial property returns compared to the prior year. Assumption changes and

  management actions were negative $24 million compared to nil for the same period last year. Refer to the "Assumption Changes and Management Actions" section of this document for additional details.

  Additional financial information

  For the three months ended

  Sales1

  Group Benefits (Insured)1Insurance & Annuities

  Net asset flows1Retirement Wealth

  Insurance & Annuities

  Net asset flows1

  Net fee and spread income1

  Retirement Wealth

  Net fee and spread income1

  Assets under administration2

  Assets under management or advisement2Assets under administration only1

  Total client assets2

  Total assets under administration2,3Average client assets1

  Average client assets - Retirement Average client assets - Wealth

  Total average client assets1

  Contractual service margin

  Insurance & Annuities - Non-Participating Wealth - Segregated Funds

  Contractual service margin

  Group Benefits in-force premiums (Insured)1

  Mar. 31

  $ 103 940 $ 322 2,048 18	$ 65 $ 56 479 1,560 $ 131 $ 409 1,203 1,189 19 20
  $ 2,388	$ 1,353 $ 1,618
  $ 28 149	$ 27 $ 28 144 130
  $ 177	$ 171 $ 158
  $ 260,760 4,523	$ 256,126 $ 226,149 4,582 3,712
  $ 265,283	$ 260,708 $ 229,861
  $ 322,539 $ 33,143 229,853	$ 316,739 $ 283,731 $ 33,230 $ 28,876 224,167 194,605
  $ 262,996	$ 257,397 $ 223,481
  $ 3,839 1,538	$ 3,664 $ 3,307 1,531 1,488
  $ 5,377	$ 5,195 $ 4,795
  $ 2,783	$ 2,671 $ 2,459

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  2This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  3At March 31, 2025, total assets under administration excludes $19.4 billion of assets managed for other business units within the Lifeco group of companies ($19.1 billion at December 31, 2024 and $14.3 billion at March 31, 2024).

  Sales

  Group Benefits (Insured) sales for the first quarter of 2025 of $103 million increased by $47 million compared to the same quarter last year, primarily due to strong income protection sales in Ireland. Insurance and annuities sales for the first quarter of 2025 of $940 million decreased by $620 million compared to the same quarter last year, primarily due to lower bulk and individual annuity sales in the U.K. in the current quarter, partially offset by strong bulk annuity sales in Ireland.

  Group Benefits in-force premiums

  Group Benefits in-force premiums at March 31, 2025 were $2.8 billion, an increase of $0.1 billion compared to December 31, 2024, primarily due to organic growth, strong sales and the impact of currency movement.

  Net asset flows

  In the first quarter of 2025, net asset inflows were $2.4 billion compared to net asset inflows of $1.6 billion for the same quarter last year. The net inflows were primarily due to higher asset management sales within Wealth, partially offset by lower pension sales in Ireland.

  Contractual service margin

  At March 31, 2025, total contractual service margin was $5.4 billion, an increase of $182 million from December 31, 2024. The increase was primarily due to strong annuity sales and the impact of currency movement.

  ‌Capital and Risk Solutions

  The Capital and Risk Solutions segment includes Lifeco's reinsurance business and an allocation of a portion of Lifeco's Corporate results. Capital and Risk Solutions also includes the results for the Company's legacy international businesses.

  At Lifeco, the Capital and Risk Solutions segment results are generally included in the Insurance & Risk Solutions line of business.

  2025 Developments

• The Capital and Risk Solutions segment continued to grow by providing tailored solutions to customers while increasing diversification within the portfolio. In 2025, the Capital and Risk Solutions segment continues to expand its international presence in targeted new markets, while continuing to focus on core markets and product expansion in Europe and the

  U.S. During the first quarter of 2025, the Company executed numerous transactions, primarily in the structured products market segment.

• The Company offers property catastrophe coverage to reinsurance companies and as a result, the Company is exposed to potential claims arising from major weather events and other catastrophic events, primarily hurricanes, windstorms and earthquakes. The Company has assessed the impacts of wildfires in California which occurred in January 2025 and has made a provision for estimated claims of $21 million after-tax ($25 million pre-tax) in the quarter. In addition, the Company continues to monitor potential impacts of recent geopolitical conflicts, which are not expected to have a material effect on financial results.

  Selected Financial Information

  Base earnings and net earnings

  For the three months ended

  Base earnings (loss)1Reinsurance Earnings on surplus

  Base earnings (loss)1

  Items excluded from base earnings

  Net earnings - common shareholders

  Mar. 31

  $ 197 16	$ 214 $ 194 18 11
  $ 213 (29)	$ 232 $ 205 (29) 65
  $ 184	$ 203 $ 270

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Base and net earnings

  In the first quarter of 2025, the Capital and Risk Solutions segment's net earnings of $184 million decreased by $86 million compared to the same quarter last year. Base earnings of $213 million increased by $8 million compared to the same quarter last year as business growth was partially offset by unfavourable experience. In-quarter experience included a net provision for estimated claims resulting from the impact of the California wildfires of $21 million after-tax as well as unfavourable claims experience in the U.S life business, partially offset by other favourable experience.

  Items excluded from base earnings for the first quarter of 2025 were negative $29 million compared to positive $65 million for the same quarter last year, primarily due to interest rate and credit spread movements relative to expectations.

  Additional financial information

  For the three months ended

  Run-rate insurance results by product1

  Capital Solutions

  Risk Solutions (excl. P&C) P&C and other

  Total run-rate insurance results

  Total balance sheet assets Contractual service margin

  Reinsurance - Non-Participating Reinsurance - Participating

  Contractual service margin

  Mar. 31

  $ 119 92 18	$ 112 $ 103 93 82 22 21
  $ 229	$ 227 $ 206
  $ 12,013 $ 2,543 1	$ 11,708 $ 9,017 $ 2,436 $ 1,736 1 23
  $ 2,544	$ 2,437 $ 1,759

  2025

  Dec. 31

  2024 (Restated)

  Mar. 31

  2024 (Restated)

  1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Contractual service margin

  At March 31, 2025, total contractual service margin was $2.5 billion, an increase of $0.1 billion from December 31, 2024. The increase was primarily due to new business and currency impacts, partially offset by CSM recognized for services provided.

  ‌Corporate

  The Corporate segment includes operating results for activities of Lifeco that are not associated with the major business units of the Company. These items include:

• certain overhead expenses, earnings on surplus, financing charges and related taxes not directly associated with the operations of the major business units of the Company;

• the results of PanAgora Asset Management (PanAgora);

• dividend income from shareholdings of Franklin Resources, Inc. (Franklin Templeton); and

• the results of the U.S. insurance portfolio including a retained block of life insurance, predominately participating policies, which are now administered by Protective Life, as well as a closed life retrocession block and guaranteed lifetime withdrawal benefit (GLWB) product.

Selected Financial Information - Corporate

For the three months ended

Base earnings (loss)1

Items excluded from base earnings

Net earnings (loss) - common shareholders

Mar. 31

$ (103) (27)	$ (120) $ (95) (16) 7
$ (130)	$ (136) $ (88)

2025

Dec. 31

2024 (Restated)

Mar. 31

2024 (Restated)

1This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

In the first quarter of 2025, Corporate had a net loss of $130 million compared to $88 million for the same period last year. Base loss of $103 million increased by $8 million compared to the same quarter last year, primarily due to higher performance-related expenses and higher business losses from PanAgora and the U.S. insurance portfolio.

Items excluded from base earnings for the first quarter of 2025 were negative $27 million compared to positive $7 million for the same quarter last year, primarily due to unfavourable market experience relative to expectations.

Consolidated Financial Position

‌Assets

Total assets

Cash and cash equivalents Bonds

Mortgage loans Stocks

Investment properties Invested assets

Insurance contract assets Reinsurance contract held assets Goodwill and intangible assets Other assets

Investments on account of segregated fund policyholders

Total assets

$ 9,943	$ 10,709
170,989	167,114
39,057	38,879
19,589	18,826
8,229	8,257
$ 247,807	$ 243,785
1,275	1,193
17,542	17,842
16,443	16,386
27,454	26,571
493,623	496,386
$ 804,144	$ 802,163

As at March 31, 2025 As at December 31, 2024

Total assets increased by $2.0 billion at March 31, 2025 from December 31, 2024.

Invested assets increased by $4.0 billion compared to December 31, 2024. The increase was primarily due to an increase in fair value of bonds resulting from a decrease in bond yields in Canada and the U.S.

Investments on account of segregated fund policyholders decreased by $2.8 billion. The decrease was primarily due to the net impact of market value losses of $8.4 billion as well as net withdrawals of $2.6 billion, partially offset by the positive impact of currency movement of $6.9 billion and net investment income of $1.1 billion.

Invested Assets

The Company manages its general fund assets to support the cash flow, liquidity and profitability requirements of the Company's insurance and investment products. The Company's investment policies are designed to be prudent and conservative, so that assets are not unduly exposed to concentration, credit or market risks. Within the framework of the Company's policies, the Company implements strategies and reviews and adjusts them on an ongoing basis considering liability cash flows and capital market conditions. The majority of investments of the general fund are in medium-term and long-term fixed-income investments, primarily bonds and mortgages, reflecting the characteristics of the Company's liabilities.

Bond portfolio

It is the Company's policy to acquire primarily investment grade bonds subject to prudent and well-defined investment policies. Modest investments in below investment grade rated securities may occur while not changing the overall discipline and conservative approach to the investment strategy. The total bond portfolio, including short-term investments, was $171.0 billion or 69% of invested assets at March 31, 2025 compared to $167.1 billion or 69% at December 31, 2024. The increase in the bond portfolio was primarily due to an increase in fair values resulting from a decrease in bond yields in Canada and the U.S. The overall quality of the bond portfolio remained high, with 99% of the portfolio rated investment grade and 70% rated A or higher.

Bond credit ratings reflect bond rating agency activity up to March 31, 2025. Management continues to closely monitor bond rating agency activity and general market conditions.

Bond portfolio quality

$ 26,410 15 %	$ 24,462 15 %
31,707 19	32,310 19
61,422 36	60,041 36
49,189 29	47,936 29
2,261 1	2,365 1
$ 170,989100 %	$ 167,114100 %

As at March 31, 2025 As at December 31, 2024

AAA AA A BBB

BB or lower

Total

Mortgage portfolio

It is the Company's practice to acquire high quality commercial mortgages meeting strict underwriting standards and diversification criteria. The Company has a well-defined risk-rating system, which it uses in its underwriting and credit

monitoring processes for commercial loans. The majority of the commercial mortgages held in the Europe segment are classified as amortized cost and therefore there are no fair value movements recorded on these holdings. The Canada, Europe and Capital and Risk Solutions segments also hold equity release mortgages within the mortgage portfolio. Equity release mortgages are loans provided to people who want to continue living in their homes while accessing some of the underlying equity value in their homes. Loans are typically repaid when the borrower dies or moves into long-term care.

$ 234	$ 920	$ 1,154	3 %	$ 1,225 3 %
2,630	7,147	9,777	25	9,568 25
-	5,097	5,097	13	4,818 12
-	23,029	23,029	59	23,268 60
$ 2,864$ 36,193$ 39,057100 %				$ 38,879100 %

As at March 31, 2025 As at December 31, 2024 Mortgage loans by type Insured1Non-insured Total Total

Single family residential Multi-family residential Equity release Commercial

Total

1Insured mortgages include mortgages where insurance is provided by a third party and protects the Company in the event that the borrower is unable to fulfill their mortgage obligations.

The total mortgage portfolio was $39.1 billion or 16% of invested assets at March 31, 2025, compared to $38.9 billion or 16% of invested assets at December 31, 2024. At March 31, 2025, total insured loans were $2.9 billion or 7% of the mortgage portfolio, compared to $2.8 billion or 7% at December 31, 2024.

During the three months ended March 31, 2025, the Company incurred write-downs and charges of $65 million impacting commercial mortgage loans in the U.S. ($56 million in the non-participating portfolio and $9 million in the participating portfolio).

Derivative Financial Instruments

During the first quarter of 2025, there were no major changes to the Company's policies and procedures with respect to the use of derivative financial instruments. The Company's derivative transactions are generally governed by the International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement, which provide for legally enforceable set-off and close-out netting of exposure to specific counterparties in the event of an early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from a counterparty against payables to the same counterparty, in the same legal entity, arising out of all included transactions. The Company's ISDA Master Agreement may include Credit Support Annex provisions, which require both the pledging and accepting of collateral in connection with its derivative transactions.

At March 31, 2025, total financial collateral, including initial margin and overcollateralization, received on derivative assets was

$1.7 billion ($1.7 billion at December 31, 2024) and pledged on derivative liabilities was $2.1 billion ($2.1 billion at December 31, 2024). Collateral received on derivative assets decreased and collateral pledged on derivatives liabilities increased in 2025, primarily driven by the impact of the euro and British pound strengthening against the U.S. dollar on cross-currency swaps that pay Euro or British pounds and receive U.S. dollars.

During the three months ended March 31, 2025, the outstanding notional amount of derivative contracts increased by $3.2 billion to $66.3 billion, primarily due to increases in volume of regular hedging activities.

The Company's exposure to derivative counterparty credit risk, which reflects the current fair value of those instruments in a gain position, decreased to $2.3 billion at March 31, 2025 from $2.4 billion at December 31, 2024. The decrease was primarily due to the Euro and British pound strengthening against the U.S. dollar on cross-currency swaps that pay euro or British pounds and receive U.S. dollars. All derivative counterparties had investment grade ratings as of March 31, 2025.

‌Liabilities

Total liabilities

$ 157,971	$ 155,683
780	795
92,033	90,157
26,646	26,488
65,868	66,343
427,755	430,043
$ 771,053	$ 769,509

As at March 31, 2025 As at December 31, 2024

Insurance contract liabilities Reinsurance contract held liabilities Investment contract liabilities Other general fund liabilities

Insurance contracts on account of segregated fund policyholders Investment contracts on account of segregated fund policyholders Total

Total liabilities increased by $1.5 billion to $771.1 billion at March 31, 2025 from December 31, 2024.

Insurance contract liabilities increased by $2.3 billion. The increase was primarily due to the impact of currency movements and market movements, partially offset by normal business movements.

Investment contract liabilities increased by $1.9 billion. The increase was primarily due to the impact of market and normal business movements.

Other general fund liabilities increased by $158 million. The increase was primarily due to increases in other liabilities, partially offset by a reduction in accounts payable.

Investment and insurance contracts on account of segregated fund policyholders decreased by $2.8 billion, primarily due to the net impact of market value losses of $8.4 billion as well as net withdrawals of $2.6 billion, partially offset by the positive impact of currency movements of $6.9 billion and net investment income of $1.1 billion.

Insurance and investment contract liabilities represent the amounts that, together with estimated future premiums and investment income, will be sufficient to pay estimated future benefits, dividends and expenses on policies in-force. Insurance and investment contract liabilities are determined using generally accepted actuarial practices, according to standards established by the Canadian Institute of Actuaries. Also, refer to the "Summary of Critical Accounting Estimates" section of the Company's Annual MD&A for the year ended December 31, 2024 for details on impairment testing of these assets.

Contractual Service Margin

The CSM of a group of insurance contracts represents the unearned profit that the Company expects to recognize in the future as it provides services under those contracts. On initial recognition of a group of insurance contracts, if the total of the fulfilment cash flows, any derecognized assets for insurance acquisition cash flows and any cash flows arising at that date is a net inflow, then the group is classified as non-onerous. For non-onerous contracts, the CSM is measured as the equal and opposite amount of the net inflow, which results in no income or expenses arising on initial recognition.

If the total is a net outflow, then the group of insurance contracts is onerous. In this case, the net outflow is recognized as a loss in the current period. A loss component is created to depict any losses recognized in the current period, which determines the amounts that are subsequently recognized in future periods as reversals on onerous groups.

Contractual service margin continuity1

Non-Participating (excluding Segregated Funds)

Capital

CSM beginning of period, December 31, 2024

Impact of new insurance business

Expected movements from asset returns & locked-in rates

CSM recognized for services provided

Insurance experience gains/losses

Organic CSM movement

Impact of markets

Impact of changes in assumptions and management actions

Currency impact

Total CSM movement

CSM end of period, March 31, 2025

United

$ 55	$ 690	$ 3,664	$ 2,436	$ 6,845	$ 3,268	$ 3,255	$ 13,368
-	7	69	67	143	37	28	208
1	5	22	16	44	38	47	129
(2)	(18)	(78)	(62)	(160)	(100)	(38)	(298)
7	11	27	2	47	(29)	-	18
$ 6	$ 5	$ 40	$ 23	$ 74	$ (54)	$ 37	$ 57
-	-	-	-	-	(58)	(2)	(60)
9	3	(4)	2	10	(1)	1	10
-	-	139	82	221	70	-	291
$ 15	$ 8	$ 175	$ 107	$ 305	$ (43)	$ 36	$ 298
$ 70	$ 698	$ 3,839	$ 2,543	$ 7,150	$ 3,225	$ 3,291	$ 13,666

States Canada Europe

and Risk

Solutions Total

Seg Funds Par Total

1 The CSM shown in the above table is presented net of reinsurance contracts held and includes CSM attributed to insurance contract assets and insurance contract liabilities.

At March 31, 2025, total contractual service margin on non-participating business excluding segregated funds was $7.2 billion, an increase of $305 million from December 31, 2024. The increase was mainly driven by currency impacts of $221 million, and organic contractual service margin growth of $74 million.

At March 31, 2025, total contractual service margin was $13.7 billion, an increase of $0.3 billion from December 31, 2024. The increase was mainly driven by currency impacts of $0.3 billion, with the organic contractual service margin growth and negative market impacts mainly offsetting.

Further detail on the assumption changes and management actions on non-participating business is provided in the "Assumption Changes and Management Actions" section of this document.

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Great-West Lifeco Inc. published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 21:50 UTC.