2023 Annual Report

Business Review

Directors'

Report

Our

Purpose

Financial

Performance

Workplace

Solutions

Wealth & Asset Management

Insurance & Risk

Solutions

Community &

Social Impact

Financial Review

• Management's Discussion and Analysis

• Financial Reporting Responsibility

• Consolidated Financial Statements

• Independent Auditor's Report

• Directors and Senior Officers

10 Shareholder Information

12

16

112

113

219

225

226

About Us

Great-West Lifeco Inc. is a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

We operate in Canada, Europe and the United States under the brands Canada Life, Empower, and Irish Life. At the end of 2023, our companies had over 33,500 employees, 232,000 advisor relationships, and thousands of distribution partners - serving approximately 42 million customer relationships. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO, and is a member of the Power Corporation group of companies. To leamore, visit greatwestlifeco.com.

42M+

Customer relationships1

232,000+

Advisor relationships supporting our customers1

33,500+

Employees supporting our customers1

Base Earnings1,2

$3.7B

an increase of 11% from 2022

Net Earnings

$2.7B

Assets under Administration1,2,3

$2.T

1. Figures are as of December 31, 2023 and include Putnam Investments, which was sold on January 1, 2024
2. This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this report for additional details.
3. Other assets under management included
   $161.6 billion related to the discontinued operations of Putnam Investments

Directors' Report

For over 175 years, we have been there for you - our shareholders, customers, advisors, partners, and communities. By doing what's right, we're creating lasting value.

Great-West Lifeco's strong performance in 2023 reflects our disciplined capital deployment to deliver sustainable growth across our portfolio of businesses. Through acquisitions that provide scale and capability, dispositions that capture value, strategic investments that strengthen customer service and drive down costs, and new partnerships that diversify our capabilities and reach, we have repositioned our portfolio to deliver even greater value for all our stakeholders.

Taken together, these actions are helping us to deliver on our purpose: to build stronger, more inclusive, and financially secure futures.

In the last year, we've grown alongside you; stronger and more resilient.

The steps we've taken will help us do more for all stakeholders. With stronger businesses and enhanced capabilities, we can do more to help our customers achieve their goals. And with a stronger portfolio of businesses, we strengthen our ability to deliver on our medium-term financial objectives for shareholders.

Expanding Access to Financial Advice: Improving the client experience

Our belief in the fundamental value of advice continues to drive strategic investments across our businesses. We're enabling advisors and supporting customers with market leading platforms and tools to help more people reach their goals while navigating through all of life's moments.

Empower is making money management simpler, clearer, and more accessible for millions of Americans. Through their new personal wealth platform, customers can see their full financial picture in a customized dashboard with ready access to financial advisors for personalized advice.

Irish Life launched Unio, a new wealth platform designed to meet the sophisticated needs of Ireland's affluent segment. Additionally, through a partnership with AIB, Irish Life is expanding access to financial planning, retirement saving, investment and life assurance products to more individuals than ever before.

Canada Life's acquisitions of Value Partners and Investment Planning Counsel (IPC) will help establish a leading platform for independent advisors in Canada. Together, with Canada Life's existing wealth products, services, and network of advisors, the business is positioned to be one of the preeminent wealth providers - enabling us to support more Canadians than ever before.

Driving Value Creation: Disciplined choices, creating long-term growth

We're repositioning our portfolio of businesses through strategic actions and disciplined execution to grow our franchise and create value over the long-term. This includes prioritizing capital allocation to businesses that present the greatest opportunities for sustainable capital- light growth, that help to establish and extend low-cost market leadership positions, and that leverage our deep expertise in delivering advice and risk-based solutions.

Earlier this year we entered into a strategic partnership with Franklin Templeton, that included the sale of Putnam Investments. This transaction unlocked the value of Putnam, positions us with a stake in a world-class asset manager,

and allows us to increase our focus on the attractive retirement and personal wealth segments in the U.S.

We also grew organically by leveraging our strong capabilities to win more clients in 2023. Canada Life became the largest provider of workplace benefits in the country, serving 1 in every 3 Canadians. In Ireland, we now serve the financial and health needs of more individuals and businesses than anyone else: serving 1 in 3 people, 8 out of 10 of Ireland's largest local companies, and 27 of the 30 largest multinational employers based there. And alongside our growth through acquisition, Empower had strong organic performance, continuing to grow at two times its peers and now serves approximately 18 million working Americans.

This past year marked the successful implementation of IFRS 17 and 9. Great-West Lifeco was one of the first companies in the world to report earnings under this new international standard. The success of this transition was a culmination of a multi-yearenterprise-wide initiative, providing improved reporting and visibility into the strength of our companies' underlying economics, diversification, and the stability of our portfolio.

Advancing Inclusive Futures: Partnering together for shared success

We're focused on what we can do to improve today, and build a better tomorrow. This starts with our customers and communities.

That is why over the past 10 years, we've worked with thousands of community organizations to deliver over $150 million to charitable initiatives locally and around the world. These donations are inspired by our colleagues, who volunteer their time and talents, giving back and making their communities stronger.

In 2023, we published Advancing Inclusive Growth, our update on impact, inclusion and citizenship. We're making progress building an even more inclusive workforce - one that reflects our communities and customers. We are on track to grow representation of women in management roles to 50% across our business segments by 2030. We are also working to increase representation of underrepresented groups in management roles to 25% by 2030.

Thank You

As we move forward into 2024, our business is well positioned to deliver on our commitments and create even greater value for shareholders and other stakeholders. Using our value drivers as our guide, we'll leverage our strengths and seize new opportunities in workplace solutions, wealth and asset management, and insurance and risk solutions.

Effective governance is key to creating consistently strong long-term performance and for developing positive outcomes for all our stakeholders. We sincerely thank our Board of Directors, who lead our companies with strong governance and management oversight.

On behalf of Great-West Lifeco, its Board of Directors, and the teams of dedicated employees and advisors, we would like to extend our sincere thanks to you for placing your trust in us.

We look forward to continuing our impactful work together, delivering reliable, responsive advice and solutions that individuals, families and businesses can depend on every day - for today, tomorrow, and for life.

Our Ambitions

We're invested for the long-term, to achieve growth and create lasting value for our people, our customers, our communities, and our planet.

Our Value Drivers

Reflecting our strengths and business strategy, our value drivers enable growth and value creation for shareholders and customers.

Great-West Lifeco was one of the first companies in the world to report earnings under the new IFRS 17 reporting standard in 2023. The new reporting framework provides improved visibility into the strong, underlying economics and diversification of Lifeco's

portfolio through enhanced disclosures and metrics. The transition to the new standard did not have a material impact on the Company nor did it impact the underlying economics of the Company's business activities or strategy.

$3.67

billion

$3.94

per share

Irish Life reaches 130,000 members in largest master trust pension scheme

With the new European Union pension rules aimed to consolidate workplace pension schemes, Irish Life became the largest master trust in Ireland. With more than 1,000 employers registered and 130,000 members, Irish Life has accumulated more than €5 billion in assets over the year and is helping more employers deliver the pension benefits to their retired employees.

Empower successfully integrates Prudential's retirement business

In 2022, Empower completed the acquisition of Prudential Financial Inc.'s full-service retirement business, which included its defined contribution and defined benefit businesses, non-qualified and rollover IRA business, as well as stable value and separate account investment products and platforms. Since then, Empower continues to successfully integrate the business, adding scale and capability to its defined contribution recordkeeping business.

Canada Life U.K. provides more reasons to smile

In an industry first, Canada Life U.K. customers have exclusive access to a health-regulated smart dental app, connecting them to dentists and care virtually. More than 2.8 million members and thousands of companies will benefit at no additional cost.

Helping customers find resilience with a new mental well-being app

Canada Life U.K. has partnered with myStrength an app that offers personalized support for workplace protection policyholders and their families. Offered at no additional cost, the app has a chat function and hundreds of evidence-based activities, articles, and videos to support mental well-being.

Irish Life is leading the way in supporting female health

Following substantial consumer and medical research, Irish Life launched the Female Health Consultation service through Centric Health. This first-of-its- kind offering gives members in Ireland access to in-depth video consultations with doctors who specialize in female health, including fertility, contraception, menopause, and menstruation.

Selling Putnam Investments to

Franklin Templeton

In 2023, Great-West Lifeco announced the sale of Putnam Investments to Franklin Templeton, among the world's largest independent and diversified asset managers. This transaction unlocks the value of Putnam and facilitates the continued focus of Lifeco's U.S. strategy on retirement and personal wealth.

As part of this strategic partnership with Franklin Templeton, Great-West Lifeco retains its controlling interest in PanAgora, a leading quantitative asset manager, complementing its ownership in other North American and European asset managers.

Empower Personal Wealth celebrates its inaugural year with extraordinary growth and impact

In its first year, Empower's personal wealth business saw positive growth and reached even more Americans wanting to grow their wealth through digital tools and advice. The business division grew its client base by approximately 19% and saw asset growth of 31%, as of Dec. 31, 2023. More than 3.3 million users have taken advantage of the free tools and services, while

4 million customers have downloaded the mobile app. As America's second largest provider of workplace retirement strategies, Empower is a leader in digital- first planning which combines proprietary financial technology with human advice.