January 10, 2025 Reinsurance

Investor overview presentation

Canadian Markets via PUBT

GREAT-WEST LIFECO

Investor Presentation

Third Quarter 2024

Note: All dollar amounts are expressed in Canadian dollars and references to "dollars" or "$" are to Canadian dollars, unless otherwise stated.

INVESTOR OVERVIEW

A global financial services company

Capital &

Risk

Solutions

21%

Canada

31%

175+ Years

Of History

$3.1T

Assets Under Administration2,3

6th

Largest Life Insurer

in North America1

$1.0T

Assets Under Management2,3

$3.7B

Base Earnings3,4

Europe

21%

	US
	27%
Capital & Risk
Solutions
28%		Canada
	$2.9B	33%

	Net Earnings from

GREAT-WEST LIFECO

AA	40M+
S&P2,5	Customer Relationships2

Continuing

Operations4

Europe

13%

26%

Footnotes 1, 2, 4 and 5: Refer to slide 27. 3. This metric is a non-GAAP financial measure. Refer to "Non-GAAP Financial Measures and Ratios" in the Appendix and in our Q3 2024 MD&A	3

OVERVIEW

Great-West Lifeco at-a-glance

A global financial services company with interests in life insurance, health insurance, retirement and investment services, asset

INVESTOR

GREAT-WEST LIFECO

management and reinsurance businesses.

Key Metrics

In C$, unless otherwise noted

	YTD 2024	FY 2023	FY 2022
Base EPS1	$3.30	$3.94	$3.56
Net EPS from continuing operations	$3.10	$3.07	$3.89

Base ROE1	17.3%	16.6%	15.8%
ROE2	15.6%	12.9%	17.3%
Dividends paid per share	$1.67	$2.08	$1.96

Book value per share2	$25.78	$24.26	$23.28

Corporate Structure5

68.2%

62.5%

Financial Strength Ratings3, Regulatory Capital and Liquidity

	As at
	September 30, 2024

S&P Global Ratings	AA

Moody's Investors Service	Aa3

Morningstar DBRS	AA

Fitch Ratings	AA

AM Best Company	A+

LICAT Ratio4	134%

Cash at Holding Company	1.1
Level ($B)

1. This metric is a non-GAAP financial measure or ratio. Refer to "Non-GAAP Financial Measures and Ratios" in the Appendix and in our Q3 2024 MD&A. Footnotes 2 - 5: Refer to slide 27

INVESTOR OVERVIEW

Diversified, market-leading franchises

Canada

U.S.

Europe

Capital & Risk Solutions

A leader in workplace and wealth management serving 1 in 3 Canadians

Top-3 in group life and health3, and retirement4

Top-3 in individual life4

Multiple, complementary distribution channels

A U.S. financial services challenger brand serving 18m+ Americans through the workplace and directly

Second largest retirement services provider5 in the U.S.

Empower Personal Wealth launched to expand retail wealth management focus

Irish Life is #1 in workplace retirement and risk6, #1 in pensions and investments7

U.K.: Leading position in group protection8; strong position in retirement income solutions

growing position in the broker- sold pension savings market in Germany

Top-10 global reinsurer9

Leading provider of structured life reinsurance solutions in the U.S. and Europe

Leading provider of U.K. and other European annuity / longevity reinsurance

GREAT-WEST LIFECO

31%	27%	21%
of base earnings1,2	of base earnings1,2	of base earnings1,2

Footnotes 1, 3 - 9: Refer to slide 27 2. This metric is a non-GAAP financial measure. Refer to "Non-GAAP Financial Measures and Ratios" in the Appendix and in our Q3 2024 MD&A

21%

of base earnings1,2

INVESTOR OVERVIEW

GREAT-WEST LIFECO

Value drivers

Portfolio strategies that extend across operating segments

Operating Segments1

	Canada	U.S.	Europe	CRS

Workplace Solutions	Group Life & Health	Empower Defined	Group Life & Health
Broad reach		Contribution
	Group Retirement		Group Retirement

Wealth & Asset	Individual Wealth	Empower Personal	Individual Wealth &
Management	Management	Wealth	Asset Management

Significant opportunity		Asset Management2


Insurance & Risk	Insurance & Annuities		Insurance & Annuities	Reinsurance
Solutions
Deep expertise

1. Various business units in each operating segment have been aligned with value drivers at the consolidated Lifeco level. Footnote 2: refer to Slide 27.

INVESTOR OVERVIEW

GREAT-WEST LIFECO

Value drivers

Play complementary roles and highlight the benefits of diversification

HigherLower

Workplace	Wealth & Asset	Insurance & Risk
Solutions	Management	Solutions

Cash generation

Steady, stable returns

"Capital-light"

Organic growth potential

INVESTOR OVERVIEW

Medium-term1 objectives

Supported by our repositioned portfolio with significant organic and extension growth potential

8-10%

base EPS2 growth p.a.

Organic earnings growth from market- leading franchises
Digital investments drive business extensions and cost optimization
Harvesting revenue and expense synergies from acquisitions

16-17%

base ROE2

Diversified businesses drive strong and stable returns
Wealth and asset management provides capital-light growth
Leveraged capital management and risk management expertise

45-55%

target dividend payout ratio, base earnings2

Cash generative business supports a progressive dividend policy in line with expected earnings growth
Balanced approach between maintaining financial strength and strategic capital deployment

GREAT-WEST LIFECO

Full Year 2023	11%3	Full Year 2023	17%3,4	Full Year 2023	53%
3Q 2024	12%3	3Q 2024	17%3,4	3Q 2024	60%

1. Medium-term defined as the next 3-5 years 2. Base earnings per common share (EPS), base retuon common shareholders' equity (ROE) and target dividend payout ratio (base) are non-GAAP ratios calculated using base earnings, a non-GAAP financial measure. Refer to "Non-GAAP Financial Measures and Ratios" in the Appendix, in our 2023 Annual MD&A and our Q3 2024 MD&A. Footnotes 3 - 4: Refer to slide 27

INVESTOR OVERVIEW

Our ambitions

Building Better Financial Futures

$127 Billion	$6.35+ Billion	$150+ Million
Managed in ESG-related strategies	Invested in wind, solar, and hydroelectric	Delivered by Great-West Lifeco
in 2022	renewable energy projects1	companies to charitable initiatives
		over the past 10 years
Advancing Inclusive Growth

On Track to Meet Goals:	Commitment to Truth
50% women in management and	and Reconciliation
25% underrepresented groups in
management by 2030

Formation of Employee Resource Groups for LGBTQ2+, Black and

Persons of Colour, Indigenous Peoples, Persons with Disabilities, and Women in Leadership

GREAT-WEST LIFECO

Partnering for a More Sustainable Future

Interim operations goal of 40%	Achieved score of A- (highest	Official supporter of Task Force on
reduction in carbon emissions by	ranked North American insurer) in	Climate-Related Financial Disclosures
20302	2023 CDP survey3	(TCFD)

Footnotes 1-3: Refer to slide 27

GREAT-WEST LIFECO

Successful Portfolio Repositioning

and Strong Shareholder Returns

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Great-West Lifeco Inc. published this content on January 10, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 10, 2025 at 16:57:08.350.