Great-West Lifeco (GWO) investor relations material

Strategic overview

• Over 175 years of history with more than 40 million customer relationships and $3.3 trillion in client assets, making it the fourth largest life insurer in North America by market capitalization.

• Operates leading businesses in the U.S., Canada, Europe, and Capital & Risk Solutions (CRS), with diversified earnings contributions across segments.

• Strategic playbook focuses on building leading companies in stable markets, investing to strengthen leadership, and maintaining capital and risk discipline.

• Execution priorities include customer-centricity, digital transformation leveraging AI, operational excellence, and enabling growth through diversification and capital discipline.

• Positive long-term trends such as an aging population, growing retirement savings gap, and increased corporate risk management needs support future growth.

Growth opportunities and segment strategies

• U.S.: Empower is the #2 retirement plan provider, with $2.0T in client assets and industry-leading growth in net new assets; aims for double-digit base earnings CAGR.

• Canada: Leading workplace benefits and wealth provider, serving over 14 million Canadians; targets mid-single digit base earnings CAGR by growing wealth, expanding advice, and deepening client relationships.

• Europe: Market leader in life, group benefits, and retirement, with ambitions to scale core business, expand into wealth, and capture bulk annuities growth, targeting mid-single digit plus base earnings CAGR.

• CRS: Global reinsurance leader, #1 in U.S. health and group life reinsurance, focusing on disciplined risk selection and capital solutions, with mid-single digit plus base earnings CAGR ambition.

Financial performance and objectives

• Achieved $4.6B in base earnings for 2025, with segment contributions: U.S. 31%, Canada 29%, Europe 21%, CRS 19%.

• Medium-term ambitions include 8-10% base EPS growth, 19%+ base ROE, 45-55% base dividend payout ratio, and 80%+ base capital generation.

• Five-year annualized total shareholder return of 20.2%, outpacing the TSX by 490 basis points per year.

• Highly cash-generative businesses with disciplined capital allocation, focusing on organic reinvestment, dividends, M&A, and buybacks.