Great-West Lifeco (GWO) investor relations material

Strategic overview

• Over 175 years in business, serving more than 40 million customers and ranking as the 4th largest life insurer in North America by market capitalization.

• $3.3 trillion in client assets, with over $1 trillion in assets under management or advisement.

• Diversified operations across Canada, the U.S., Europe, and Capital & Risk Solutions (CRS), each contributing significantly to base and net earnings.

• Strategic focus on building leading companies in stable markets, investing in leadership, and maintaining capital and risk discipline.

• Execution priorities include customer-centricity, digital transformation, operational excellence, and foundational principles of diversification and capital discipline.

Market trends and growth opportunities

• Aging populations and a growing retirement savings gap are driving demand for retirement solutions in core markets.

• Corporates are increasingly seeking risk management tools, with UK pension risk transfer volumes rising.

• Attractive reinvestment opportunities identified in Empower (U.S.), Canadian wealth management, Irish wealth, UK bulk annuities, and CRS.

• Efficiency initiatives are enhancing operating leverage across all business segments.

Financial performance and objectives

• 2025 base earnings reached $4.6B, with net earnings at $4.0B; U.S. and Canada are the largest contributors.

• Medium-term ambitions target 8-10% base EPS growth, double-digit U.S. earnings growth, and mid-single-digit growth in other segments.

• Base ROE consistently above 17%, with a 5-year CAGR of 12% for base EPS.

• Base capital generation exceeds 80%, supporting strong dividend payouts and deployable capital.

• 5-year annualized total shareholder return of 23.5%, outpacing major indices by over 700 basis points.