Great West Lifeco : Renseignements trimestriels pour les analystes et investisseurs (document

Quarterly Results Presentation

Q2 2023

CAUTIONARY NOTES

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This document contains forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "will", "may", "expects", "anticipates", "intends", "plans", "believes", "estimates", "objective", "target", "potential" and other similar expressions or negative versions thereof. Forward-looking information includes, without limitation, statements about the Great-West Lifeco Inc. (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), ongoing business strategies or prospects, climate-related and diversity-related measures, objectives and targets, anticipated global economic conditions and possible future actions by the Company, including statements made with respect to the expected costs, benefits, timing of integration activities and timing and extent of revenue and expense synergies of acquisitions and divestitures (including but not limited to the proposed acquisition of Investment Planning Counsel (IPC), the proposed acquisition of Value

Partners Group Inc., the proposed sale of Putnam Investments, and the proposed sale of Canada Life U.K.'s individual onshore protection business), value creation and realization, growth opportunities, expected capital management activities and

use of capital, estimates of risk sensitivities affecting capital adequacy ratios, expected dividend levels, expected cost reductions and savings, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities and solutions and investment in strategic partnerships), the timing and completion of the proposed acquisitions of IPC and Value Partners and the proposed sale of Putnam Investments and the Canada Life U.K. individual onshore protection business, and the impact of regulatory developments on the Company's business strategy and growth objectives.

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, mutual fund and retirement solutions industries. They are not guarantees of future performance, and the reader is cautioned that 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 all cases, whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, assumptions around sales, fee rates, asset breakdowns, lapses, plan contributions, redemptions and market returns, the ability to integrate recent and proposed acquisitions, the ability to leverage recent and proposed acquisitions and achieve anticipated synergies, customer behaviour (including customer response to new products), the Company's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy and plan lapse rates, participant net contribution, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets (including continued access to equity and debt markets), industry sector and individual debt issuers' financial conditions (particularly in certain industries that may comprise part of the Company's investment portfolio), business competition, impairments of goodwill and other intangible assets, the Company's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), payments required under investment products, 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, the Company's ability to complete strategic transactions and integrate acquisitions, unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiencies, changes in trade organizations, and other general economic, political and market factors in North America and internationally.

The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in the Company's filings with securities regulators, including factors set out in the Company's 2022 Annual MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates" and in the Company's annual information form dated February 8, 2023 under "Risk Factors", which, along with other filings, is available for review at www.sedar.com. The reader is also 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.

CAUTIONARY NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND RATIOS

This document contains some non-Generally Accepted Accounting Principles (GAAP) financial measures and non-GAAP ratios as defined in National Instrument 52-112"Non-GAAP and Other Financial Measures Disclosure". Terms by which non- GAAP financial measures are identified include, but are not limited to, "base earnings (loss)", "base earnings (loss) (US$)", "assets under management" and "assets under administration". Terms by which non-GAAP ratios are identified include, but are not limited to, "base earnings per common share (EPS)", "base return on equity (ROE)", "base dividend payout ratio" and "effective income tax rate - base earnings - common shareholders". Non-GAAP financial measures and ratios are used to provide management and investors with additional measures of performance to help assess results where no comparable GAAP (IFRS) measure exists. However, non-GAAP financial measures and ratios do not have standard meanings prescribed by GAAP (IFRS) and are not directly comparable to similar measures used by other companies. Refer to the "Non-GAAP Financial Measures and Ratios" section in the Company's MD&A for the three and six months ended June 30, 2023 (the "Q2 2023 MD&A") for the appropriate reconciliations of these non-GAAP financial measures to measures prescribed by GAAP as well as additional details on each measure and ratio..

2

SUMMARY OF RESULTS

Paul Mahon

President & CEO

Great-West Lifeco

HIGHLIGHTS

Q2 2023 Financial Highlights

Base EPS1 $0.99

• Strong base earnings across segments

Net EPS $0.53

• Items totalling ($0.30) related to strategic actions to strengthen the portfolio and maximize value
• • ($0.17) Transaction costs related to acquisitions and divestitures to drive value creation
  • ($0.13) Realized OCI losses from surplus duration shortening to improve LICAT and reduce future LICAT sensitivity
• ($0.08) Market experience relative to expectations

LICAT ratio2 remains strong at 126%

Strategic Highlights

• Announced sale of Putnam3 to Franklin Resources, unlocking shareholder value and further focusing the U.S. business on retirement and personal wealth at Empower
• Announced acquisitions of IPC 4 and Value Partners4, enabling the Canadian business with a unique end-to-end individual wealth and insurance platform for independent advisors
• Diversified our wealth capabilities and distribution access at Irish Life with the launch of a new joint venture with AIB in Ireland

1. Base EPS is a non-GAAP financial ratio calculated using base earnings, a non-GAAP financial measure. Additional information is incorporated by reference and can be found in the Non-GAAP Financial Measures and Ratios section of the Company's Q2 2023 MD&A. Footnotes 2-4:Refer to slide 26

4

CANADA

• Workplace Solutions
• • Group Life & Health book premium up 8% YoY, reflecting strong employment in Canada and price adjustments
  • Continued net inflows in Group Retirement
  • Awarded the Federal Dental Care benefits plan in June
  • Began administering the Federal Health Plan on July 1st
• Wealth & Asset Management
• • Flows trending similar to industry
  • IPC and Value Partners acquisitions will enhance offering; on-track for regulatory approval and integration
• Insurance & Annuities
• • Participating life insurance sales up 12% YoY
  • CSM declined YoY due to actuarial basis changes; declined QoQ due to lower non-participating sales, and experience fluctuations

Group Life & Health

Book Premium4 (C$m)

12,583	96	191	12,761
11,808
		(109)

Q2 2022	Q1 2023	New Sales Terminations Organic Book Q2 2023
		Growth

Individual Wealth Management AUA1,2 and Flows3 (C$m)

62,122	64,457	840	(1,466)	435	64,640
		588		(486)		272
39,117	40,218						40,027

23,005	24,239			24,613
Q2 2022	Q1 2023		Inflows		Outflows Market/Other Q2 2023
			AUM		AUA, excl. AUM

Group Retirement

AUA1,2 and Flows3 (C$m)

61,665	1,710	866	62,688

56,112

(1,553)

Q2 2022

Q1 2023

Inflows

Outflows Market/Other Q2 2023

Insurance & Annuities CSM5 (C$m),

excluding par and segregated funds

1,646

1,268	11	1,213

(56) (10)

Q2 2022 Q1 2023	New	Other	Other	Q2 2023
	Business	organic	impacts
		movement

1.This metric is a non-GAAP financial measure. Additional information regarding this measure is incorporated by reference and can be found in the Non-GAAP Financial Measures and Ratios section of the Company's Q2 2023 MD&A. Footnotes 2-5: Refer to slide 26

5