#1GREAT-WEST LIFECO INC. Investor Presentation Q2 2019 canada life Irish Life EMPOWER RETIREMENT 44 Putnam INVESTMENTS#2Cautionary notes CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION GREAT-WEST LIFECO INC. This document may contain 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 "expects", "anticipates", "intends", "plans", "believes", "estimates" and other similar expressions or negative versions thereof. These statements include, without limitation, statements about the Company's operations, business, financial condition, expected financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions by the Company, including statements made with respect to the expected benefits of acquisitions and divestitures, expected capital management activities, expected impacts of the Company's recently completed substantial issuer bid and use of capital and expected cost reductions and savings. 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 and mutual fund 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. Material factors and assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company's operations will continue substantially in their current state, including, without limitation, with respect to customer behaviour, the Company's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets, business competition and other general economic, political and market factors in North America and internationally. 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. Other important factors and assumptions that could cause actual results to differ materially from those contained in forward-looking statements include customer responses to new products, 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, 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 and unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements. 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 2018 Annual MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates", 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-IFRS FINANCIAL MEASURES This document contains some non-IFRS financial measures. Terms by which non-IFRS financial measures are identified include, but are not limited to, "operating earnings", "adjusted net earnings", "adjusted return on equity", "core net earnings", "pre-tax operating margin", "constant currency basis", "impact of currency movement", "premiums and deposits", "sales", "assets under management" and "assets under administration". Non-IFRS financial measures are used to provide management and investors with additional measures of performance to help assess results where no comparable IFRS measure exists. However, non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Refer to the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS in the Company's 2018 Annual Management's Discussion and Analysis and/or the Company's Q2 2019 MD&A, as appropriate. 2#3Company highlights Highly diversified business with leadership positions in key markets Proven ability to generate strong and stable long-term earnings Strong balance sheet, capital and liquidity, and strong credit ratings GREAT-WEST LIFECO INC. 3#4GREAT-WEST LIFECO INC. Key messages * Highly diversified business delivering consistent long-term earnings growth ◆ Leadership positions in key markets supported by strong franchises and brands ❖ Strategies to drive growth through innovation and disciplined capital deployment * Strong risk management culture and operational discipline Strong balance sheet, capital and liquidity provide financial flexibility * Experienced and talented management team and board of directors 4#5Company snapshot GREAT-WEST LIFECO INC. Global financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance • Operations in Canada, Europe and the United States Assets under administration of $1.6T Market capitalization of $28B Canada Leading market shares in major segments; diversified mix of products and services #1 in segregated funds³; #2 in individual life insurance4 Leading provider of group life, health and retirement services Extensive distribution platform • Financial strength ratings of AA by S&P and Aa3 by Moody's² • Member of the Power Financial Corporation group of companies Europe & Reinsurance UK: Market leader in group risk and strong position in annuities Ireland: Leading market shares across Irish Life * Germany: Fast growing position in unit-linked broker market Profitable and diversified Reinsurance business US Empower: #2 DC record keeper; AUA of U$640B, 9.2M participants Putnam: Globally diversified asset management platform with AUM of U$175B canada life Irish Life Canada Life™ Reinsurance EMPOWER RETIREMENT Canada Life 4T4 Putnam INVESTMENTS All references to dollars throughout this presentation are C$ unless otherwise noted. Assets under Administration (AUA), assets under management (AUM) and market cap as of June 30, 2019 1. AUA and AUM are non-IFRS measures. Refer to the discussion of these measures in the Company's Q2 2019 Management's Discussion and Analysis (MD&A) 2. Financial strength ratings for The Great-West Life Assurance Company 3. See footnote 2, slide 10 4. See footnote 1, slide 10 сл 5#6Diversified business model As a percentage of 2018 net earnings of $3.0B 100% 80% Reinsurance 12% US 13% Europe 60% 32% 40% Canada 20% 43% 0% GREAT-WEST LIFECO INC. Reinsurance 12% Group / Wholesale 36% Reinsurance 12% Health Benefits 11% Wealth & Asset Mgmt 22% Individual / Retail 52% Annuities 17% Protection 38% BY GEOGRAPHY BY CHANNEL BY PRODUCT 6#7Significant benefits from corporate structure Canada Life — Irish Life THE Great-West Life ASSURANCE COMPANY London Life 66.8% 1 GREAT-WEST LIFECO INC. GREAT-WEST FINANCIAL ATA Putnam INVESTMENTS POWER FINANCIAL CORPORATION 62.1% IgM Financial Note: As of June 30, 2019 1. IGM also owns 4% of Great-West Lifeco Inc. G Investors Group GREAT-WEST LIFECO INC. Power Financial Corporation relationship facilitates: Fintech collaboration via Portage3 Distribution access to IGM platforms MACKENZIE Investments Board composition delivers strong governance and oversight Investment Planning CounselⓇ FINANCIAL SOLUTIONS FOR LIFE 7#8Key company metrics GREAT-WEST LIFECOINC. Net Earnings* $3.0 Holding Company Cash $0.3 ROE Sales 1* 12.0% Financial Leverage 28.9% $144 Financial Strength Ratings² S&P AA Assets Under Management¹ $747 Moody's Aa3 Assets Under Administration1 $1,568 Regulatory Capital Ratios Book Value per Share $20.84 LICAT² 136% Market Capitalization $28 RBC 3* 480% As of June 30, 2019, in C$ billions unless otherwise indicated; *As of December 31, 2018 1. "Sales", "assets under management", and "assets under administration" are non-IFRS measures. Refer to the discussion of each measure in the Company's Q2 2019 MD&A 2. Financial strength ratings and LICAT ratios for The Great-West Life Assurance Company 3. Risk-Based Capital (RBC) ratio for Great-West Life & Annuity Insurance Company 8#9Canada GREAT-WEST canada life LIFECO INC. Protect and extend leaderships positions through organic growth Segment Overview Individual Customer and Group Customer businesses Diverse mix of insurance and wealth management products and services Leading market shares in major product categories Broad distribution network; focus on advice delivery 10M+ customer relationships and 22k+ advisor relationships Recent Developments Significant progress on transition to one brand and single legal entity with policyholder vote in the fall Moving to one product shelf under Canada Life name ❖ Introduced new products in Individual Customer including new term 30 and term to age 65 * Experiencing strong adoption rates for digital life insurance application, Simple Protect Earnings 1 (In C$ Millions) 1,228 1,228 1,218 1,218 1,219 1,195 1,195 Net Adjusted Net 1,074 1,275 1,275 2014 ROE 22% 2015 20% 2016 2017 2018 20% 18% 20% 19% Segment Information - FY 2018 Net Earnings by Segment* Sales by Segment: $13B 1 Group Customer Group Customer 48% 30% Ind. Customer 52% Ind. Customer 70% ◆ Launched electronic enrolment for Group Life and Health customers *Excludes Corporate earnings of ($40m) 1. Adjusted net earnings, adjusted ROE, and sales are non-IFRS measures. Please refer to the Company's Annual Reports and MD&A filings for definitions and details on these adjustments and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 9#10GREAT-WEST Canada canada life LIFECO INC. Protect and extend leaderships positions through organic growth Strategy Product offering Market position Distribution Digital innovation Group Customer "Win the workplace" Earn the trust of groups of all sizes and be the plan member's go-to-place for financial solutions Life insurance, health benefits, retirement and investment products, and creditor insurance #1 in group life and health sales premiums1; dominant position in group creditor *Distributed through brokers, consultants and advisors Creditor products via retail banks Individual Customer "Deliver for advisors to help Canadians" Be the institution that productive financial advisors want to work with to meet all of their clients' needs Life insurance, living benefits (critical illness and disability), wealth savings and income products #2 to #4 in each insurance category; #2 individual life sales premiums¹; #1 segregated fund sales² Extensive distribution platform with exclusive and independent advisors and managing general agencies Our digital strategy enables collaboration and end-to-end product development to deliver customer- and advisor-focused digital solutions Group Life and Health eEnrolment * GRS technology revamp Flexbox SimpleProtect ܀ Advisor Workspace Constellation 1. LIMRA, full year 2018 results 2. Strategic Insights (Investor Economics), full year 2018 results 10 10#11Europe & Reinsurance GREAT-WEST Irish Life Canada Life Canada Life™ Reinsurance LIFECO INC. Targeted growth through acquisition and product expansion Segment Overview Operations in the U.K. / Isle of Man, Ireland and Germany as well as a Reinsurance business Market leader in group risk and a strong position in payout annuities in the U.K. Irish Life core franchise has leadership positions across all products - pension, investment savings and protection - and channels in Ireland Leading position in unit-linked products sold through brokers in Germany Recent Developments U.K. transformation proceeding on track, including integration of Retirement Advantage Capitalizing on European longevity opportunity with several U.K. bulk annuity deals and a £2.5b long- term longevity reinsurance transaction in Q2 2019 Migrating German business to a scalable, cost effective administrative platform Earnings 1 (In C$ Millions) 1,367 1,311 1,174 1,174 1,200 1,200 1,152 1,121 1,038 1,038 Net Adjusted Net ROE 2014 18% 2015 17% 2016 17% 2017 2018 15% 15% 16% 17% Key Metrics - FY 2018 Net Earnings by Segment* Reinsurance 27% Net Earnings by Geography* Reinsurance 27% Ins. & Annuities 73% Ire. / Ger 32% U.K / IOM 41% Launched MyLife, a market leading digital health and wellness app, in Ireland *Excludes Corporate earnings of ($102m) 1. Adjusted net earnings and adjusted ROE are non-IFRS measures. Please refer to the Company's Annual Reports and MD&A filings for definitions and details on these adjustments and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 11#12Europe & Reinsurance Irish Life Canada Life Targeted growth through acquisition and product expansion GREAT-WEST Canada Life LIFECO INC. Reinsurance UK Material player in Annuities; leading in Individual and developing Bulk capability #1 in Group Risk: developing new Individual proposition Lead position in life insurance single premium investments Strong growth in Equity Release mortgages Developing Retirement offering to expand into Wealth Management Ireland #1 in Retail and Corporate across pension, investment savings and protection products Meaningful position in individual health insurance Irish Life Investment Managers (ILIM) is the #1 institutional and retail asset manager with €67B AUM Germany ✰ Personal and occupational pensions and individual protection products Leading position in unit- linked products sold through brokers Growing presence in the "small scheme" Occupational Pensions market Investing in technology to further growth and deliver broader DC Occupational Pensions offering Reinsurance Traditional and Structured Life, Payout Annuity, and Property Catastrophe A diversified portfolio written to 3rd party insurance companies, predominantly in the U.S. and Europe ❖ Considering expanding products and territories ❖ Optimizing structure to be flexible and efficient 12#13GREAT-WEST U.S. Putnam LIFECO INC. EMPOWER 44 RETIREMENT INVESTMENTS Invest for significant organic growth and consolidation opportunities Segment Overview Two primary businesses: Empower Retirement and Putnam Investments ✰ Empower Retirement: second-largest retirement plan record keeper by total participants² in the U.S. with assets under administration of US$640B Putnam: global asset manager providing a broad range of investment strategies with assets under management of US$175B Earnings 1 (In C$ Millions) 306 306 Net Adjusted Net 409 409 388 388 334 269 249 (50) 2014 ROE 7% 2015 8% 2016 2017 2018 4% 5% (1%) 6% 7% Recent Developments Completed sale of U.S. Individual Life Insurance and Annuity business with transaction value of $1.6B ❖ Empower IRA reached US$10B milestone Broadened the Empower offering with the introduction of Advisor Managed Accounts ◆ Improved results at Putnam in Q2 2019 with 9% pre- tax operating margin¹ driven by expense actions and strong fund performance Key Metrics - FY 2018 Net Earnings by Segment* Sales by Segment: $106B 1 Other 2% Ind. Mkts Empower 50% Fin. Services 43% 48% Putnam 57% *Excludes Corporate earnings of $52m. Putnam earnings of ($61m) 1. Adjusted net earnings, adjusted ROE, pre-tax operating margin, and sales are non-IFRS measures. Please refer to the Company's Annual Reports and MD&A filings for definitions and details on these adjustments and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. Pensions & Investments, April 2018 13#14GREAT-WEST U.S. EMPOWER Putnam LIFECO RETIREMENT INVESTMENTS Invest for significant organic growth and consolidation opportunities Great-West Financial1 Empower Retirement Competes in the U.S. retirement market focused on defined contribution (DC) plans • 9.2M participants, 39K plans, AUA US$640B Growth rate of 3x the industry in 2018² Serves all segments of the employer-sponsored retirement plan market: government, corporate, non-profit, private-label recordkeeping, and IRAs ❖ Strong position in government sector and gaining share across core and large segments Technology and transformation project underway to reduce costs and enhance customer experience Strategy focused on organic and inorganic growth * Longer-term strategy is to work directly with consumers outside of retirement plans Great-West Investments Offers retirement-focused products to Empower customers Note: AUA, AUM, and participants as of June 30, 2019. 1. 2. The Great-West Financial brand is being retired; Empower Retirement will be used moving forward Based on participant growth, 2018 RRI for industry growth rate Putnam Investments Retail mutual funds and institutional asset management; AUM of US$175B Offers a broad range of investment products, including equity, fixed-income, absolute return and alternative strategies Putnam continues to sustain strong mutual fund investment performance relative to peers (as of June 30, 2019): - 90% and 77% of fund assets performed above the Lipper median on a three- and five-year basis, respectively 74% of fund assets performed in the Lipper top quartile on a three-year basis Distributed through broker dealers, financial planners, registered investment advisors and other financial institutions INC. 14#15Diverse asset management platforms $747B AUM glc asset management canada life EMPOWER RETIREMENT EXCLUSIVE AGENTS ACTIVE GWL REALTY ADVISORS GREAT-WEST LIFECOINC. ATA Putnam INVESTMENTS bbb bobb PANAGORA DIRECT PASSIVE Retail Customers Institutional ALTERNATIVE MULTI-ASSET PLATFORMS INDEPENDENT BROKER Canada Life Investments Setanta ASSET MANAGEMENT Irish Life Investment Managers Note: In C$, at June 30, 2019 15#16History of value creation through M&A Strategic acquisition New products / services New customer segments New distribution channels Synergy target achieved EPS accretive 1997 2003 2007 2013 2014 2016 2017 London Life Canada Life Putnam Irish Life INVESTMENTS GREAT-WEST LIFECO INC. 2018 EMPOWER RETIREMENT JP Morgan RPS AVIVA Health insurance from Aviva GloHealth Clearly Great Cover FINANCIAL HORIZONS GROU retirement advantage Invesco ✓ ✓ ✓ ✓ NA NA Integration X NA ongoing NA ROE target X NA NA achieved 16#17Company highlights Highly diversified business with leadership positions in key markets Proven ability to generate strong and stable long-term earnings Strong balance sheet, capital and liquidity, and strong credit ratings GREAT-WEST LIFECOINC. 17#18Long track record of consistent execution GREAT-WEST LIFECO INC. Putnam Irish Life 30% Empower launch 25% 20% 15% 10% 5% 0% $- 1997 1998 1999 2000 2001 2002 1. Adjusted net earnings and adjusted ROE are non-IFRS measures. Please refer to the Company's Annual Reports and Management's Discussion and Analysis filings for details on these adjustments and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. In past years, the term 'operating earnings' was also used to denote adjustments applied to the net earnings figures prescribed by IFRS. 18 $2,500 $2,000 Canada Life $1,500 $1,000 London Life $500 Adjusted Net Earnings¹ (C$M) $3,500 $3,000 2003 2004 2005 2006 2007 Adjusted Net Earnings -Adjusted ROE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018#19Stable earnings and dividend growth GREAT-WEST LIFECO INC. Dividends per share (C$) -O-Adjusted net earnings per share¹(C$) 3.05 2.77 2.71 2.68 2.55 2.41 2.30 2.02 2.10 1.83 1.50 1.27 1.10 0.86 0.72 2.11 2.00 2.05 1.92 1.72 1.56 1.47 1.38 1.20 1.23 1.23 1.23 1.23 1.23 1.23 1.30 1.06 0.59 0.93 0.81 0.69 0.56 0.47 0.22 0.27 0.33 0.39 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1. Adjusted net earnings per share is a non-IFRS measure. Please refer to the Company's Annual Reports and Management's Discussion and Analysis filings for details on these adjustments and the appropriate reconciliations of this non-IFRS measure to the measure prescribed by IFRS. In past years, the term 'operating earnings' was also used to denote adjustments applied to the net earnings figures prescribed by IFRS. 19#20Returning value to shareholders (1) GREAT-WEST LIFECO INC. 1998 2018 CAGR Earnings per share (2) $0.59 $3.05 9% Dividends per share $0.22 $1.56 10% Share price $13.00 $28.18 4% $100 Invested (3) $100 $453 8% Consistent shareholder returns over many years 1. Data adjusted for historical share splits 2. Adjusted net earnings per share in 2018. Adjusted net earnings per share is a non-IFRS measure (refer to Note 1, slide 19) 3. Return calculation includes share price appreciation and cash dividends paid for the period Dec. 31, 1998 - Dec. 31, 2018 20 20#21Company highlights Highly diversified business with leadership positions in key markets Proven ability to generate strong and stable long-term earnings Strong balance sheet, capital and liquidity, and strong credit ratings GREAT-WEST LIFECO INC. 21#22Strong balance sheet; conservative investment policy Lifeco Invested Assets 1 $171.8 billion GREAT-WEST LIFECO INC. Bond Portfolio Credit Rating 1 $120.2 billion Loans to Cash & CD's Investment Policyholders 2% 5% Properties 3% Stocks 6% Mortgages 14% BB & Lower 1% BBB 17% AAA 19% A AA Bonds 70% 34% 29% Asset portfolio predominantly fixed income products: bonds (70%) and mortgages (14%) ❖ 99% of bond portfolio is investment grade Note: Figures in C$ 1. As at June 30, 2019 and includes certain funds held by ceding insurers 22 22#23Strong capital position Regulatory Capital Ratios OSFI Minimum 90% OSFI Supervisory Target 100% GWL Target Range 110% - 120% GWL Ratio 136% GREAT-WEST LIFECO INC. GWL LICAT Ratio Total Regulatory Capital Available Regulatory Required Capital $26.5 Billion $19.5 Billion 136% GWL's consolidated LICAT ratio is 136% GWL's LICAT ratio is above our internal target range of 110% - 120% The Company intends to operate toward the high end of its internal target range Lifeco cash of $0.3 billion is not included in the LICAT ratio Note: As of June 30, 2019 1. The Great-West Life Assurance Company 23#24Strong liquidity and credit profile Strong Liquidity & Credit Ratings Profile Financial Strength Ratings A.M. Best DBRS Fitch Moody's S&P GREAT-WEST LIFECO INC. Well Laddered Senior Debt Maturity Profile Senior Debentures (incl. Lifeco guaranteed debt) (C$M) GWL Lifeco (Opco) (Holdco)* Euro Senior Debt $989 A+ $743 $740 AA A (high) $500 AA A Aa3 AA A+ *Lifeco (Holdco) are senior debt ratings Stable Leverage Ratio $393 $342 $194 $900 $648 2020 2023 2026 Note: Based on carrying values 2028 2031 2033 2039 2047 2048 Strong & Stable Coverage Multiple (1) 29.3% 28.9% 27.8% 27.1% 27.1% 26.2% 8.7x 8.8x 8.6x 8.9x 7.1x 7.4x 2014 2015 2016 2017 2018 Q2 2019 Note: All metrics represent metrics for Great-West Lifeco Inc. T 2014 2015 2016 2017 2018 YTD Q2/19 1. Coverage Multiple calculated as earnings before interest & taxes divided by interest & preferred dividends requirements. 24#25Efficient capital structure GREAT-WEST LIFECO INC. Senior Debentures Subordinated Debentures Preferred Shares Euro Senior Debt U.S. Senior Debt Short-term borrowings Capital Trust Securities Great-West Lifeco Inc. $1.9b $2.7b $1.5b $125m Lifeco Finance LP $900m Lifeco Finance 2018, LP $1,039m Canada $100m $159m The Great-West Life Assurance Company (LICAT) Europe (Solvency II) Great-West Life & Annuity Insurance Company (RBC) $226m $130m Putnam Investments LLC $242m Reinsurance U.K. Ireland Germany Note: As of June 30, 2019 in C$ 25 25#26GREAT-WEST LIFECO INC. Investor Presentation Q2 2019 canada life Irish Life EMPOWER RETIREMENT 44 Putnam INVESTMENTS