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Investor Presentaiton

Capital & Risk Solutions (CRS) Canada Life™ Reinsurance Segment Overview Provides capital and risk solutions to clients primarily located in the U.S. and Europe through operations in the U.S., Ireland, Barbados and Bermuda Includes both reinsurance and retrocession business transacted directly with clients or through reinsurance brokers Products include traditional and structured life, annuity / longevity, mortgage and surety and property catastrophe reinsurance Lifeco also uses internal reinsurance transactions between companies in the Lifeco group to better manage insurance risks and to facilitate capital management Earnings and ROE 1,2 (C$m) 386 Net 401 Base 614 536 2019 2020 32% 33% 44% 39% Return on Equity & Base Return on Equity Recent Highlights Reinsurance was separated from the Europe and Reinsurance segment in Q1 2020 to form the Capital and Risk Solutions (CRS) segment; the change reflected the realignment of senior leadership responsibilities and was designed to improve transparency and disclosure around CRS' results and strategies CRS completed three major long-term longevity reinsurance agreements in 2020 with $15B of in-force liabilities combined, covering 92k in-payment and deferred pensioners, highlighting CRS' strength as a partner for reinsurance longevity transactions globally 1. Base earnings, return on equity (ROE), and base return on equity are non-IFRS measures. Refer to the Company's Annual Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. In C$ millions 12
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