Investor Presentaiton
GREAT-WEST LIFECO
27
Footnotes
Slide 3
1. By market capitalization; Source: S&P Global Market Intelligence, June 30, 2023
2. As of June 30, 2023
4. Net earnings of $3.6B, base earnings of $3.3B for the year ended December 31, 2022 as reported for IFRS 17 comparatives and excluding discontinued operations related to Putnam Investments. Lifeco earnings include Corporate net loss of $26M
and $11M for base earnings and net earnings respectively in 2022. Figures may not sum to 100% due to rounding
5. Insurer Financial Strength rating applicable to operating subsidiaries of Great-West Lifeco Inc. ("Lifeco"); The Canada Life Assurance Company ("Canada Life") and Empower Annuity Insurance Company of America (formerly Great-West Life &
Annuity Insurance Company, name change effective August 1, 2022)
Slide 4
2. Additional information regarding the composition of this financial measure has been incorporated by reference and can be found in the "Glossary" section of the Company's Q2 2023 MD&A
3. Financial strength ratings for The Canada Life Assurance Company
4. The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company (Canada Life), Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the
Office of the Superintendent of Financial Institutions' guideline -Life Insurance Capital Adequacy Test. For additional details, refer to the "Capital Management and Adequacy" section of the Company's Q2 2023 MD&A, available for review on SEDAR+
at www.sedarplus.ca
5. Corporate structure as of June 30, 2023
6. Sale of Putnam is expected to close in the fourth quarter of 2023, contingent on regulatory and other customary conditions
7. The acquisition of Investment Planning Counsel is expected to close by the end of 2023 and is subject to regulatory and other customary closing conditions
Slide 5
1. In Canadian dollars. Base earnings for the year ended December 31, 2022, of $3.3B and Net earnings of $3.6B on an IFRS 17 basis and excluding discontinued operations related to Putnam Investments. Corporate represents -1% of base earnings and
-0% of net earnings
3. Based on 2022 Fraser Group Universe Report and addition of Public Service Health Care Plan (PSHCP) participants in July 2023
4. Q4 2022 LIMRA Report for Group Life and Health
5. Pensions & Investments 2021 Defined Contribution Survey Ranking as of April 2022
6. Milliman Ireland market data and management estimates
7. RedC brand tracking consumer research
8. The Swiss Re Group Watch report 2023
9. AM Best August 17, 2022 - Ranked by gross premium written in 2021
Slide 8
3. With the transition to IFRS17 and increase in base ROE objective, there is no appropriate 5-year comparison.
4. The definition of base earnings (loss) was refined in 2023 and applied to 2022 comparative results. 2017 base earnings were calculated by excluding items from net earnings as discussed in the "Non-GAAP Financial Measures and Ratios" section of
the Company's Q2 2023 MD&A. In addition, the Company excluded earnings related to the business transferred to Protective Life under an indemnity reinsurance agreement in 2019 to provide a more accurate comparison for the 5-year growth rate.
2017 base earnings were $2,244 million and base earnings per share was $2.269 compared to net earnings of $2,149 million and net earnings per share of $2.173. Items excluded from 2017 base earnings included a positive impact on actuarial
assumption changes and management actions of $243 million, a negative impact on market-related impacts on liabilities of $3 million, restructuring and integration costs of $160 million, a net charge on business disposition of $122 million, a net
charge on tax legislative impacts of $216 million and $163 million of earnings related to the business transferred to Protective Life.
Slide 12
1. In Canadian dollars; rounded to the nearest cent.
2. As of December 31, 2022. Common dividends paid per share * 4/quarterly closing share price
4. Additional information regarding the composition of this financial measure has been incorporated by reference and can be found in the "Glossary" section of the Company's Q2 2023 MD&A.View entire presentation