Investor Presentaiton

Europe & 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

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