Great-West Lifeco (GWO) investor relations material

Strategic overview

• Over 175 years of history with more than 40 million customer relationships and $3.7 trillion in client assets, making it the third largest life insurer in North America by market capitalization.

• Operates leading businesses in the U.S., Canada, Europe, and Capital & Risk Solutions (CRS), with diversified earnings and strong market positions in retirement, group benefits, and wealth management.

• Strategic playbook focuses on building leadership in stable markets, investing for market leadership, and maintaining capital and risk discipline.

• Execution priorities include customer-centricity, digital transformation leveraging AI, operational excellence, and enabling growth through diversification and capital discipline.

• Positive long-term trends such as aging populations, growing retirement savings gaps, and increased demand for risk management support growth opportunities.

Segment performance and growth ambitions

• U.S. segment targets double-digit CAGR in base earnings, driven by Empower's leadership in retirement plans and workplace solutions, with a focus on advice solutions and cost efficiency.

• Canadian segment aims for mid-single digit CAGR in base earnings, leveraging its top position in workplace benefits and non-bank wealth, expanding advice platforms, and deepening client relationships.

• European segment seeks mid-single digit plus CAGR, building on leadership in group benefits and annuities, expanding in Irish wealth and UK bulk annuities, and driving operational efficiencies.

• CRS segment is positioned for high-margin growth, focusing on capital and risk solutions for insurance clients globally, with disciplined execution and strong client relationships.

Financial performance and objectives

• Achieved $1,270M in base earnings for Q2 2026, up 11% year-over-year, with a base ROE of 19.3% and EPS of $1.42, up 15% year-over-year.

• Five-year annualized total shareholder return of 25.8%, significantly outpacing major indices.

• Medium-term objectives include 8-10% base EPS growth, base ROE of 19%+, and a base dividend payout ratio of 45-55%.

• Highly cash-generative businesses with targeted base capital generation of 80%+ and disciplined capital allocation to maximize shareholder returns.