Great-West Lifeco (GWO) 2025 Scotiabank Financials Summit summary

Leadership transition and strategic priorities

• New leader appointed July 1, bringing extensive experience across Irish, European, and reinsurance businesses.

• No major strategic changes planned; focus remains on executing the current playbook.

• Targets include 8%-10% EPS growth, ROE above 19%, and 80%+ capital generation.

• Four execution priorities: relentless customer focus, AI and digital transformation, operational platform investment, and talent development.

• Portfolio is well-positioned geographically and by business line, with a tilt toward capital-light earnings.

U.S. business and Empower growth

• Empower is a key growth engine, with 13% year-over-year organic growth and successful M&A integrations.

• Workplace (401k) business generates over 80% of U.S. earnings; wealth business under 20% but growing rapidly.

• $135 billion in net plan sales over three years; total AUA at $1.8 trillion.

• Wealth business aims to increase rollover rates from 15% to 20%+ in the near term, with long-term aspirations of 30%+.

• Brand investment and expanded product offerings (private markets, ETFs) are driving engagement and future growth.

European and Canadian operations

• Europe: Focused on Ireland, U.K., and Germany, with no plans to expand into new geographies.

• Ireland holds over 30% market share in most lines; U.K. targets growth in group risk and bulk annuities.

• Germany is a small but modern platform, positioned for growth as market reforms progress.

• Canada: Home market with strong group benefits, growing wealth and retirement segments, and ambitions to lead in defined contribution.

• Canadian business benefits from rational pricing and the ability to reprice products as needed.