Mr. Paul Mahon reports

GREAT-WEST LIFECO ANNOUNCES CHIEF FINANCIAL OFFICER SUCCESSION PLAN

Great-West Lifeco Inc. has created a succession plan for its chief financial officer to support the company's focus on building long-term, sustainable growth for its shareholders and all stakeholders.

Jon Nielsen will be joining the company as CFO designate on Sept. 5, 2023, and will be appointed chief financial officer in Q1 2024. Garry MacNicholas has made the decision to retire in Q2 2024 and will be working closely with Mr. Nielsen to ensure a seamless transition.

"I'm pleased to welcome Jon to our team. He has both an impressive track record and deep experience across financial services," said Paul Mahon, president and chief executive officer, Great-West Lifeco. "With his expertise and wealth of experience, Jon will be a valuable addition to our executive team as we chart our course for our future success."

Mr. Nielsen joins Lifeco from Asian-based insurer FWD, where he served as chief financial officer. He has extensive international experience from across the insurance sector, having undertaken senior finance and risk roles in the United States, Asia and Europe. He also holds a master of professional accountancy and a bachelor of science in business administration from the University of Nebraska Lincoln.

"Great-West Lifeco is known for its rich history, commitment to its customers and its high performing teams," said Mr. Nielsen. "I'm excited for the opportunity to help drive forward the next chapter in the company's storied history of growth and innovation."

After a successful 40-year career with the company that included leadership roles in operations, actuarial, risk and finance, Mr. MacNicholas has chosen to retire.

"Garry has been a source of strength for our company, helping to guide the organization through significant change during his tenure as CFO," said Mr. Mahon. "His leadership and unwavering consistency have been key in helping us deliver for our stakeholders and navigate through significant change. I'm especially grateful for his tireless efforts to successfully lead the company's transition to the new IFRS [International Financial Reporting Standards] 17 standard -- a once-in-a-generation change."

About Great-West Lifeco Inc.

Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses. The company operates in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments and Irish Life. At the end of 2022, the company had approximately 31,000 employees, 234,500 adviser relationships and thousands of distribution partners -- all serving over 38 million customer relationships across these regions. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corp. group of companies.