Mr. Steve Fiorelli reports

CANADA LIFE ENTERS STRATEGIC PARTNERSHIP WITH NESTO

Great-West Lifeco Inc.'s The Canada Life Assurance Company has entered into a strategic partnership with nesto, a leading Canadian digital mortgage company. As part of this partnership, the companies have reached an agreement to transfer the servicing and support of Canada Life's existing portfolio of residential mortgages to nesto. This follows Canada Life's decision in 2022 to withdraw from the residential mortgage market.

"We are very excited about nesto's award-winning customer service platform, which was an important factor in our decision to choose nesto. We wanted to ensure that our mortgage customers have a best-in-class partner passionate about offering great service for one of their most important investments," said Steve Fiorelli, senior vice-president, wealth solutions, Canada Life. "With the move to nesto, our customers will receive a modern, digital customer experience and will also continue to receive wealth and insurance advice from their current adviser."

This announcement is the beginning of an important relationship between the two firms. In addition to servicing the existing mortgages starting January, 2024, nesto will also be responsible for Canada Life mortgages at maturity. Canada Life borrowers can expect to benefit from nesto's competitive mortgage products, supported by its dedicated team of mortgage advisers.

This partnership and mortgage transfer will increase nesto's mortgages under management to more than $10-billion, marking an important milestone for the Montreal-based start-up. Since its launch in 2018, nesto has achieved significant growth and has earned numerous industry awards, including: 2023 Canadian Mortgage Lender of the Year by the Canadian Lending Association; Canada's Best Mortgage Lender by Forbes Advisor; and Deloitte's Technology Fast 50.

"This partnership is totally aligned with our mission to offer a positive and transparent home financing experience, simplified from start to finish for all Canadians. For over 175 years, Canada Life has raised the bar when it comes to improving the financial well-being of Canadians. It's humbling for nesto to play a small role in Canada Life's rich history. Our teams are 100 per cent committed to providing the highest level of mortgage service possible," said Malik Yacoubi, chief executive officer at nesto.

About The Canada Life Assurance Company

Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For over 175 years, individuals, families and business owners across Canada have trusted Canada Life to provide sound guidance and deliver on the promises it has made. Canada Life proudly serves more than 12 million customer relationships from coast to coast to coast.

Canada Life is a subsidiary of Great-West Lifeco and a member of the Power Corp. of Canada group of companies.

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