Mr. Paul Mahon reports

CANADA LIFE ANNOUNCES RETIREMENT OF JEFF MACOUN

Great-West Lifeco Inc. subsidiary Canada Life has confirmed the upcoming retirement of Jeff Macoun, president and chief operating officer of its Canadian operations, and the upcoming appointment of Fabrice Morin into the role. After a greater-than-40-year career with the company, Mr. Macoun will transition to the role of senior adviser to the president and COO. In his new role, Mr. Morin will have executive responsibility for Canada Life's Canadian operations and join the executive management committee of Great-West Lifeco. Both changes will be effective Feb. 16, 2024.

Mr. Macoun has been with Canada Life for over 40 years, including the past six as president and chief operating officer, Canada, Canada Life. In that role, Mr. Macoun led the company to the historic milestone of coming together as one Canada Life brand and steered through the unprecedented challenges of COVID-19.

"On behalf of the board of directors and our entire organization, I want to thank Jeff for his vision, passion and leadership," said Paul Mahon, president and chief executive officer, Great-West Lifeco and Canada Life. "During a long and distinguished career, Jeff has made significant contributions across our Canadian business. I am particularly grateful for his impact as president, Canadian operations."

Mr. Morin is currently executive vice-president, individual wealth and insurance solutions. Mr. Morin joined Canada Life in 2019 from Power Corp. of Canada. Since joining Canada Life, Mr. Morin has led a series of portfolios, including finance, strategy, marketing, real estate, individual insurance and wealth solutions.

"With more than 20 years of global leadership experience in the financial services industry, Fabrice is positioned to help us drive growth and unlock value for our customers and broader stakeholders," said Mr. Mahon. "I look forward to working closely with Fabrice. His exceptional vision, strategic acumen and focus on innovation will serve us well."

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. Great-West Lifeco operates in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. At the end of 2022, Great-West Lifeco's companies had approximately 31,000 employees, 234,500 adviser relationships and thousands of distribution partners -- all serving over 38 million customer relationships across these regions.