Mr. Paul Mahon reports

GREAT-WEST LIFECO ANNOUNCES RETIREMENT OF ARSHIL JAMAL

Great-West Lifeco Inc. has provided an update on the coming retirement of Arshil Jamal from his position as president and group head, strategy, investments, reinsurance and corporate development. Mr. Jamal has been with the company for over 25 years, serving in a variety of roles, including nine years as the company's president and chief operating officer, Europe and reinsurance.

"Over the course of his career with Lifeco, Arshil has made significant contributions to our success and set the stage for continued growth," said Paul Mahon, president and chief executive officer of Great-West Lifeco. "On behalf of the board of directors and our entire organization, I want to thank Arshil for his commitment to our company, colleagues and our customers."

Effective Feb. 16, 2024, David Harney, president and chief operating officer, Europe, will assume expanded accountabilities to include the company's capital and risk solutions segment. As a result, Raman Srivastava, executive vice-president and global chief investment officer, will report directly to Mr. Mahon.

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 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.

Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corp. group of companies.