Mr. Paul Mahon reports

GREAT-WEST LIFECO REPORTS RECORD BASE EARNINGS IN THE FIRST QUARTER OF 2024

Great-West Lifeco Inc. (Lifeco) has released its first quarter 2024 results.

This earnings news release for Great-West Lifeco Inc. should be read in conjunction with the Company's Management Discussion & Analysis (MD&A) and Consolidated Financial Statements for the period ended March 31, 2024, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board unless otherwise noted. These reports are available on greatwestlifeco.com under 'Financial reports'. Additional information relating to Great-West Lifeco is available on sedarplus.com. Readers are referred to the cautionary notes regarding Forward-Looking Information and Non-GAAP Financial Measures and Ratios at the end of this release. All figures are expressed in millions of Canadian dollars, unless otherwise noted.

Highlights:

• Base earnings of $1,012-million, or $1.09 per share, up 23 per cent from the first quarter of 2023
• Net earnings from continuing operations of $1,031-million or $1.10 per share, up 68 per cent from a year ago
• Base ROE of 17.2 per cent and ROE from continuing operations of 14.6 per cent
• LICAT Ratio of 129 per cent
• Book value per share of $24.74, up 6 per cent year over year

"We've had a strong start to the year, exceeding $1 billion in quarterly base earnings for the first time, building on our momentum from 2023," said Paul Mahon, President and CEO, Great-West Lifeco. "This is the third consecutive quarter of record base earnings supported by the deliberate actions we've taken to re-position and strengthen our portfolio of businesses. This disciplined execution against our strategies is unlocking value today and positioning Lifeco for sustainable medium and longer term growth and success."

Record base earnings1 of $1,012-million or $1.09 per common share, up 23 per cent from $826-million a year ago reflects growth in expected insurance earnings, improved insurance experience, higher earnings on surplus and higher net fee income driven by equity market levels, and the contribution of recent acquisitions in Canada.

Net earnings from continuing operations of $1,031-million or $1.10 per common share, compared with $614-million a year ago reflects improved market experience from higher equity markets and interest rate movements, partially offset by business transformation impacts primarily in Canada and Empower.

Highlights

• Strong start to the year with performance building on momentum from 2023:
  • Record quarterly base earnings for third consecutive quarter, exceeding $1 billion for the first time.
  • Strong contributions to earnings growth from all four segments.
  • Empower delivered its highest quarterly base earnings and exceeded $1.6-trillion (U.S.) of assets under administration (AUA)1.
  • Operating at the top end of the range of our base ROE medium-term objective.
  • Comfortable leverage ratio and strong regulatory capital positions, building substantial financial flexibility to take advantage of future opportunities.
• Continued focus on delivering value through strategic actions which reposition the portfolio:
  • Prudential integration has been completed in the second quarter of 2024. Retention targets have been exceeded and the expected $180-million (U.S.) pre-tax of run rate cost synergies have been achieved.
  • In Canada, we continue to enhance our information technology operations and transitioned some functions to a managed service arrangement with an external provider.
  • Integration of Investment Planning Counsel (IPC) and Value Partners has contributed to an increase of $296-million in net asset flows in Canada Individual Wealth Management compared with the fourth quarter of 2023.
  • Capital and Risk Solutions segment continues to expand its international presence in targeted new markets, while continuing to focus on core markets and product expansion in Europe and the U.S.
  • Sale of Putnam Investments closed at the start of the first quarter, unlocking value and enabling Lifeco's strategy of building and extending strategic partnerships with best-in-class asset managers to support clients' retirement, group benefits, and personal wealth management needs.
• Canada Life named third most valuable brand and most valuable insurance brand in Canada by Brand Finance.
• Continued focus on improving customer and advisor experiences to drive out greater outcomes in established business lines:
  • In Germany, we completed the migration of all policies onto a new administration platform and are now focused on realizing the benefits from this multi-year technology investment.
  • Canada Life Investment Management, Ltd. merged 20 Canada Life mutual funds in January 2024 to make it easier for advisors and investors to navigate the Canada Life mutual fund lineup.
  • Also in Canada, more than 11,000 advisors and delegates to date have been onboarded to a new central digital platform, enabling access to view Canada Life business, find forms and access other resources and tools including a new digital segregated fund application which enables a seamless onboarding experience.

SEGMENTED OPERATING RESULTS

For reporting purposes, Lifeco's consolidated operating results are grouped into five reportable segments -- Canada, United States, Europe, Capital and Risk Solutions and Lifeco Corporate -- reflecting the management and corporate structure of the Company. For more information, refer to the Company's first quarter of 2024 interim Management's Discussion and Analysis (MD&A).

CANADA

• Q1 Canada segment base earnings of $302-million and net earnings of $353-million -- Base earnings of $302-million increased by $24-million, or 9 per cent, compared with the same quarter last year, reflecting strong group disability results driven by improved morbidity experience, and the addition of IPC and Value Partners, partially offset by lower earnings on surplus.

UNITED STATES

• Q1 United States segment base earnings of $211-million (U.S.) ($286-million) and net earnings from continuing operations of $172-million (U.S.) ($233-million) -- Base earnings of $211-million (U.S.) increased by $48-million (U.S.), or 29 per cent, compared with the first quarter of 2023, primarily due to an increase in fee income due to higher equity markets and growth in the business, higher surplus income, and the dividend income on Franklin Templeton shares, partially offset by lower spread income and higher marketing spend to support business growth.

EUROPE

• Q1 Europe segment base earnings of $204-million and net earnings of $187-million -- Base earnings of $204-million increased by $26-million, or 15 per cent, compared with the same quarter last year, primarily due to the impact of higher interest rates on surplus income, higher net fee and spread income from higher assets under administration and improved mortality experience, partially offset by adverse health claims experience.

CAPITAL AND RISK SOLUTIONS

• Q1 Capital and Risk Solutions segment base earnings of $222-million and net earnings of $260-million -- Base earnings of $222-million increased by $65-million, or 41 per cent, compared with the same quarter last year, primarily due to growth in the structured business and favourable experience primarily driven by the U.S. traditional life business.

QUARTERLY DIVIDENDS

The Board of Directors approved a quarterly dividend of $0.555 per share on the common shares of Lifeco payable June 28, 2024 to shareholders of record at the close of business May 31, 2024.

In addition, the Directors approved quarterly dividends on Lifeco's preferred shares, as follows:

For purposes of the Income Tax Act (Canada), and any similar provincial legislation, the dividends referred to above are eligible dividends. First Quarter Conference Call

Lifeco's first quarter conference call and audio webcast will be held on Thursday, May 2, 2024 at 3:30 p.m. ET.

The call and webcast can be accessed through greatwestlifeco.com/news-events/events or by phone at:

• Participants in the Toronto area: 1-647-484-8814
• Participants from North America: 1-844-763-8274

A replay of the call will be available following the event on our website or by calling 1-855-669-9658 (Canada/U.S toll-free) or 604-674-8052 and using the access code 0835.

Selected financial information is attached.

GREAT-WEST LIFECO INC.

Great-West Lifeco is a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower, and Irish Life. At the start of 2024, our companies had over 32,250 employees, 106,000 advisor relationships, and thousands of distribution partners -- serving approximately 40 million customer relationships.

Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.

Cautionary note regarding Non-GAAP Financial Measures and Ratios

This release contains some non-Generally Accepted Accounting Principles (GAAP) financial measures and non-GAAP ratios as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Terms by which non-GAAP financial measures are identified include, but are not limited to, base earnings (loss), base earnings (loss) (US$), base earnings: insurance service result, base earnings: net investment result, assets under management and assets under administration. Terms by which non-GAAP ratios are identified include, but are not limited to, base earnings per common share (EPS), base return on equity (ROE), base dividend payout ratio and effective income tax rate -- base earnings -- common shareholders. Non-GAAP financial measures and ratios are used to provide management and investors with additional measures of performance to help assess results where no comparable GAAP (IFRS) measure exists. However, non-GAAP financial measures and ratios do not have standard meanings prescribed by GAAP (IFRS) and are not directly comparable to similar measures used by other companies. Refer to the Non-GAAP Financial Measures and Ratios section in this release for the appropriate reconciliations of these non-GAAP financial measures to measures prescribed by GAAP as well as additional details on each measure and ratio.

BASE AND NET EARNINGS

Consolidated base earnings and net earnings of Lifeco include the base earnings and net earnings of Canada Life (and its operating subsidiaries), Empower and PanAgora Asset Management, together with Lifeco's Corporate operating results. Net earnings also include the earnings from Putnam Investments reported as discontinued operations.

For a further description of base earnings, refer to the Non-GAAP Financial Measures and Ratios section of this document and the Company's first quarter of 2024 interim Management's Discussion and Analysis.

We seek Safe Harbor.