Mr. Edmund Murphy reports

EMPOWER ANNOUNCES RECORD THIRD-QUARTER EARNINGS OF $364 MILLION, UP 15% YEAR OVER YEAR

Great-West Lifeco Inc.'s Empower had after-tax base earnings of $364-million for the third quarter of 2026, an increase of 15 per cent from the same period in 2025.

Results reflected favourable equity markets, improving wealth management net flows and continued operating leverage, supported by the company's continuing investments in technology, automation and business transformation.

Highlights for the quarter include:

• Empower base earnings increased 10 per cent from the second quarter of 2026.
• Empower personal wealth recorded net inflows of $2.5-billion during the quarter, supported by improved rollover activity following the completion of several business transformation initiatives.
• Workplace solutions and personal wealth base earnings were up 15 per cent and 28 per cent, respectively, year over year.
• Assets under administration reached $2.3-trillion (1).
• Empower now serves more than 22 million participants and investors across its business lines (1).

The company's results were released alongside those of parent company Great-West Lifeco. Full third quarter financial results are available at the parent's website.

"Empower continues to deliver strong financial performance, reflecting the strategic investments we've made in our business over many years," said Edmund F. Murphy III, president and chief executive officer of Empower. "Our focus on expanding our capabilities, strengthening our technology and improving how we serve clients is producing results. We are seeing the benefits of our scale and operating discipline while continuing to invest in the long-term growth of the business."

Strategic growth

Empower continued to advance its strategy of building an integrated workplace financial service platform, bringing together retirement, wealth management, health care benefits, equity compensation and defined benefit solutions.

During the third quarter, Empower closed the acquisition of the Milliman business, which was announced earlier in 2026.

Empower's wealth business generated $2.5-billion in net inflows, reflecting improved rollover activity and progress following the completion of several business transformation initiatives. The results represent continued progress in the company's efforts to strengthen client engagement, expand advice capabilities and improve the overall wealth management experience.

The company continues to invest in capabilities designed to simplify the experience for clients, advisers and plan sponsors while creating a more efficient and connected operating environment.

"Over the past several years, we've made deliberate investments to position Empower for long-term growth," Mr. Murphy said. "The progress we're seeing across our businesses reinforces our strategy and our commitment to building a more comprehensive workplace financial services platform. We believe there is significant opportunity ahead as we continue to broaden our capabilities, improve the client experience and help more Americans achieve their financial goals."

About Empower

Recognized as a leader in retirement services and wealth management (2), Empower administers more than $2.3-trillion in assets (1) for more than 22 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments (1).

(1) As of Sept. 30, 2026. Information refers to all retirement business of Empower Annuity Insurance Company of America and its subsidiaries, including Empower Retirement LLC; Empower Life & Annuity Insurance Company of New York; and Empower Annuity Insurance Company, marketed under the Empower brand. Assets under administration refer to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

(2) Pensions & Investments DC record keeper survey (2026). Ranking measured by total number of participants as of Dec. 31, 2025.