Great-West Lifeco Inc. (Lifeco or the Company) today announced its Q1 2025 results.

"We delivered strong results in the first quarter, including double-digit base earnings growth in our Retirement and Wealth businesses," said Paul Mahon, President and CEO, Great-West Lifeco. "Our U.S. segment continues to be the leading driver of this growth, with strong net flows on the back of retirement plan wins and excellent momentum in rollover sales. While market volatility is elevated, the core business continues to perform, and our growth ambitions remain well supported by our strong capital generation and balance sheet."

Key Financial Highlights

Base earnings1 of $1,030 million or $1.11 per common share in the first quarter, up 5% from $978 million a year ago. The results reflect higher base earnings in our Retirement and Wealth businesses, primarily driven by business growth and higher equity markets compared to a year ago, as well as improved expense efficiency and favourable currency movements. These items were partially offset by lower earnings on surplus, write downs on three mortgage loans totaling $45 million, a claims provision of $21 million related to the California wildfires, and unfavourable mortality experience.

Net earnings from continuing operations of $860 million or $0.92 per common share in the first quarter, compared to $1,031 million a year ago primarily reflect unfavourable market experience, particularly lower returns on real estate assets and interest rates.

Highlights

Q1 2025 SEGMENTED OPERATING RESULTSFor reporting purposes, Lifeco's consolidated operating results are grouped into five reportable segments â?? Canada, United States, Europe, Capital and Risk Solutions and Corporate â?? reflecting the management and corporate structure of the Company. For more information, refer to the Company's first quarter 2025 interim Management's Discussion and Analysis (MD&A).

UNITED STATES

CANADA

EUROPE

CAPITAL AND RISK SOLUTIONS

QUARTERLY DIVIDENDSThe Board of Directors approved a quarterly dividend of $0.61 per share on the common shares of Lifeco payable June 30, 2025, to shareholders of record at the close of business June 2, 2025.

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.

NCIB Share PurchasesThe Company previously announced that it intends to purchase $500 million under its current NCIB, in addition to any purchases made to offset dilution under its share compensation plans. These share repurchases are made subject to market conditions, the Company's ability to effect the purchases on a prudent basis, and other strategic opportunities emerging.

In Q1 2025, the Company repurchased 2.1 million shares for $111 million, of which $80 million represented purchases in respect of the additional $500 million intention for 2025.

Q1 2025 Conference CallLifeco's first quarter conference call and audio webcast will be held on Thursday, May 8, 2025 at 9:30 a.m. ET.

The live webcast of the call will be available at 1st Quarter 2025 â?? Conference Call and Webcast or by calling  1-833-752-3481 (toll-free) or  1-647-846-7232 for International participants.

A replay of the call will be available following the event on our website or by calling 1-855-669-9658 (Canada toll-free) or 1-412-317-0088 (U.S. toll-free) and using the access code 9089756.

Selected financial information is attached.

GREAT-WEST LIFECO INC.Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of March 31, 2025, Great-West Lifeco's total client assets exceeded $3 trillion.

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.

Basis of presentationThe condensed consolidated interim financial statements for the period ended March 31, 2025 of Lifeco, have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this release, unless otherwise noted.

Cautionary note regarding Forward-Looking InformationFrom time to time, Lifeco makes written and/or oral forward-looking statements within the meaning of applicable securities laws, including in this release. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "achieve", "ambition", "anticipate", "believe", "could", "estimate", "expect", "initiatives", "intend", "may", "objective", "opportunity", "plan", "potential", "project", "target", "will" and other similar expressions or negative versions of those words. Forward-looking information includes, without limitation, statements about the Company and its operations, business (including business mix), financial condition, expected financial performance (including revenues, earnings or growth rates, and medium-term financial objectives), strategies and prospects, expected costs and benefits of acquisitions and divestitures (including timing of integration activities and timing and extent of revenue and expense synergies), the timing and extent of expected transformation charges and related expected run-rate base earnings savings, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities and solutions and investments in strategic partnerships), value creation and realization and growth opportunities, product and service innovation, expected dividend levels, expected cost reductions and savings, expected capital management activities and use of capital, the timing and extent of possible share repurchases, market position, estimates of risk sensitivities affecting capital adequacy ratios, estimates of financial risk sensitivities (including as a result of current market conditions), anticipated global economic conditions, potential impacts of catastrophe events, potential impacts of geopolitical events and conflicts and the impact of regulatory developments on the Company's business strategy, growth objectives and capital. 

Cautionary note regarding Non-GAAP Financial Measures and RatiosThis 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 (loss) - pre-tax", "base earnings: insurance service result", "base earnings: net investment result", "assets under management or advisement", "assets under administration only", "client assets", "non-par base operating and administration expenses", and "run-rate insurance earnings". 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", "base capital generation", "efficiency ratio", "effective income tax rate â?? base earnings â?? common shareholders" and "pre-tax base operating margin". 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.

Assets under administration (AUA), assets under management or advisement (AUMA), and client assets

SOURCE Great-West Lifeco Inc.

SOURCE: Great-West Lifeco Inc.

For more information: Media Relations: Tim Oracheski, 204-946-8961,
media.relations@canadalife.com; Investor Relations: Shubha Khan, 416-552-5951,
shubha.khan@canadalife.com

COMTEX_465319884/2197/2025-05-07T17:10:00