2021 ANNUAL REPORT

1 2 021 A N N UA L R E P OR T. CONTENTS. Who We Are 1. Financial Highlights 2. Delivering On Our Promises 3. 2021 Directors' REPORT to shareholders 4. Advice Centred value Creation 6. Digital Capabilities 7. Workplace Extensions 8. Risk and Investment Expertise 10. Encouraging Sustainability 12. Advancing Focus on Diversity and Inclusion 14. Bene tting From Stable and Effective Governance 14. Supporting Our Communities 15. Management's Discussion and Analysis 16. Financial Reporting Responsibility 101. Consolidated Financial Statements 102. Independent Auditor's REPORT 183. Sources of Earnings 187. Five-Year Summary 189. Directors and Senior Of cers 190. Shareholder Information 191. The nancial information in this REPORT is presented in millions of Canadian dollars for the period ended December 31, 2021, unless otherwise indicated.

2 Readers are referred to the Cautionary Notes regarding forward-looking information and non-GAAP nancial measures on page 17. Who We Are OUR MARKET LEADING BRANDS. Great-West Lifeco is well diversi ed across geographies and businesses, and is well positioned for growth by leveraging millions of strong customer and advisor relationships across our market leading brands. OUR EARNINGS DIVERSIFICATION. Canada 38% 31%. Canada Europe Europe Capital and Risk Solutions 17% 16%. Capital and United States Risk Solutions United States OUR CUSTOMERS. 33M+ $ Customer relationships Net policyholder bene ts, dividends and experience refunds paid to customers OUR EMPLOYEES. 28,000+ 170+. Employees supporting Years of delivering our customers on our promises Great-West Lifeco Inc.

3 2021 ANNUAL REPORT 1. Financial Highlights 1-YEAR 3-YEAR. MEDIUM-TERM. PERFORMANCE PERFORMANCE 2021. FINANCIAL OBJECTIVES1 BASE 2. BASE 2. 8-10% base EPS growth $. Base earnings2. 14-15% base ROE Target dividend payout ratio 45-55% of base earnings $. 1-YEAR 3-YEAR Net earnings PERFORMANCE PERFORMANCE. NET FINANCIAL. HIGHLIGHTS NET3 NET3. EPS growth ROE 124%. LICAT ratio4. Dividend payout ratio RETURN ON COMMON. EARNINGS PER shareholders ' DIVIDEND EARNINGS. COMMON SHARE ($) EQUITY (%) PAYOUT RATIO (%) (BILLION $). 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021. Q Base2 Q Net 1. Medium-term de ned as the next 3-5 years. 2018 base EPS: $ ; net EPS: $ are used to calculate 3yr compound growth rates.

4 2. Base earnings per common share (EPS), base return on common shareholders ' equity (ROE) and target dividend payout ratio (base) are non-GAAP ratios calculated using base earnings, a non-GAAP nancial measure. These ratios/measures do not have standardized meanings under GAAP and might not be comparable to similar nancial measures disclosed by other issuers. Additional information on these ratios/measures is incorporated by reference and can be found under Non-GAAP Financial Measures and Ratios . in our 2021 ANNUAL Management's Discussion and Analysis (MD&A), which can be accessed on SEDAR at 3. The description of net ROE and dividend payout ratio (net) is incorporated by reference and can be found under Glossary in our 2021 ANNUAL MD&A.

5 4. LICAT ratio of The Canada Life Assurance Company, calculated in accordance with the OSFI Life Insurance Capital Adequacy Test guideline. For additional information, see Capital Management and Adequacy in our 2021 ANNUAL MD&A. 2 Great-West Lifeco Inc. 2021 ANNUAL REPORT Delivering On Our Promises OUR FOUR value -CREATION PRIORITIES. Focused on the customer and leveraging our risk and investment expertise, our four value - creation priorities will help drive growth across our business' portfolio. The priorities represent areas of strength where we are committed to investing to create shareholder value . ADVICE-CENTERED DIGITAL WORKPLACE RISK &. value CAPABILITIES EXTENSIONS INVESTMENT. CREATION EXPERTISE.

6 OUR PURPOSE. We're driven by our mission and values to promote nancial, physical, and mental well- being; to make positive social and environmental contributions to communities through investments, sponsorships, donations, and volunteerism; to foster workplace diversity and inclusion; and to support the transition to a low-carbon economy. OUR COMMITMENTS. Diversity, Net Zero Equity & ESG. Inclusion Investing Net zero for operations Focus on developing and Inclusion of ESG. well before 2050 promoting DE&I in our information in investment workforce analysis and decisions Net zero for nanced emissions by 2050* Employee Resource Established a global Groups for LGBTQ2+, black Sustainable Investment Our goal is to develop and and persons of colour, Council in 2019.

7 Set responsible, science- Indigenous peoples, persons Signatories to the based targets with disabilities, young UN-supported Principles for Immediate focus is to professionals, and women Responsible Investment develop long-range plan in leadership Recipient of Global Real with meaningful interim Objective for at least 30 per Estate Sustainability targets cent female representation Benchmark (GRESB). on our Board and senior Green Star ratings management team * Scope 3 nanced GHG emissions related to Great-West Lifeco's General Account investment portfolio (invested assets). Great-West Lifeco Inc. 2021 ANNUAL REPORT 3. 2021 Directors' REPORT to shareholders Jeffrey Orr Paul Mahon Chair of the Board President and Chief Executive Of cer We believe that to create sustainable value for shareholders , we must be committed to responding to the needs of all stakeholders.

8 It's with this mindset that Great-West Lifeco and its operating companies continued their positive momentum and delivered strong results in 2021. As the ongoing global pandemic has continued We recognize that we have a responsibility to impact the lives of so many people, to our stakeholders to help address these the health and safety of our customers, challenges. We also recognize that by communities, advisors, and employees has responding to these challenges, we will create remained central to everything we do. We're a stronger and more resilient company. This proud to have had the opportunity to support begins by making values-based decisions on them through the challenges and deliver on how we operate and impact our world.

9 As the promises we've made. part of this, we're thoughtfully developing and implementing strategies in support of the A COMMITMENT FOR A BETTER FUTURE environment, diversity, equity & inclusion, and Over the past year, Great-West Lifeco has sustainability across our organization. This work demonstrated its strength and resilience to enabled us to make a commitment to net zero succeed in a rapidly changing world. At the greenhouse gas emissions by 2050. same time, we recognize that 2021 put a OUR DIVERSIFICATION AND value . spotlight on societal challenges that require CREATION STRATEGY FOR GROWTH. our collective actions. During 2021, Great-West Lifeco delivered These include the ongoing pandemic strong organic growth and deployed signi cant threatening both the health and economic capital to strengthen and extend its diversi ed well-being of so many people, the urgent need portfolio of companies.

10 This growth and for climate action, and social injustices like the investment is enhancing our market leadership tragic legacy of residential schools in Canada positions, strengthening our trusted brands, and systemic racism present in many institutions and creating greater resilience in support of and societies. future growth. 4 Great-West Lifeco Inc. 2021 ANNUAL REPORT Core to our strategy are four value -creation SHARING OUR GROWTH OBJECTIVES. priorities that represent areas of strength In 2021, we announced for the rst time Advice, Digital Capabilities, Workplace medium-term nancial objectives and are Relationships, and Risk & Investment Expertise. pleased to REPORT our progress against them It's in these four areas where we've been in this REPORT .