Great West Lifeco : 3rd Quarter 2025 Results Quarterly Report to Shareholders

2025 QUARTERLY REPORT TO SHAREHOLDERS THIRD QUARTER RESULTS

FOR THE PERIOD ENDED

September 30, 2025

Quarterly Report to Shareholders

For cautionary notes regarding forward-looking information and non-IFRS financial measures, see page 2.

This report available at https://www.greatwestlifeco.com or by contacting the Corporate Secretary's Office at 204-946-4388.

QUARTERLY REPORT TO THE SHAREHOLDERS January 1 to September 30, 2025 Nine Months Results

The condensed consolidated interim unaudited financial statements including notes at September 30, 2025 were approved by the Board of Directors at a meeting held today.

Great-West Lifeco Inc. (Lifeco or the Company) today announced its Q3 2025 results.

Key Financial Highlights

In-Quarter			Year-to-Date
	Q3 2025	Q2 2025 Q3 2024	2025	2024
Earnings
Base earnings1	$ 1,225	$ 1,149 $ 1,061	$ 3,404	$ 3,077
Net earnings	$ 1,158	$ 894 $ 859	$ 2,912	$ 2,895
Earnings per share Base EPS2	$ 1.33	$ 1.24 $ 1.14	$ 3.67	$ 3.30
Net EPS	$ 1.25	$ 0.96 $ 0.92	$ 3.14	$ 3.10
Return on Equity Base ROE2,3ROE	17.7% 15.8%	17.4% 17.3% 14.9% 15.6%

Record base earnings1of $1,225 million or $1.33 per common share in the third quarter, up 15% from

$1,061 million a year ago. The strong results reflect double-digit base earnings growth across all lines of business. This was primarily driven by higher average assets from higher equity markets and strong sales, elevated insurance experience gains, modest credit experience, as well as favourable currency movements. These items were partially offset by lower earnings on surplus from lower yields.

Net earnings from continuing operations of $1,158 million in the third quarter ($859 million a year ago) or

$1.25 per common share, included business transformation impacts from initiatives announced earlier this year, as well as the modest impact from assumption changes and management actions, partially offset by favourable market experience.

1This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2Base EPS and base return on equity are non-GAAP ratios. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

3Base return on equity and return on equity - continuing operations are calculated using the trailing four quarters of applicable earnings and common shareholders' equity.

Highlights

• Strong underlying performance:

  • Base earnings reached a record $1.23 billion, up 15% year-over-year, driven by double-digit growth in our U.S., CRS and Europe businesses. Net earnings reached $1.16 billion, up 35% year-over-year.

  • Base ROE was 17.7% and remains poised to expand, primarily owing to strong growth in our capital-efficient business, especially in the U.S. (ROE was 15.8%).

  • Strong base capital generation and $2.5 billion in cash at Lifeco continue to provide substantial flexibility.

• Continued repositioning of the portfolio toward higher-growth, capital-efficient businesses:

  • Total client assets4 of $3.3 trillion, of which $1.1 trillion represents higher-margin assets under management or advisement4.

  • Strong growth in client assets of 14% in Retirement and 17% in Wealth.

  • Double-digit growth in Group Benefits base earnings, driven by strong insurance experience in Canada and favourable Group Benefits experience in the UK.

• U.S. segment continued to deliver double-digit base earnings growth:

  • Empower's Retirement business generated US$30 billion in net plan inflows in Q3 2025, relative to

    the expectation of US$25 billion for the second half of 2025 announced in Q2 2025.

  • Empower Wealth net flows5 improved by 43% to US$3.4 billion compared to a year ago, primarily from strong rollover sales, as well as higher client and asset retention.

  • Empower reported record pre-tax base operating margins4 of 32% in Retirement, up 120 bps from a year ago, and 38% in Wealth, up 340 bps from a year ago, driven by continued operational efficiency.

• Strong base earnings contribution from Capital and Risk Solutions (CRS) reinsurance business:

  • CRS base earnings up 20% from the prior-year quarter, driven by sustained demand for capital solutions. Net earnings increased to $280 million from $19 million a year ago.

  • Segment base ROE continues to exceed 40% (ROE of 41%).

• Balance sheet strength provides substantial financial flexibility:

  • LICAT Ratio6 of 131%, down 1 percentage point from Q2 2025, driven by greater organic reinvestment in Capital Solutions new business in CRS.

  • Leverage ratio of 27% as at September 30, 2025, was lower than in the preceding quarter due to the repayment of US$500 million senior notes, which matured on August 12, 2025.

  • Lifeco cash of $2.5 billion reflected significant share repurchases in the quarter.

  • The Company completed a preferred share offering for gross proceeds of $200 million in Q3 2025, enhancing its financial flexibility.

  • Book value per share of $27.86, up 8% year over year.

4This is a non-GAAP financial measure/ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

5See "Cautionary Note regarding Forward-Looking Information" regarding the estimated net plan inflows of Empower's Retirement business.

6The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company, Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test.

Q3 2025 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 Corporate - reflecting the management and corporate structure of the Company. For more information, refer to the Company's third quarter 2025 interim Management's Discussion and Analysis (MD&A).

In-Quarter				Year-to-Date
	Q3 2025	Q2 2025	Q3 2024 (restated8)	2025	2024 (restated8)
Segment base earnings7
United States	$ 436	$ 341 $ 390		$ 1,142	$ 1,027
Canada	371	375 356		1,062	1,056
Europe	266	262 224		767	686
Capital and Risk Solutions	265	229 220		707	624
Corporate	(113)	(58) (129)		(274)	(316)
Total base earnings	$ 1,225	$ 1,149 $ 1,061		$ 3,404	$ 3,077
Segment net earnings from continuing
operations
United States	$ 376	$ 305 $ 373		$ 1,019	$ 896
Canada	483	255 499		1,039	1,263
Europe	188	126 144		481	591
Capital and Risk Solutions	280	194 19		658	453
Corporate	(169)	14 (176)		(285)	(308)
Total net earnings from continuing operations	$ 1,158	$ 894 $ 859		$ 2,912	$ 2,895
Net earnings (loss) from discontinued operations	-	- -		-	(115)
Net gain on disposal of discontinued operations	-	- -		-	44
Total net earnings	$ 1,158	$ 894 $ 859		$ 2,912	$ 2,824

7This is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

8The Company has updated segment and line of business classifications for 2025 which has resulted in the restatement of certain comparative amounts.

UNITED STATES

• U.S. segment base earnings of US$317 million ($436 million) and net earnings from continuing operations of US$272 million ($376 million) - Base earnings increased 10% from Q3 2024. Higher fee income driven by higher assets from business growth and strong markets was enhanced by record pre-tax operating margins in Retirement and Wealth.

  CANADA

• Canada segment base earnings of $371 million and net earnings of $483 million - Base earnings increased by $15 million, or 4%, compared to the same quarter last year, driven by strong Group Benefits insurance experience and Retirement earnings, partially offset by lower earnings on surplus. Net earnings were positively impacted by market experience and fair value impacts of assumption changes.

  EUROPE

• Europe segment base earnings of $266 million and net earnings of $188 million - Base earnings increased by $42 million, or 19%, compared to the same quarter last year, primarily due to improved Group Benefits insurance experience and increased Wealth and Retirement fee income from higher client assets, as well as the impact of currency movements. These items were partially offset by lower earnings on surplus.

  CAPITAL AND RISK SOLUTIONS

• Capital and Risk Solutions segment base earnings of $265 million and net earnings of $280 million - Base earnings increased by $45 million, or 20%, compared to the same quarter last year, primarily due to continued strength in Capital Solutions new business volume and favourable Risk Solutions claims experience.

QUARTERLY DIVIDENDS

The Board of Directors approved a quarterly dividend of $0.61 per share on the common shares of Lifeco payable December 31, 2025, to shareholders of record at the close of business December 3, 2025.

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

First Preferred Shares	Amount, per share
Series G	$0.3250
Series H	$0.30313
Series I	$0.28125
Series L	$0.353125
Series M	$0.3625
Series N	$0.109313
Series P	$0.3375
Series Q	$0.321875
Series R	$0.3000
Series S	$0.328125
Series T	$0.321875
Series Y	$0.28125
Series Z	$0.38260

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

David Harney

President and Chief Executive Officer November 5, 2025

MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED SEPTEMBER 30, 2025 DATED: NOVEMBER 5, 2025

This Management's Discussion and Analysis (MD&A) presents management's view of the financial condition, financial performance and cash flows of Great-West Lifeco Inc. (Lifeco or the Company) for the three and nine months ended September 30, 2025 and includes a comparison to the corresponding periods in 2024, to the three months ended June 30, 2025, and to the Company's financial condition as at December 31, 2024, as applicable. This MD&A provides an overall discussion, followed by analysis of the performance of Lifeco's four major reportable segments: United States (U.S.), Canada, Europe, and Capital and Risk Solutions.

TABLE OF CONTENTS

	Basis of Presentation and Summary of Accounting Policies		Liquidity and Capital Management
2	Cautionary Note Regarding Forward-Looking Information	29	Liquidity
3	Cautionary Note Regarding Non-GAAP Financial Measures and Ratios	30	Cash Flows
		30	Commitments/Contractual Obligations
	Overview	31	Capital Management and Adequacy
4	Execution Priorities	32	Return on Equity
	Consolidated Operating Results	32	Ratings
5	Financial Highlights		Risk Management
6	2025 Developments	33	Risk Management Overview
7	Base and Net Earnings	33	Exposures and Sensitivities
9	Taxes
13	Lifeco Lines of Business		Accounting Policies
	Segmented Operating Results	35	International Financial Reporting Standards
15	United States		Other Information
17	Canada	35	Summary of Earnings Reclassifications
20	Europe	37	Non-GAAP Financial Measures and Ratios
23	Capital and Risk Solutions	42	Glossary
24	Corporate	45	Disclosure Controls and Procedures
		45	Internal Control Over Financial Reporting
	Consolidated Financial Position	45	Transactions with Related Parties
25	Assets	45	Quarterly Financial Information
27	Liabilities	46	Translation of Foreign Currency
28	Lifeco Capital Structure	46	Additional Information

Basis of Presentation and Summary of Material Accounting Policies

The condensed consolidated financial statements of Lifeco, which are the basis for data presented in this report, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) unless otherwise noted and are presented in millions of Canadian dollars unless otherwise indicated. This MD&A should be read in conjunction with the Company's condensed consolidated interim unaudited financial statements for the period ended September 30, 2025. Refer also to the "Accounting Policies" section of this MD&A and the Annual MD&A and audited consolidated financial statements for the year ended December 31, 2024.

The Company has enhanced its disclosures and updated segment and line of business classifications for 2025 which has resulted in the restatement of certain comparative amounts in this MD&A. Refer to the "Summary of Earnings Reclassifications" section of this MD&A for additional information.

‌Cautionary Note Regarding Forward-Looking Information

From time to time, Lifeco makes written and/or oral forward-looking statements within the meaning of applicable securities laws, including in this MD&A. 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 in this MD&A 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/impacts, 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), expected net plan inflows, expected credit experience, 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.

Lifeco's medium-term financial objectives are forward-looking non-GAAP financial measures. Lifeco's ability to achieve those objectives depends on whether the Company is able to achieve segment earnings growth ambitions and other business growth objectives and on certain key assumptions, including: (i) the performance of equity, interest rate and credit markets during the relevant period is consistent with management's expectations, which take into account current market information and assume no credit impairments; (ii) the achievement of the Company's segment base earnings growth ambitions; (iii) the achievement of enterprise and segment efficiency ambitions; (iv) capital levels and available and attractive options for capital deployment; (v) no significant changes in the level of our regulatory capital requirements; (vi) no significant changes to the Company's effective income tax rate; (vii) no significant changes to the Company's number of shares outstanding; (viii) no material assumption changes and no material accounting standard changes. Our medium-term financial objectives do not reflect indirect effects of equity, interest rate and credit market movements, including the potential impacts of those movements on goodwill or the current valuation allowance on deferred tax assets as well as other items that may be non-operational in nature. Further, Lifeco's target base dividend payout ratio assumes that the Company's financial results and market conditions will enable us to maintain our payout ratio in the target range. Dividends on outstanding common shares of the Company are declared and paid at the sole discretion of the Company's board of directors. The decision to declare a dividend on the common shares of the Company takes into account a variety of factors including the level of earnings, adequacy of capital and availability of cash resources.

Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, wealth and retirement solutions industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. With respect to possible share repurchases, the amount and timing of actual repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, our ability to effect the repurchases on a prudent basis, capital requirements, applicable law and regulations (including applicable securities laws), and other factors deemed relevant by the Company, and may be subject to regulatory approval and/or conditions. In all cases, whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, the ability to integrate and leverage acquisitions and achieve anticipated benefits and synergies, the achievement of expense synergies and client retention targets from the acquisition of the Prudential retirement business, the Company's ability to execute strategic plans and adapt or recalibrate these plans as needed, the Company's reputation, business competition, assumptions around sales, pricing, fee rates, customer behaviour (including contributions, redemptions, withdrawals and lapse rates), mortality and morbidity experience, expense levels, reinsurance arrangements, global equity and capital markets (including continued access to equity and debt markets and credit instruments on economically feasible terms), geopolitical tensions and related economic impacts, interest and foreign exchange rates, inflation levels, liquidity requirements, investment values and asset breakdowns, hedging activities, financial condition of industry sectors and individual issuers that comprise part of the Company's investment portfolio, credit ratings, taxes, impairments of goodwill and other intangible assets, technological changes, breaches or failure of information systems and security (including cyber-attacks), assumptions around third-party suppliers, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, changes in actuarial standards, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third-party service providers, unplanned changes to the Company's facilities, customer and employee relations, levels of administrative and operational efficiencies, and other general economic, political and market factors in North America and internationally.

The above list is not exhaustive, and there may be other factors listed in other filings with securities regulators, including those set out in the "Risk Management" and "Summary of Critical Accounting Estimates" sections of the Company's Annual MD&A for the year ended December 31, 2024 and in the Company's annual information form dated February 5, 2025 under "Risk Factors". These, along with other filings, are available for review at https://www.sedarplus.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information.

Other than as specifically required by applicable law, the Company does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.

‌Cautionary Note Regarding Non-GAAP Financial Measures and Ratios

This MD&A 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", "client assets", "non-par base operating and administration expenses", and "run-rate insurance results". 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 - base earnings - 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 MD&A 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.

‌Overview

Great-West Lifeco Inc. 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 over 40 million customer relationships. As of September 30, 2025, Great-West Lifeco's total client assets exceeded 3.3 trillion.

Execution Priorities

Great-West Lifeco is guided by four execution priorities in pursuit of its strategy and ambition. These priorities reinforce the company's unwavering focus on its customers, the need to be constantly innovating by investing in new digital and AI-enabled solutions, accelerating operational efficiency to constantly improve performance, and maintaining a culture that enables growth by supporting its employees.

Our strategic priorities guide our actions

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

Consolidated Operating Results

‌Selected consolidated financial information

As at or for the three months ended For the nine months ended

(in Canadian $ millions, except per share amounts)

Sept. 30

2025

June 30

2025

Sept. 30

2024

Sept. 30

2025

Sept. 30

2024

Base earnings1	$ 1,225	$ 1,149	$ 1,061	$ 3,404	$ 3,077
Net earnings from continuing operations2	1,158	894	859	2,912	2,895
Net earnings - common shareholders	1,158	894	859	2,912	2,824
Per common share
Basic:
Base earnings3	1.33	1.24	1.14	3.67	3.30
Net earnings from continuing operations	1.25	0.96	0.92	3.14	3.10
Net earnings	1.25	0.96	0.92	3.14	3.03
Dividends paid	0.610	0.610	0.555	1.830	1.665
Book value per common share2	27.86	27.38	25.78
Base dividend payout ratio3	45.9 %	49.2 %	48.7 %
Dividend payout ratio2	48.7 %	63.5 %	60.3 %
Efficiency ratio3	56.2 %	56.7 %	57.1 %
Base return on equity3	17.7 %	17.4 %	17.3 %
Return on equity - continuing operations2	15.8 %	14.9 %	15.6 %
Financial leverage ratio4	27 %	28 %	29 %
Total assets per financial statements	$ 858,676	$ 814,842	$ 779,741
Total assets under management or advisement1	1,114,020	1,036,167	965,922
Total assets under administration only2	2,193,703	2,007,290	1,915,626
Total client assets1	3,307,723	3,043,457	2,881,548
Total assets under administration1	3,543,766	3,275,298	3,110,284
Total contractual service margin (net of reinsurance contracts held)	13,611	13,802	13,517
Total equity	33,215	32,696	31,311
Canada Life Assurance Company consolidated LICAT Ratio5	131 %	132%	134%

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

3 This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

4 The calculation for financial leverage ratio includes the after-tax non-participating contractual service margin (CSM) balance in the denominator, excluding CSM associated with segregated fund guarantees. This reflects that the CSM represents future profit and is considered available capital under LICAT. These ratios are estimates based on available data.

5 The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company, Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test. Refer to the "Capital Management and Adequacy" section of this document for additional details.

‌2025 Developments

Lifeco has updated its financial performance ambitions by updating its medium-term financial objectives effective January 1, 2025 as follows:

• Increased its base return on equity (ROE) objective to 19%+ from 16-17%,

• Introduced a new base capital generation objective of 80%+, and

• Reaffirmed its base earnings per share (EPS) growth objective of 8-10% and base earnings dividend payout ratio objective of 45-55%.

The Company's base capital generation measure, calculated over the trailing 12 months ending September 30, 2025, exceeded 80%. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details on base capital generation, which is a non-GAAP ratio.

• As previously announced, within the next three years, Lifeco plans to incur an estimated $250 million to $300 million of post-tax restructuring costs, through investment in modernized technology platforms, and retiring legacy systems as well as enhancing productivity through increased automation and leveraging a global workplace. These restructuring costs are a subset of business transformation and other costs excluded from base earnings. For the first nine months of 2025, the Company incurred or provisioned for a net of $187 million post-tax of business transformation and other costs, of which

  $56 million post-tax was recorded in the third quarter of 2025.

• The Company's efficiency ratio for the third quarter of 2025 was 56.2% compared to 57.1% in the same quarter last year. The improvement in Lifeco's efficiency ratio was driven primarily by increased scale at Empower.

• For the nine months ended September 30, 2025, the Company repurchased 13.3 million shares for $696 million under the current NCIB. Lifeco intends to repurchase shares worth $1.5 billion in aggregate for 2025 excluding purchases made to offset option 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.

• The Company's financial leverage ratio at September 30, 2025 was 27% compared to 29% at the end of 2024. This reduction was primarily due to the repayment of US$500 million senior notes in the third quarter of 2025, growth in equity from retained earnings and the impact of currency movement and growth of non-participating CSM, excluding segregated funds.

• The Canada Life Assurance Company LICAT ratio increased one point to 131% from December 31, 2024, due to reductions in required capital and the contribution of earnings in the period.

Macroenvironmental Risks

Many factors contribute to the economic uncertainty in the geographies in which the Company operates and to the elevated volatility of global financial markets. Elevated global financial market volatility is due, in part, to certain geopolitical conflicts, trade policy and fiscal policy developments, which the Company actively monitors. Central banks are weighing these factors in consideration of interest rate decisions in many of the countries in which the Company operates. The outlook for financial and real estate markets over the short and medium-term remains uncertain and the Company actively monitors events and information globally.

The Company's strategies are resilient and flexible, positioning it to navigate current market conditions and continue to identify and pursue opportunities, including organic growth and acquisition activities, while supporting customers and employees in an evolving environment.

‌Base and Net Earnings

Consolidated base earnings and net earnings of Lifeco include the base earnings and net earnings of Empower, Canada Life (and its operating subsidiaries) and the Company's Corporate operating results (including PanAgora Asset Management). Net earnings for the nine months ended September 30, 2024 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.

For further details on restated earnings for the three quarters of 2024, refer to the "Summary of Earnings Reclassification" section of this document.

For the three months ended For the nine months ended

Base earnings (loss)1 United States Canada

Europe

Capital and Risk Solutions Corporate

Lifeco base earnings1

Sept. 30

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

$ 436	$ 341 $ 390	$ 1,142	$ 1,027
371	375 356	1,062	1,056
266	262 224	767	686
265	229 220	707	624
(113)	(58) (129)	(274)	(316)
$ 1,225	$ 1,149 $ 1,061	$ 3,404	$ 3,077
$ 40	$ (104) $ 41	$ (155)	$ 176
(25)	(3) (203)	(60)	(165)
(56)	(121) (4)	(187)	(82)
(37)	(38) (36)	(112)	(111)
11	11 -	22	-
$ (67)	$ (255) $ (202)	$ (492)	$ (182)
$ 376	$ 305 $ 373	$ 1,019	$ 896
483	255 499	1,039	1,263
188	126 144	481	591
280	194 19	658	453
(169)	14 (176)	(285)	(308)
$ 1,158	$ 894 $ 859	$ 2,912	$ 2,895
-	- -	-	(115)
-	- -	-	44
$ 1,158	$ 894 $ 859	$ 2,912	$ 2,824

Items excluded from base earnings

Market experience relative to expectations2 Assumption changes and management actions2 Business transformation and other impacts

Amortization of acquisition-related finite life intangibles Tax legislative changes and other tax impacts

Items excluded from Lifeco base earnings

Net earnings (loss) from continuing operations2

United States Canada Europe

Capital and Risk Solutions Corporate

Lifeco net earnings from continuing operations2 Net earnings (loss) from discontinued operations Net gain from disposal of discontinued operations

Lifeco net earnings - common shareholders

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base Earnings

Base earnings for the third quarter of 2025 of $1,225 million ($1.33 per common share) increased by $164 million or 15% from

$1,061 million ($1.14 per common share) a year ago. The strong results reflect double-digit base earnings growth across the Wealth and Group Benefits businesses, improved insurance experience and modest credit experience. Base earnings growth includes:

• higher U.S. segment base earnings from higher fee income driven by increased asset levels from higher equity markets and business growth, partially offset by an increase in operating expenses incurred to support growth;

• higher Capital and Risk Solutions base earnings from higher Capital Solutions new business volume and improved Risk Solutions experience; and

• higher base earnings in the Europe segment from overall favourable group benefits experience, and higher fee income driven by asset growth as well as the positive impact of currency movements.

  For the nine months ended September 30, 2025, Lifeco's base earnings were $3,404 million ($3.67 per common share) compared to $3,077 million ($3.30 per common share) a year ago. The increase was primarily due to:

• higher U.S. segment base earnings driven by higher fee income driven by increased asset levels from higher equity markets and business growth, partially offset by higher credit-related impacts on invested assets, higher paid crediting rates as well as lower asset volumes resulting in lower margins.

• higher Capital and Risk Solutions segment base earnings driven by higher Capital Solutions new business volume and improved Risk Solutions experience; and

• higher Europe segment base earning driven by higher earnings from favourable group benefit experience, improved health experience in Ireland, higher fee income driven by asset growth as well as the positive impact of currency movements.

  Net Earnings

  Lifeco's net earnings from continuing operations for the three month period ended September 30, 2025 of $1,158 million ($1.25 per common share) increased by $299 million or 35% compared to $859 million ($0.92 per common share) a year ago. The increase was primarily due to higher base earnings as well as the net impacts of the following items excluded from base earnings:

• improved impact from assumption changes and management actions. Refer to the "Assumption Changes and Management Actions" section of this document for additional details;

• partially offset by higher negative business transformation and other impacts, driven by guaranty fund assessment fees associated with an acquired business recognized during the current quarter in the U.S. and higher restructuring costs in the Europe segment.

  For the nine months ended September 30, 2025, Lifeco's net earnings from continuing operations were $2,912 million ($3.14 per common share) compared to $2,895 million ($3.10 per common share) a year ago. The increase was primarily due to higher base earnings as well as the net impacts of the following items excluded from base earnings:

• lower market experience relative to expectations impacts due to lower returns than expected on real estate assets, and interest rate and spread movements in the Europe and Capital and Risk Solutions segments, offset by interest rate movements in the Canada segment;

• higher negative business transformation and other impacts, driven by a restructuring provision recorded in the second quarter of 2025 in the Canada segment, higher restructuring costs in the Europe segment as well as guaranty fund assessment fees associated with an acquired business recognized during the current quarter in the U.S.; and

• partially offset by improved impact from assumption changes and management actions. Refer to the "Assumption Changes and Management Actions" section of this document for additional details.

  The results from discontinued operations for the nine months ended September 30, 2024, included a net loss of $115 million as well as a $44 million final gain on sale.

  Lifeco's net earnings from continuing operations for the three month period ended September 30, 2025 of $1,158 million ($1.25 per common share) increased by $264 million or 30% compared to $894 million ($0.96 per common share) in the previous quarter. The increase was primarily due to an increase in base earnings of $76 million and higher earnings from items excluded from base earnings of $188 million. The increase in base earnings is primarily due to:

• higher U.S. base earnings due to negative credit-related impacts from the prior quarter that did not repeat, higher net fee income driven by market appreciation and volumes, partially offset by higher growth related expenses.

• higher Capital and Risk Solutions base earnings from Capital Solutions new business volumes and improved Risk Solutions experience.

  The increase in items excluded from base earnings is primarily due to:

• improved market related experience impacts related to interest rates; and

• lower business transformation and other costs largely related to restructuring provisions in the Canada segment in the second quarter of 2025.

  Foreign Currency

  The average currency translation rate for the third quarter of 2025 increased for the euro, British pound and the U.S. dollar compared to the third quarter of 2024. For the three months ended September 30, 2025, the overall impact of currency movement compared to translation rates a year ago:

• on the Company's base earnings was an increase of $29 million (increase of $94 million year-to-date) compared to translation rates a year ago;

• on the Company's net earnings was an increase of $25 million (increase of $60 million year-to-date) .

  From June 30, 2025 to September 30, 2025, the market rates at the end of the reporting period used to translate the U.S. dollar and euro assets and liabilities to the Canadian dollar increased, while the British pound remained flat. The movements in end-of-period exchange rates impact the translation of foreign operations, including related hedging activities, resulting in post-tax unrealized foreign exchange gains of $308 million in-quarter ($164 million net unrealized loss year-to-date) recorded in other comprehensive income.

  Translation rates for the reporting period and comparative periods are detailed in the "Translation of Foreign Currency" section.

  ‌Taxes

  The Company's effective income tax rates on earnings attributable to common shareholders and total Lifeco earnings are presented below.

  Effective Income Tax Rates For the three months ended For the nine months ended

  	Sept. 30 2025	June 30 2025	Sept. 30 2024	Sept. 30 2025	Sept. 30 2024
  Base earnings - common shareholders1	16.7 %	11.7 %	16.3 %	15.2 %	17.8 %
  Net earnings - common shareholders	16.0 %	5.9 %	16.1 %	13.2 %	16.9 %
  Net earnings - total Lifeco	13.8 %	3.2 %	12.8 %	11.1 %	14.7 %

  1 This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details

  The Company's effective income tax rate is generally lower than the statutory income tax rate of 28.0% due to benefits related to non-taxable investment income and lower income tax rates in certain foreign jurisdictions.

  In the third quarter of 2025, the effective income tax rate on base earnings for the common shareholders of 16.7% was up from 16.3% in the third quarter of 2024, primarily due to:

• changes in certain tax estimates.

  In the third quarter of 2025, the effective income tax rate on net earnings for the common shareholders was comparable to the third quarter of 2024.

  In the third quarter of 2025, the Company's effective income tax rate on net earnings for total Lifeco of 13.8% was up from 12.8% in the third quarter of 2024, primarily due to:

• lower non-taxable investment income partially offset by the jurisdictional mix of earnings.

  In the third quarter of 2025, the Company's effective income tax rates on base earnings and net earnings for the common shareholders and net earnings for total Lifeco were up from the previous quarter, primarily due to:

• changes in certain tax estimates relating to prior year tax matters reflected in the second quarter of 2025.

  For the nine months ended September 30, 2025, the effective income tax rate on base earnings for the common shareholders of 15.2% was down from 17.8% in the same period last year, primarily due to:

• changes in certain tax estimates relating to prior year tax matters.

  For the nine months ended September 30, 2025, the Company's effective income tax rates on net earnings for both the common shareholders and for total Lifeco were down from the same period of 2024, primarily due to:

• changes in certain tax estimates relating to prior year tax matters as well as the jurisdictional mix of earnings.

  Refer to note 14 of the Company's condensed consolidated interim unaudited financial statements for the period ended September 30, 2025 for further details.

  Items Excluded from Base Earnings

  Market Experience Relative to Expectations

  For the three months ended For the nine months ended

  Public equity market impacts

  Real estate and other non-fixed income asset impacts Interest rate and other impacts

  Total market experience relative to expectations

  Sept. 30

  $ 2	$ 22 $ 22	$ 9	$ 49
  (37)	(51) (10)	(126)	(95)
  75	(75) 29	(38)	222
  $ 40	$ (104) $ 41	$ (155)	$ 176

  2025

  June 30

  2025

  Sept. 30

  2024

  Sept. 30

  2025

  Sept. 30

  2024

  Market experience relative to expectations, which are reflected in the net investment result of the Company's consolidated statement of earnings, positively impacted net earnings by $40 million in the third quarter of 2025, compared to a positive impact of $41 million in the third quarter of 2024. The in-quarter impact was primarily due to:

• positive interest rate and other impacts from liabilities increasing by less than their supporting assets in the Canada segment, due to risk-free rate decreases at shorter terms and an increase at the longer term; partially offset by

• negative real estate and other non-fixed income asset impacts primarily due to lower returns than expected on real estate assets in the U.K. in the Europe segment.

  For the nine months ended September 30, 2025, market experience relative to expectations negatively impacted net earnings by $155 million which compares unfavourably to a positive impact of $176 million for the same period in 2024. The 2025 year-to-date negative impact was primarily due to:

• negative real estate and other non-fixed income asset impacts from lower returns than expected on real estate assets;

• negative interest rate and other impacts in the Europe and Capital and Risk Solutions segments partially offset by positive interest rate and other impacts in the Canada segment.

  In order to mitigate the Company's exposure to interest rate fluctuations, the Company follows disciplined processes for matching asset and liability cash flows. As a result, the impact of changing interest rates is mostly mitigated in the current period, with the impact of changes in fair values of bonds backing insurance contract liabilities mostly offset by a corresponding change in the insurance contract liabilities. However, differences in the interest rate sensitivity in the value of assets and the value of insurance and investment contract liabilities leads to a sensitivity to interest rate movements in net earnings due to the Company's asset liability management strategies and accounting policy choices. These choices include consideration of the impact on regulatory capital, which can result in increased net earnings sensitivity, but decreased capital sensitivity. For example, the Company's asset liability management strategy uses public equities and other non-fixed income assets as a component of general fund assets supporting liabilities, which leads to interest rate exposure in net earnings. The classification of financial assets, which are valued at amortized cost and held in the general fund assets supporting liabilities (for example, mortgage assets in the U.K.), also contributes to interest rate exposure in net earnings. Furthermore, sensitivities to interest rate movements vary depending upon the geography where the changes occur and the level of change in interest rates by term.

  For a further description of the Company's sensitivity to equity market and interest rate fluctuations, including sensitivity disclosures as a result of current market conditions, refer to the "Risk Management" section of this document as well as note 6 of the Company's condensed consolidated interim unaudited financial statements for the period ended September 30, 2025.

  Assumption Changes and Management Actions

  Assumption changes on insurance risks and certain management actions directly impact CSM, for contracts which have CSM. The impact of assumption changes and certain management actions on CSM are measured at locked-in rates, for contracts measured under the General Measurement Model.

  Net earnings impacts arise from the fair value impact of measuring assumption changes impacting CSM at fair value (relative to the impacts on CSM measured at locked-in rates), as well as assumption changes on financial risks on certain products and assumption changes on insurance risks on contracts which do not have CSM (including short-term insurance contracts).

  The table below summarizes how assumption changes and management actions impact CSM and earnings.

  		Products with CSM		Products without CSM
  Type of business		Non-participating insurance and longevity business	Pass through and fee-based insurance business	Short-term business
  Products
  Financial statement impact of assumption changes	CSM1
  	Earnings

  • Term life / universal life

  • Disability / critical illness

  • Payout annuities

  • Life reinsurance

  • Longevity swaps

  • Segregated funds

  • Participating insurance

  • Group life and health

  • Structured and P&C reinsurance

  • Liabilities for incurred claims

  • Insurance assumptions - locked-in rates impact2

  • Insurance assumptions

  • Financial assumptions

  • Insurance assumptions - fair value impact2

  • Financial assumptions

  • Insurance assumptions

  • Financial assumptions

  1 If there is no CSM balance, then the impact of both insurance and financial assumption changes flows through earnings.

  2 As current discount rates are generally higher than locked-in rates (as locked-in rates were mostly set as at January 1, 2022), a favourable change in insurance assumptions would increase the CSM and result in a negative earnings impact in the period.

  The following table shows the net earnings and CSM impacts of assumption changes and management actions in the third quarter of 2025 and the same quarter in 2024.

  Assumptions CSM impacts1 For the three months ended

  September 30, 2025

  Longevity

  Mortality

  Policyholder behaviour Other

  Total

  Net earnings

  impact (post-tax) Description

  $

  10

  (21)

  35

  $

  (49)

  (25)

  $

  30

  (24)

  (184)

  $

  17

  (161)

  Updates to reflect recent longevity experience, primarily on portfolios in the Capital and Risk Solutions segment and the Europe segment

  Updates to reflect recent mortality experience on the U.S. life reinsurance portfolio in the Capital and Risk Solutions segment and recent mortality experience and trends in the Canada segment

  Updates to lapse assumptions on universal life insurance in the Canada segment

  Other updates, including financial and expense assumptions

  $

  294

  (203)

  $

  For the three months ended September 30, 20242

  Total

  1 Excludes participating and segregated fund policies.

  2 Comparative figures have been restated to remove the impact of assumption changes on segregated fund policies to conform to the current period's presentation.

  Discussion on CSM and earnings impacts below relate to non-participating business, excluding segregated funds except where noted relating to segregated funds business.

  For the three months ended September 30, 2025, assumption changes and management actions resulted in:

• a decrease in CSM of $161 million;

• a negative earnings impact of $25 million; and

• a decrease in CSM of $105 million on segregated fund business; In the Canada segment:

• CSM was negatively impacted by $164 million;

• net earnings were positively impacted by $33 million ;

• these impacts were primarily due to updates on policyholder behaviour assumptions;

• CSM was also negatively impacted by $109 million on segregated fund business, due to updates to policyholder behaviour assumptions and model refinements.

  In the Europe segment:

• CSM was negatively impacted by $17 million;

• net earnings were positively impacted by $8 million;

• these impacts were primarily due to updates to longevity assumptions partially offset by positive impacts to the CSM from a management action relating to reinsurance in the U.K..

  In the Capital and Risk Solutions segment:

• CSM was positively impacted by $21 million;

• net earnings were negatively impacted by $20 million;

• these impacts were primarily due to updates to longevity and mortality assumptions. In the Corporate segment:

• net earnings were negatively impacted by $46 million, primarily due to model refinements on a U.S. legacy insurance portfolio.

  In the U.S. segment:

• CSM was negatively impacted by $1 million;

• CSM was positively impacted by $4 million on segregated fund business.

  The above compares to assumption changes and management actions for the three months ending June 30, 2025:

• an increase in CSM of $7 million;

• a negative net earnings impact of $3 million; and

• a decrease in CSM of $19 million on segregated fund business.

  This also compares to assumption changes and management actions for the three months ending September 30, 2024:

• an increase in CSM of $294 million;

• and a negative net earnings impact of $203 million; and

• an increase in CSM of $11 million on segregated fund business.

  For the nine months ended September 30, 2025, assumption changes and management actions resulted in:

• a decrease in CSM of $144 million;

• a negative net earnings impact of $60 million; and

• a decrease in CSM of $125 million on segregated fund business.

  For the nine months ended September 30, 2024, assumption changes and management actions resulted in:

• a $275 million CSM increase;

• a negative net earnings impact of $165 million; and

• an increase in CSM of $12 million on segregated fund business.

  Other Items Excluded from Base Earnings

  For the third quarter of 2025, other items excluded from base earnings were negative $82 million compared to negative $40 million a year ago. Business transformation and other costs increased by $52 million compared to the same period in the prior year, primarily due to:

• guaranty fund assessments associated with an acquired business in the U.S. segment; and

• restructuring costs in the Europe segment.

  For the nine months ended September 30, 2025, other items excluded from base earnings were negative $277 million compared to negative $193 million a year ago. Business transformation and other costs increased by $105 million compared to the same period in the prior year, primarily due to higher restructuring costs in the Canada segment as well as the same reasons discussed for the in-quarter results.

  These items were partially offset by:

• provision releases related to the 2003 acquisition of Canada Life Financial Corporation from the prior quarter; and

• restructuring costs related to the acquisition of the full-service retirement services business of Prudential Financial Inc. (Prudential) in the U.S. segment from the prior year that did not repeat.

‌Lifeco Lines of Business

The Company has a diversified mix of business across its reportable operating segments and accordingly supplements its analysis of results with reporting and disclosures by business type or "lines of business". The Company focuses on four key lines of business that extend across its reportable operating segments:

• Retirement

• Wealth

• Group Benefits

• Insurance & Risk Solutions

  The table below demonstrates the relative size, based on base earnings, of each line of business by operating segment. The table excludes the Corporate segment and earnings on surplus and other reconciling items.

  Capital and Risk Solutions

Operating Segments

In-quarter base earnings1 ($ millions)

Lines of Business		U.S.		Canada		Europe
Retirement		$312		$50		$10
Wealth		$83		$65		$56
Group Benefits				$175		$82

Insurance & Risk

Solutions

$63

$95

$246

1 Earnings on surplus, corporate expenses & other as well as Corporate segment results are not included.

Lifeco Earnings by Lines of Business

For the three months ended For the nine months ended

Base earnings (loss)1

Retirement Wealth

Group Benefits

Insurance & Risk Solutions Earnings on surplus Corporate expenses & other Lifeco base earnings1

Lifeco net earnings from continuing operations2

Sept. 30

$ 372	$ 293 $ 336	$ 981	$ 879
204	179 173	549	476
257	250 183	711	594
404	370 365	1,118	1,056
133	126 153	396	460
(145)	(69) (149)	(351)	(388)
$ 1,225	$ 1,149 $ 1,061	$ 3,404	$ 3,077
$ 1,158	$ 894 $ 859	$ 2,912	$ 2,895

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

The information in the table above is a summary of base earnings by the Company's lines of business. Additional commentary regarding base earnings by lines of business is included, as applicable, in the "Segmented Operating Results" section of this document.

The following discussion and metrics on the Company's lines of business is presented for the total company. Additional commentary regarding the presented metrics is included, as applicable, in the "Segmented Operating Results" section of this document.

Retirement

The Company has built millions of trusted relationships with customers through the Retirement line of business. These relationships are based on the consistent delivery of retirement solutions that are delivered at scale through employer sponsored plans as a core part of the business. The Company is building lifetime customer relationships through a focus on deepening the value of advice and product solutions to better meet customers' retirement needs.

Selected Financial Results

As at or for the three months ended For the nine months ended

Base earnings (loss)1 Retirement net asset flows2 Net fee and spread income2 Total client assets1

Average client assets2

Sept. 30

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

$ 372	$ 293 $ 336	$ 981
24,146	(30,838) (18,391)	591
1,183	1,119 1,095	3,456
2,724,416	2,500,452 2,382,470
2,609,015	2,439,776 2,308,906

2024 (Restated)

$ 879

(32,141)

3,258

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Wealth

In partnership with over 108,000 advisor relationships globally at the start of 2025, the Company is delivering targeted and sophisticated solutions supported by personalized advice to meet customers' personal wealth needs. The approach is enabled through investments in technology platforms and in managed solutions to help advisors continue to meet the evolving needs of customers.

Selected Financial Results

As at or for the three months ended For the nine months ended

Base earnings (loss)1 Wealth net asset flows2

Net fee and spread income2 Total client assets1

Average client assets2

CSM, segregated fund products

Sept. 30

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

$ 204	$ 179	$ 173	$ 549
2,314	1,369	6,780	9,654
664	628	594	1,918
529,068	494,782	452,971
511,788	488,458	439,177
3,254	3,248	3,552

2024 (Restated)

$ 476

13,989

1,710

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Group Benefits

The Company has built millions of trusted relationships with customers through the Group Benefits line of business. These relationships are based on health and wellness benefits that are delivered at scale through employer sponsored plans as a core part of the business. The Company offers benefit solutions to small, medium and large sized plan sponsors including a wide range of traditional and specialty group products designed to meet plan members' benefits needs.

Selected Financial Results

As at or for the three months ended For the nine months ended

	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
Base earnings (loss)1	$ 257	$ 250	$ 183	$ 711	$ 594
Sales - Group Benefits (Insured)2	133	185	140	546	446
Sales - Group Benefits (ASO & Other)2	33	67	216	333	317
Fee and other income (ASO & Other)	102	106	109	314	329
In-force premiums (Insured)2	10,497	10,309	9,909

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Insurance & Risk Solutions

The Company has a strong and stable insurance base which helps produce capital that is invested in areas of opportunity for growth. Additionally, with its sophisticated risk and capital management expertise, the Company is helping organizations manage their risks and deliver sustainable customer solutions. By leveraging this expertise, Lifeco is diversifying its portfolio, offsetting or counterbalancing risks and creating value for stakeholders including strong financial performance.

Selected Financial Results

As at or for the three months ended For the nine months ended

	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
Base earnings (loss)1	$ 404	$ 370	$ 365	$ 1,118	$ 1,056
Sales - Insurance2	308	287	240	848	630
Sales - Annuities2	538	552	1,468	1,884	3,655
New business non-participating CSM, excluding segregated fund products	55	59	180	257	389
Non-participating CSM, excluding segregated fund products	6,948	7,153	6,757

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Segmented Operating Results

The segmented operating results of Lifeco, including the comparative figures, are presented on an IFRS basis. Consolidated operating results for Lifeco comprise the results of Empower, Canada Life (and its operating subsidiaries), Lifeco's corporate results (including PanAgora Asset Management) as well as results from Putnam Investments, reported as discontinued operations. The following sections analyze the performance of Lifeco's four major reportable segments: United States (U.S.), Canada, Europe and Capital and Risk Solutions.

Translation of Foreign Currency

For the United States, Europe and Capital and Risk Solutions segments, foreign currency assets and liabilities are translated into Canadian dollars at the market rate at the end of the financial period. All income and expense items are translated at an average rate for the period.

‌United States

The United States segment comprises two distinct lines of business: Empower Workplace, which is aligned with the Retirement line of business, and Empower Wealth. The United States segment operating results for Lifeco include the results of Empower Annuity Insurance Company of America (Empower) and an allocation of a portion of Lifeco's Corporate results. The U.S. segment also includes the results of Putnam Investments classified as discontinued operations in 2024.

2025 Developments

• During the first quarter of 2025, Empower announced a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances. Empower will offer benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees' beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more. Empower is working with Alegeus Technologies, LLC, to incorporate the integrated set of CDH benefits into Empower's digital platform under the Empower brand. With a track record of more than 25 years, Alegeus delivers consumer-directed benefit accounts for over 75,000 employers and more than 10 million participants.

• During the second quarter of 2025, Empower announced a new investment option for retirement plan participants incorporating private market opportunities in equity, credit, and real estate into advised defined contribution retirement plans. The initiative was launched in collaboration with asset managers including Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group, and Sagard. The investments are included as part of Collective Investment Trust (CIT) offerings and are intended to provide plan participants with diversified investment options which were previously limited to institutional and high-net-worth investors.

• During the third quarter of 2025, Empower Personal Wealth surpassed $100 billion in assets under administration. Since its launch in 2023, the business has maintained a compound annual growth rate of approximately 25% and recorded an 73% year over year increase in net flows. This growth is supported through strategic acquisitions, as well as continued client adoption of the firm's digital financial tools and advisor-led services. Amid rising demand for wealth management services, Empower Personal Wealth is well positioned to capture market share arising from the intergenerational wealth transfer.

Selected Financial Information

Base earnings and net earnings from continuing operations

For the three months ended For the nine months ended

Base earnings (loss) (US$)1

Retirement Wealth

Earnings on surplus

Base earnings (loss) (US$)1

Items excluded from base earnings (US$)

Net earnings from continuing operations (US$)2

Base earnings (loss) (C$)1

Net earnings from continuing operations (C$)2

Sept. 30

$ 227	$ 175 $ 212	$ 592	$ 547
61	43 44	144	120
29	29 31	83	89
$ 317	$ 247 $ 287	$ 819	$ 756
(45)	(25) (13)	(88)	(97)
$ 272	$ 222 $ 274	$ 731	$ 659
$ 436	$ 341 $ 390	$ 1,142	$ 1,027
$ 376	$ 305 $ 373	$ 1,019	$ 896

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

2 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

Base earnings and net earnings from continuing operations

Base earnings of US$317 million increased by US$30 million compared to the same quarter last year, primarily due to:

• higher fee income driven by higher asset levels resulting from higher equity markets, and growth in both lines of business; and

• partially offset by an increase in operating expenses incurred to support the growth in both lines of business.

  Net earnings from continuing operations for the third quarter of 2025 decreased by US$2 million to US$272 million compared to the same quarter last year. Items excluded from base earnings were negative US$45 million for the third quarter of 2025 compared to negative US$13 million a year ago, primarily due to:

• guaranty fund assessment fees associated with an acquired business recognized during the current quarter;

• less favourable market experience relative to expectations; and

• partially offset by certain income tax credits recognized in quarter.

  For the nine months ended September 30 2025, base earnings of US$819 million increased by US$63 million compared to the same period last year, primarily due to:

• higher fee income driven by higher asset levels resulting from higher equity markets, and growth in both lines of business. This was partially offset by the following items in Retirement:

• higher credit-related impacts on invested assets; and

• higher paid crediting rates and lower asset volumes resulting in lower margins.

  For the nine months ended September 30, 2025, net earnings from continuing operations increased by US$72 million to US$731 million compared to the same period last year. Items excluded from base earnings were negative US$88 million for the nine months ended September 30, 2025 compared to negative US$97 million a year ago, primarily due to higher restructuring and integration expenses in the prior year as well as the same reasons discussed for the in-quarter results.

  Additional financial information

  As at or for the three months ended For the nine months ended

  	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
  Net asset flows - (US$)1
  Retirement	$ 17,079	$ (22,159)	$ (13,746)	$ 123	$ (24,522)
  Wealth	3,370	2,946	2,363	9,084	5,263
  Net asset flows - (US$)1	$ 20,449	$ (19,213)	$ (11,383)	$ 9,207	$ (19,259)
  Net asset flows - (C$)1	$ 28,221	$ (26,515)	$ (15,479)	$ 13,104	$ (26,155)
  Net fee and spread income (US$)1
  Retirement	$ 744	$ 705	$ 700	$ 2,156	$ 2,094
  Wealth	201	183	163	555	464
  Net fee and spread income (US$)1	$ 945	$ 888	$ 863	$ 2,711	$ 2,558
  Net fee and spread income (C$)1	$ 1,303	$ 1,225	$ 1,174	$ 3,782	$ 3,479
  Assets under administration (US$)2
  Assets under management or advisement2	$ 405,245	$ 381,447	$ 355,406
  Assets under administration only1	1,572,403	1,470,351	1,413,561
  Total client assets (US$)2	$ 1,977,648	$ 1,851,798	$ 1,768,967
  Total assets under administration (US$)2	$ 2,015,439	$ 1,889,320	$ 1,810,769
  Total assets under administration (C$)2	$ 2,801,461	$ 2,569,474	$ 2,444,541
  Average client assets (US$)1
  Average client assets - Retirement	$ 1,804,967	$ 1,686,764	$ 1,619,103
  Average client assets - Wealth	101,676	93,511	81,998
  Total average client assets (US$)1	$ 1,906,643	$ 1,780,275	$ 1,701,101
  Total average client assets (C$)1	$ 2,631,167	$ 2,456,779	$ 2,313,497

  1 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  2 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Net asset flows

  In the third quarter of 2025, net asset inflows were US$20.4 billion, compared to net asset outflows of US$11.4 billion for the same quarter last year, primarily due to the following:

• higher large plan sales and lower plan terminations in Retirement; and

• improved rollover results in Wealth.

Large plan sales and terminations can be highly variable from period to period and tend to result in lower margins but nonetheless contribute to covering fixed overhead costs. The number of participants at the end of the third quarter of 2025 increased from the end of the third quarter of 2024 in both Retirement and Wealth.

For the nine months ended September 30, 2025, net asset inflows were US$9.2 billion compared to net asset outflows of US$19.3 billion for the same period last year, primarily due to the same reasons discussed for the in-quarter results.

‌Canada

The Canada segment comprises four distinct lines of business: Retirement, Wealth, Group Benefits and Insurance & Annuities. The segment includes the operating results of the Canadian businesses operated by Canada Life, together with an allocation of a portion of Lifeco's Corporate results.

2025 Developments

• Advancing digital experience across different lines, including mobile experience, underwriting decisions, and disability sponsor support.

• Launched suite of Index ETF segregated funds - solutions provide value of passive investment while offering the benefits of a Canada Life segregated funds policy.

Selected Financial Information

Base earnings and net earnings

For the three months ended For the nine months ended

Base earnings (loss)1

Retirement Wealth

Group Benefits Insurance & Annuities Earnings on surplus Other

Base earnings (loss)1

Items excluded from base earnings

Net earnings - common shareholders

Sept. 30

$ 50	$ 42	$ 40	$ 130	$ 112
65	53	63	172	178
175	186	147	504	465
63	53	67	174	186
25	25	39	76	112
(7)	16	-	6	3
$ 371	$ 375 $ 356		$ 1,062	$ 1,056
112	(120) 143		(23)	207
$ 483	$ 255	$ 499	$ 1,039	$ 1,263

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

Base and net earnings

Base earnings increased by $15 million compared to the same quarter last year, primarily due to:

• higher Group Benefits earnings from favourable long-term disability morbidity experience;

• higher Wealth and Retirement earnings from asset growth driven by market appreciation; and

• lower income on surplus driven by lower interest rates.

  Net earnings for the third quarter of 2025 decreased by $16 million compared to the same quarter last year. Items excluded from base earnings decreased by $31 million to positive $112 million including:

• assumption changes and management actions were positive $33 million compared to positive $106 million for the same quarter last year. Refer to the "Assumption Changes and Management Actions" section of this document for additional details; and

• market experience relative to expectations was positive $86 million in the third quarter of 2025, compared to positive $43 million in the prior year, primarily due to favourable impacts of risk-free interest rates and credit spreads.

  For the nine months ended September 30, 2025, net earnings decreased by $224 million and base earnings increased by $6 million compared to the same period last year. The increase in base earnings was primarily due to the same reasons discussed for the in-quarter results.

  Items excluded from base earnings were negative $23 million compared to positive $207 million for the same period last year, primarily due to:

• a restructuring provision recorded in the second quarter of 2025; and

• less favourable impact of assumption changes and management actions.

  For the third quarter of 2025, net loss attributable to the participating account was $21 million compared to a net loss of $2 million for the same quarter last year, primarily due to past experience variances impacting earnings on surplus in the current quarter.

  For the nine months ended September 30, 2025, the net loss attributable to the participating account was $1 million compared to net earnings of $75 million for the same period last year, primarily due to the same reasons discussed for the in-quarter results.

  Additional financial information

  As at or for the three months ended For the nine months ended

  	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
  Sales1 Group Benefits (Insured)1	$ 67	$ 97	$ 67	$ 289	$ 249
  Group Benefits (ASO & Other)1	33	67	216	333	317
  Insurance & Annuities	118	123	169	348	470
  Net asset flows1 Retirement	$ (74)	$ (567)	$ 20	$ (1,120)	$ 337
  Wealth	(480)	(375)	(193)	(890)	(975)
  Net asset flows1	$ (554)	$ (942)	$ (173)	$ (2,010)	$ (638)
  Net fee and spread income1 Retirement	$ 125	$ 117	$ 116	$ 358	$ 330
  Wealth	233	222	232	688	678
  Net fee and spread income1	$ 358	$ 339	$ 348	$ 1,046	$ 1,008
  Group Benefits fee and other income (ASO & Other)	$ 102	$ 106	$ 109	$ 314	$ 329
  Assets under administration2 Assets under management or advisement2	$ 210,822	$ 200,025	$ 190,365
  Assets under administration only1	2,838	2,786	2,881
  Total client assets2	$ 213,660	$ 202,811	$ 193,246
  Total assets under administration2,3	$ 327,277	$ 313,279	$ 298,942
  Average client assets1 Average client assets - Retirement	$ 81,823	$ 77,521	$ 75,091
  Average client assets - Wealth	124,216	119,423	113,583
  Total average client assets1	$ 206,039	$ 196,944	$ 188,674
  Contractual service margin Insurance & Annuities - Non-Participating	$ 524	$ 690	$ 706
  Wealth - Segregated Funds	1,750	1,755	2,003
  Insurance & Annuities - Participating	3,222	3,214	2,969
  Contractual service margin	$ 5,496	$ 5,659	$ 5,678
  Group Benefits in-force premiums (Insured)1	$ 7,497	$ 7,394	$ 7,296

  1 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  2 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  3 At September 30, 2025, Canada Life had $7.5 billion of proprietary mutual fund assets held by retail clients ($7.3 billion at December 31, 2024). $3.5 billion ($3.4 billion as at December 31, 2024) of these assets are consolidated as investment on account of segregated fund policyholders on the Company's balance sheet.

  Sales

  Canada sales for the third quarter of 2025 included:

• Group Benefits (ASO & Other) sales decreased by $183 million compared to the same quarter last year, primarily due to a one-time additional sale made to the Public Service Health Care Plan in the prior year that did not repeat.

• Insurance and annuities sales decreased by $51 million compared to the same quarter last year, primarily due to lower participating product sales, partially offset by stronger Universal Life sales.

  Canada sales for the nine months ended September 30, 2025 included:

• Group Benefits (Insured) sales increased by $40 million compared to the same period last year, primarily due to continuing improvement in small and large case sales.

• Group Benefits (ASO & Other) sales increased by $16 million compared to the same period last year, due to higher creditor sales.

• Insurance and annuities sales decreased by $122 million due to lower participating product sales.

  Net asset flows

  In the third quarter of 2025, net asset outflows were $554 million compared to net asset outflows of $173 million for the same quarter last year, primarily due to:

• higher retirement terminations and third party wealth mutual fund outflows; and

• partially offset by improved segregated funds flows and sales.

For the nine months ended September 30, 2025, net asset outflows were $2,010 million compared to net asset outflows of $638 million for the same period last year, primarily due to the same reasons discussed above for in-quarter results.

‌Europe

The Europe segment comprises four distinct lines of business: Retirement, Wealth, Group Benefits and Insurance & Annuities. The segment serves customers in the United Kingdom (U.K.) and Germany operating under the Canada Life brand and Ireland under the Irish Life brand along with other acquired brands within the intermediary and wealth markets in Ireland. The segment's results also include an allocation of a portion of Lifeco's Corporate results.

2025 Developments

• In the third quarter of 2025, Canada Life U.K. offshore bond sales reached £0.6 billion ($1.1 billion), marking the highest year-to-date sales on record of £2.2 billion ($4.1 billion).

• In the third quarter of 2025, Irish Life Cornmarket, Ireland's largest public sector financial services broker, acquired Marsh Ireland's personal insurance business, adding over 28,000 policies to its portfolio. This strategic transaction strengthens Cornmarket's position in the General Insurance market and supports long-term growth in both the public sector and broader consumer segments.

• On October 1, 2025, the Company's European asset management businesses officially transitioned to a single legal entity, bringing together Irish Life Investment Managers, Setanta, and Canada Life Asset Management's third-party business under one organization. The new global brand has been revealed as Keyridge Asset Management. Keyridge has Assets Under Management of over $245 billion (€150 billion) and employs more than 300 investment professionals. This integration enhances brand strength, broadens product offerings, and creates a European investment hub to support third-party distribution growth. Future growth will be driven by operational efficiencies, talent development, and strategic partnerships in the UK and North American markets.

• In September 2025, Canada Life Germany launched a new version of their occupational pension product which allows for customers to flex the levels of risk they are willing to accept, which provides an opportunity for the customer for greater returns while also supporting the business's capital efficiency ambitions.

Selected Financial Information

Base earnings and net earnings

For the three months ended For the nine months ended

Base earnings (loss)1

Retirement Wealth

Group Benefits Insurance & Annuities Earnings on surplus

Base earnings (loss)1

Items excluded from base earnings

Net earnings - common shareholders

Sept. 30

$ 10	$ 8 $ 9	$ 25	$ 26
56	68 50	178	134
82	64 36	207	129
95	104 94	288	286
23	18 35	69	111
$ 266	$ 262 $ 224	$ 767	$ 686
(78)	(136) (80)	(286)	(95)
$ 188	$ 126 $ 144	$ 481	$ 591

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

Base and net earnings

Base earnings of $266 million increased by $42 million compared to the same quarter last year. The increase in base earnings is primarily due to:

• higher Group Benefits earnings from favourable group benefits experience in the U.K. and positive mortality experience in Ireland, partially offset by unfavourable group morbidity experience in Ireland;

• higher Wealth earnings from higher fee income driven by AUMA growth;

• the positive impact of currency movements across all lines of business; and

• partially offset by lower earnings on surplus resulting from dividends paid to the parent holding company.

  Net earnings for the third quarter of 2025 increased by $44 million compared to the same quarter last year. Items excluded from base earnings increased by $2 million to negative $78 million:

• assumption changes and management actions were positive $8 million compared to negative $51 million for the same period last year. Refer to the "Assumption Changes and Management Actions" section of this document for additional details;

• market experience relative to expectations was negative $67 million in the third quarter of 2025, compared to negative $23 million in the prior year, primarily due to reductions in property market values and the impact of a reduction in credit spreads in the U.K.; and

• business transformation and other impacts were negative $15 million compared to nil for the same period last year, primarily due to higher restructuring costs.

  For the nine months ended September 30, 2025, net earnings of $481 million decreased by $110 million compared to the same period last year. Base earnings of $767 million increased by $81 million compared to the same period last year, primarily due to:

• higher Group Benefits earnings from favourable experience in the U.K. and Ireland;

• higher Wealth earnings from higher fee income driven by AUMA growth;

• positive impact of currency movements across all lines of business; and

• partially offset by lower earnings on surplus resulting from dividends paid to the parent holding company.

  Items excluded from base earnings were negative $286 million compared to negative $95 million for the same period last year, primarily due to the same reasons discussed for the in-quarter results.

  Additional financial information

  As at or for the three months ended For the nine months ended

  	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
  Sales1 Group Benefits (Insured)1	$ 66	$ 88	$ 73	$ 257	$ 197
  Insurance & Annuities	728	716	1,539	2,384	3,815
  Net asset flows1 Retirement	$ 650	$ 309	$ 282	$ 1,281	$ 838
  Wealth	(1,857)	(2,321)	3,759	(2,130)	7,803
  Insurance & Annuities	21	21	20	60	41
  Net asset flows1	$ (1,186)	$ (1,991)	$ 4,061	$ (789)	$ 8,682
  Net fee and spread income1 Retirement	$ 32	$ 29	$ 27	$ 89	$ 82
  Wealth	154	154	140	457	399
  Net fee and spread income1	$ 186	$ 183	$ 167	$ 546	$ 481
  Assets under administration2 Assets under management or advisement2	$ 285,669	$ 269,153	$ 249,649
  Assets under administration only1	5,224	4,826	4,438
  Total client assets2	$ 290,893	$ 273,979	$ 254,087
  Total assets under administration2,3	$ 349,126	$ 332,475	$ 311,392
  Average client assets1
  Average client assets - Retirement	$ 36,338	$ 34,521	$ 31,835
  Average client assets - Wealth	247,259	239,990	214,077
  Total average client assets1	$ 283,597	$ 274,511	$ 245,912
  Contractual service margin
  Insurance & Annuities - Non-Participating	$ 3,851	$ 3,885	$ 3,713
  Wealth - Segregated Funds	1,549	1,549	1,564
  Contractual service margin	$ 5,400	$ 5,434	$ 5,277
  Group Benefits in-force premiums (Insured)1	$ 3,000	$ 2,915	$ 2,613

  1 Refer to the "Glossary" section of this document for additional details on the composition of this measure.

  2 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  3 At September 30, 2025, total assets under administration excludes $22.9 billion of assets managed for other business units within the Lifeco group of companies ($20.6 billion at June 30, 2025 and $17.8 billion at September 30, 2024).

  Sales

  Europe sales for the third quarter of 2025 included:

• Group Benefits (Insured) sales decreased by $7 million compared to the same quarter last year, primarily due to lower group sales in Ireland.

• Insurance and annuities sales decreased by $811 million compared to the same quarter last year, primarily due to lower bulk annuity sales in the U.K., partially offset by increased individual annuity and equity release mortgage sales.

• the positive impact of currency movements across all lines of business. Europe sales for the nine months ended September 30, 2025 included:

• Group Benefits (Insured) sales increased by $60 million compared to the same period last year, primarily due to strong corporate and voluntary income protection sales in Ireland.

• Insurance and annuities sales decreased by $1,431 million compared to the same period last year, primarily due to lower bulk and individual annuity sales in the U.K., partially offset by increased bulk annuity sales in Ireland.

• the positive impact of currency movements across all lines of business.

  Net asset flows

  In the third quarter of 2025, net asset outflows were $1.2 billion compared to net asset inflows of $4.1 billion for the same quarter last year, primarily due to:

• the 80% transfer of U.K.'s Scottish Friendly book in Wealth of $2.4 billion in July 2025; and

• partially offset by positive wealth net inflows in individual pension and savings and retirement products in Retirement as well as the impact of currency movement.

  For the nine months ended September 30, 2025, net asset outflows were $0.8 billion compared to net asset inflows of $8.7 billion for the same period last year, primarily due to:

• an institutional wealth client withdrawal in Ireland; and

• the 80% transfer of U.K.'s Scottish Friendly book in Wealth. These items were partially offset by:

• positive net wealth inflows in individual pension and savings and retirement in Retirement; and

• the impact of currency movements.

‌Capital and Risk Solutions

The Capital and Risk Solutions segment includes Lifeco's reinsurance business and an allocation of a portion of Lifeco's Corporate results. Capital and Risk Solutions also includes the results for the Company's legacy international businesses.

At Lifeco, the Capital and Risk Solutions segment results are included in the Insurance & Risk Solutions line of business.

2025 Developments

• The Capital and Risk Solutions segment continued to grow by providing tailored solutions to customers while increasing diversification within the portfolio. In 2025, the Capital and Risk Solutions segment continues to prioritize core products with superior risk-adjusted returns and competitive advantage in the U.S. and Europe, while expanding its international presence in targeted new markets. During the third quarter of 2025, the Company seized opportunities in the market and executed numerous strategic transactions, primarily in the capital solutions line of business.

• The Company offers property catastrophe coverage to reinsurance companies and as a result, the Company is exposed to potential claims arising from major weather events and other catastrophic events, primarily hurricanes, windstorms and earthquakes. There were no major catastrophe events in the third quarter of 2025. The Company continues to monitor potential impacts of recent geopolitical conflicts, which are not expected to have a material effect on financial results.

  Selected Financial Information

  Base earnings and net earnings

  For the three months ended For the nine months ended

  Base earnings (loss)1 Reinsurance Earnings on surplus

  Base earnings (loss)1

  Items excluded from base earnings

  Net earnings - common shareholders

  Sept. 30

  $ 246	$ 213 $ 204	$ 656	$ 584
  19	16 16	51	40
  $ 265	$ 229 $ 220	$ 707	$ 624
  15	(35) (201)	(49)	(171)
  $ 280	$ 194 $ 19	$ 658	$ 453

  2025

  June 30

  2025

  Sept. 30

  2024 (Restated)

  Sept. 30

  2025

  Sept. 30

  2024 (Restated)

  1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  Base and net earnings

  Base earnings increased by $45 million compared to the same quarter last year, primarily driven by:

  • higher Capital Solutions new business volume; and

  • improved Risk Solutions claims experience.

    Net earnings for the third quarter of 2025 increased by $261 million compared to the same quarter last year. Items excluded from base earnings for the third quarter of 2025 were positive $15 million in the third quarter of 2025 compared to negative

    $201 million for the same period last year mainly due to:

  • the change in net impact of life and annuity business assumption updates. Refer to the "Assumption Changes and Management Actions" section of this document for additional details.

    For the nine months ended September 30, 2025, net earnings increased by $205 million and base earnings increased by $83 million compared to the same period last year primarily due to the same reasons discussed for the in-quarter results.

    Items excluded from base earnings for the nine months ended September 30, 2025 were negative $49 million compared to negative $171 million for the same period last year, primarily due to:

  • the change in net impact of life and annuity business assumption updates; and

  • the impact of interest rate and credit spread movements relative to expectations.

  Additional financial information

  As at or for the three months ended For the nine months ended

  	Sept. 30 2025	June 30 2025	Sept. 30 2024 (Restated)	Sept. 30 2025	Sept. 30 2024 (Restated)
  Run-rate insurance results by product1
  Capital Solutions	$ 146	$ 127	$ 107	$ 392	$ 319
  Risk Solutions (excl. P&C)	94	92	90	278	254
  P&C and other	21	21	19	60	61
  Total run-rate insurance results	$ 261	$ 240	$ 216	$ 730	$ 634
  Total balance sheet assets	$ 11,663	$ 11,847	$ 9,302
  Contractual service margin Reinsurance - Non-Participating	$ 2,510	$ 2,513	$ 2,284
  Reinsurance - Participating	1	1	1
  Contractual service margin	$ 2,511	$ 2,514	$ 2,285

  1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

  ‌Corporate

  The Corporate segment includes operating results for activities of Lifeco that are not associated with the major business units of the Company. These items include:

• certain overhead expenses, earnings on surplus, financing charges and related taxes not directly associated with the operations of the major business units of the Company;

• the results of PanAgora Asset Management (PanAgora);

• dividend income from shareholdings in Franklin Resources, Inc. (Franklin Templeton); and

• the results of the U.S. insurance portfolio including a retained block of life insurance, predominately participating policies, which are now administered by Protective Life, as well as a closed life retrocession block and guaranteed lifetime withdrawal benefit (GLWB) product.

Selected Financial Information - Corporate

For the three months ended For the nine months ended

Base earnings (loss)1

Items excluded from base earnings

Net earnings (loss) - common shareholders

Sept. 30

$ (113) (56)	$ (58) $ (129) 72 (47)	$ (274) (11)	$ (316) 8
$ (169)	$ 14 $ (176)	$ (285)	$ (308)

2025

June 30

2025

Sept. 30

2024 (Restated)

Sept. 30

2025

Sept. 30

2024 (Restated)

1 This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.

In the third quarter of 2025, Corporate had a net loss of $169 million compared to a net loss of $176 million for the same quarter last year. Base loss of $113 million decreased by $16 million compared to the same quarter last year, primarily due to:

• higher earnings on surplus;

• lower corporate shared services expenses; and

• modest favourable contribution from U.S. insurance portfolio.

  Items excluded from base earnings for the third quarter of 2025 were negative $56 million compared to negative $47 million for the same quarter last year, due to:

• U.S. insurance portfolio assumption updates; and

• less unfavourable market experience relative to expectations.