Mr. Shubha Kha reports

GREAT WEST SUBSIDIARY EMPOWER CLOSES ACQUISITION OF MILLIMAN'S RETIREMENT ADMINISTRATION BUSINESS

Great-West Lifeco Inc. subsidiary Empower has closed its acquisition of Milliman's retirement plan and benefits administration business, expanding Empower's workplace solutions capabilities across defined benefit, defined contribution, and health and welfare benefits administration. The transaction was first announced on June 30, 2026.

The acquisition expands Empower's capabilities in the defined benefit marketplace and advances the company's strategy of delivering integrated workplace benefits solutions. It adds specialized defined benefit administration expertise to Empower's existing retirement, wealth management, stock plan and consumer-directed health care offerings.

Approximately 800 employees are joining Empower as part of the transaction.

With the completion of the transaction, Empower has added approximately 400 defined benefit plans representing approximately 790,000 participants and $80-billion (U.S.) in client assets. Empower has also added more than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50-billion (U.S.) in client assets, as well as 100 health and welfare administration clients serving approximately 100,000 participants.

In total, the transaction grows Empower's footprint to more than 22 million lives served, more than $2.3-trillion (U.S.) in client assets and 96,000 workplace plans, consisting of both defined contribution and defined benefit plans.

About Great-West Lifeco Inc.

Great West is a financial services holding company focused on building stronger, more financially secure futures. The company operates in the United States, Canada and Europe under the brands Empower, Canada Life and Irish Life. Together the company provides wealth, retirement, group benefits, and insurance and risk solutions to its approximately 40 million customer relationships. As of June 30, 2026, Great West's total client assets were $3.7-trillion.

Great West trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies.

About Empower

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

We seek Safe Harbor.