Great West announces offering of Series 24 Preferred Shares

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THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE SHELF PROSPECTUS SUPPLEMENT FOR THE PUBLIC OFFERING AND ANY AMENDMENT TO THE DOCUMENTS WILL BE ACCESSIBLE, WITHIN TWO BUSINESS DAYS, THROUGH SEDAR+

WINNIPEG, Manitoba, June 15, 2026 (GLOBE NEWSWIRE) -- Great-West Lifeco Inc. (TSX: GWO) (“Great West” or the “Corporation”) announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, and Scotiabank pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 6,000,000 Non-Cumulative First Preferred Shares, Series 24 (the “Series 24 Shares”) from Great West for sale to the public at a price of C$25.00 per Series 24 Share (the “Issue Price”), representing aggregate gross proceeds of C$150 million. The Series 24 Shares will yield 5.70% per annum, payable quarterly, as and when declared by the Great West Board of Directors.

Great West has also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional 2,000,000 Series 24 Shares (C$50 million) at the Issue Price. Should the underwriters’ option be exercised in full, the total gross proceeds of the offering will be C$200 million.

The net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about June 22, 2026 and is subject to customary closing conditions.

Access to Offering Documents

The Series 24 Shares will be offered in Canada by way of a prospectus supplement (the “Prospectus Supplement”) to Great West’s short form base shelf prospectus (the “Shelf Prospectus”) dated December 23, 2025. Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Shelf Prospectus and any amendment to the documents may be obtained, without charge, from BMO Capital Markets, by mail at Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, ON, L6S 6H2, by telephone at 905-791-3151 Ext 4312, or by email at torbramwarehouse@datagroup.ca, by providing the contact with an email address or address, as applicable. The Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Corporation and the proposed offering of Series 24 Shares. Prospective investors should read the Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.

The Series 24 Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Series 24 Shares in any state in which such offer, solicitation or sale would be unlawful.

ABOUT GREAT WEST

Great West is a financial services holding company focused on building stronger, more financially secure futures. We operate in the United States, Canada and Europe under the brands Empower, Canada Life and Irish Life. Together we provide wealth, retirement, group benefits and insurance and risk solutions to our approximately 40 million customer relationships. As of March 31, 2026, Great West’s total client assets were $3.3 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. To learn more, visit greatwestlifeco.com.

For more information:

Investor & Media Relations:
Shubha Khan
416-552-5951
investorrelations@canadalife.com

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "will", "may", "expects", "anticipates", "intends", "plans", "believes", "estimates", "objective", "target", "potential" and other similar expressions or negative versions thereof. Forward-looking information includes, without limitation, statements about the expected closing of the offering of the Series 24 Shares, the issuance of the Series 24 Shares, and the intended use of proceeds from the offering of the Series 24 Shares.

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 Great West, economic factors and the financial services industry generally, including the insurance, mutual fund and retirement solutions industries. They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements.

The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in other filings with securities regulators, including factors set out in Great West’s 2025 Annual MD&A under "Risk Management" and "Summary of Critical Accounting Estimates" and in Great West’s annual information form dated February 11, 2026 under "Risk Factors", which, along with other filings, is available for review at www.sedarplus.ca. The reader is also 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, Great West does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.

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