Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation

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1 Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains some forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, intends, plans, believes, estimates and similar expressions or negative versions thereof. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future action by the Company, including statements made by the Company with respect to the expected benefits of acquisitions or divestitures, are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events 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 and mutual fund 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 made by the Company due to, but not limited to, important factors such as sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, taxes, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, changes in accounting policies and the effect of applying future accounting changes including the adoption of IFRS, unexpected judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions. The reader is cautioned that the foregoing list of important factors is not exhaustive, and there may be other factors, including factors set out under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates", in the Company's 2010 Annual MD&A, and any listed in other filings with securities regulators, which are available for review at The reader is also cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company does not intend to update any forward-looking statements whether as a result of new information, future events or otherwise. Cautionary Note regarding Non-IFRS Financial Measures This report contains some non-ifrs financial measures. Terms by which non-ifrs financial measures are identified include, but are not limited to, operating earnings, constant currency basis, premiums and deposits, sales, and other similar expressions. Non-IFRS financial measures are used to provide management and investors with additional measures of performance. However, non-ifrs financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Please refer to the appropriate reconciliations of these non-ifrs financial measures to measures prescribed by IFRS. 2

2 Outline 1. Lifeco Overview 2. Europe 3. Reinsurance 4. Invested Assets 3 Solid/Stable Operating Earnings (C$ Millions) Canada U.S. Europe Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Constant Currency (2) Operating Earnings (1) Note: Consolidated totals include corporate earnings $445 $449 $459 $461 $501 $536 $439 $563 1) 2011 based on IFRS 2) Translated to Canadian dollars at Q3/09 FX rates ($US = 1.10, = 1.80, = 1.57) 4

3 Great-West Lifeco Earnings 2010 Earnings by Geography (1) 2010 Earnings by Product (1) Canada U.S. Europe Protection Wealth Management Reinsurance 52% 17% 31% 41% 51% 8% Insurance & Annuities 23% Reinsurance 8% Individual Insurance 15% Wealth Management 17% Europe 17% Reinsurance 8% Europe 6% Canada 35% Financial Services 17% Group Insurance 20% U.S. 17% Canada 17% 1) Excludes U.S. Asset Management and Corporate 5 Strong, Broad Based Operating Return on Equity Lifeco Operating ROE Operating ROE By Business Unit Q % 16.4% 17.0% 22.7% 25.7% 15.9% 17.0% 1.4% Q4 Q1 Q Average Allocated Equity (C$bln) Canada U.S. Putnam Financial Services (1) Europe (5.0)% Lifeco Corporate Lifeco $4.4 $1.5 $1.6 $3.1 $0.4 $11.0 (1) U.S. Financial Services includes U.S. Corporate business unit Trailing four quarter measure 6

4 Solid, Stable Capital Ratios The Great-West Life Assurance Company - MCCSR 202% 202% 202% 203% 200% 200% Q1 Q2 Q3 Q4 Q1 Q Great-West Life s 200% MCCSR ratio does not include any benefit from approximately $0.7 billion of cash at the Lifeco holding company level at June 30, 2011 The GWL&A RBC ratio at December 31, 2010 was 408% 7 Financial Strength Credit Ratings Financial Strength / Claims Paying Ability Senior Debt Sub-Debt Preferred Shares A.M. Best Moody s Fitch S&P DBRS DBRS Fitch S&P DBRS S&P DBRS S&P AA (low) A A+ Pfd-1 (low) A-, P-1 (low) A+ Aa3 AA AA IC-1 Pfd-1 A+, P-1 A+ Aa3 AA AA IC-1 A+ Aa3 AA AA IC-1 AA (low) AA- Pfd-1 (low) A-, P-1 (low) A+ Aa3 AA AA Great-West Lifeco and its subsidiaries continue to hold strong credit ratings 8

5 Europe - Vision & Strategy Vision Enhance value of Great West Lifeco with a high return, high growth set of businesses that operate in chosen niches FACT BASED FOCUSED RISK AVERSE We are a fact based, focused and risk averse operator Strategy Choose businesses and products where the accounting and actuarial playing field is level compared to local companies Develop a high relative market share in our business to provide scale and knowledge advantage over competitors Create shared centres of excellence for specialized services to maintain low unit costs while retaining and maximizing specialized talents 9 U.K. / Isle of Man Overview Onshore Offshore Group Key Products & share Payout Annuities - Among top 5 with 7% market share; 14% in open market Savings - Among the top 12 in the onshore unit-linked single premium bond market Savings - A top provider of offshore single premium investment products into the U.K. with 17% market share Life Insurance - The market leader with 30% market share Income Protection (Disability) & Critical Illness - # 2 in the market with 20% market share Product Purpose Retirement income Wealth accumulation Tax advantaged wealth accumulation Protection Living benefits Among the top 20 Life Insurance Companies operating in the U.K. 10

6 Germany Overview Key Products Product Purpose Pensions Individual Life Insurance Income Protection (Disability) Critical Illness Variable Annuities (GMWB) Retirement focused wealth accumulation Protection - Market leader in Serious Illness Protection in Germany Living benefits 4 th largest insurance market in the world Market has not undergone significant consolidation - Top 10 companies make up ~55% of market Canada Life in Germany Started in 2000, strong brand recognition Contracts with 7,500 brokers Among the top 5 in the German Unit Linked Single Premium market AUM of 1.8 B (C$2.4B) 11 Ireland Overview Key Products Product Purpose Pensions Savings Individual Life Insurance Income Protection (Disability) Critical Illness Retirement focused wealth accumulation Wealth accumulation Protection Living benefits Canada Life in Ireland Operating since Established brand Among the top 6 insurers in the Irish market by new business market share Distribution through brokers (53%) and direct sales (47%) AUM of 3 B (C$4 B) 12

7 (Constant 2010 C$ Millions) Europe Premiums (Constant 2010 Dollars 1 ) U.K. / Isle of Man Germany Ireland CAGR 4, ,156 6,163 Europe 5.2% 5,846 5, ,070 Ireland 648 (4.6%) 705 4, Germany % 624 3,247 4,706 4,480 4,280 3,610 4,511 U.K. / Isle of Man 6.8% At 2010 translation rates ( 1.59, 1.37) 13 Europe Net Earnings (Constant 2010 Dollars 1 ) CGAAP (Constant 2010 C$ Millions) U.K. / Isle of Man Germany Ireland CAGR Europe 9.4% Ireland (31.3%) Germany 4.7% U.K. / Isle of Man 14.6% Excluding currency impact, 2010 net earnings increased $94 million, or 27%, from At 2010 translation rates ( 1.59, 1.37) 14

8 Europe - Opportunities United Kingdom Payout Annuities Group Life & Health Wealth Management Germany Ireland Context Represents majority of our European business Significant growth from 2005 to 2010 through block acquisitions and organic sales growth Market size driven by total UK payroll Wealth management market (onshore & offshore) is recovering following the credit crisis Canada Life has gained sales share during market downturn Focused on an attractive niche Unit linked products with returns driven by equity markets Recent market volatility has shifted assets to guaranteed products Irish business is relatively small Canada Life well regarded as a solid, well capitalized player Multi channel approach has worked well with solid direct sales performance Outlook Continue to see opportunities for growth Expect growth to continue at a more modest pace Life share is stable Health share is growing Well positioned to benefit from market recovery Positioned for growth once markets stabilize Growth dependent on market turnaround Market conditions remain challenging with 2010 new business at half of 2008 levels 15 Reinsurance Business Overview Traditional Life Structured Life Payout Annuity Property Catastrophe Description U.S. traditional mortality reinsurance U.S. structured life reinsurance Some European structured life reinsurance U.K. payout annuity reinsurance Traditional and structured global property catastrophe retrocession Written in Canada Life U.S. Branch Canada Life U.S. and Barbados Branches LRG (U.S., Ireland, Barbados) London Life Barbados Branch Canada Life International Re (Ireland) LRG (Barbados) Core earnings contribution ~25% ~25% ~25% ~25% 16

9 Reinsurance Net Earnings (C$ Millions) Business mix actively managed to be responsive to business conditions 17 Reinsurance Opportunities Benefits to Lifeco Earnings of ~$150M per year with attractive return on capital Source of diversification (geographic, product line, type of risk) Market intelligence and industry insights Expect business to grow in line with overall Lifeco earnings Growth Opportunities Traditional life reinsurance is a stable, mature market delivering attractive returns on in-force business Structured life; Significant opportunity to grow business in the US; Solvency II likely to create opportunities in Europe P&C business offers attractive margins cross cycle; total exposure is carefully managed and monitored Annuity business growth managed in concert with primary payout annuity business in the UK 18

10 Investments: Philosophy & Practices Conservative Investment Policies Company-wide risk management culture Diversified Portfolio of High Quality Assets No purchases of below investment grade assets Negligible investments in alternative assets Long-term Track Record in Investment Grade Markets Internal resources to underwrite all bond, mortgage and real estate investments with specialized teams in Europe investment operations Controlled Approval Process In each region, credit approval is limited to senior investment officers Conservative Asset/Liability Management (ALM) Focus on cash flow and duration matching 19 Lifeco Invested Assets at June 30, 2011 Invested Assets - Lifeco Invested Assets - Europe Europe 33% Canada 46% Real Estate 5% Mortgages 6% Cash & CD's 4% U.S. 21% (C$ mm) Canada 53,443 U.S. 25,177 Europe 38, ,706 (C$ mm) Bonds 31,846 Mortgages 2,364 Stocks 315 Real Estate 2,073 Loans to Policyholders 74 Cash & CD's 1,414 38,086 Bonds 84% 20

11 Europe - Bonds Europe Total Bonds - $31,099 (1) Europe Ratings Government 31% BBB 11% BB & Lower 2% AAA 41% Corporate 69% A 30% 1) Excludes short-term bonds of $747mm Corporate Bonds Industry Classification Banks 20% Utilities 19% Financial Services 11% Government Related 11% Consumer Products 10% Real Estate 9% Sovereign/Supranationals 6% Transportation 4% Communications 4% Oil & Gas 3% Miscellaneous 2% Basic Materials 1% Industrial 1% 100% AA 16% 21 Europe - Mortgages ($2,364 mm) Classification Vintage Industrial 9% Other 15% Office 22% % % 1% Before % % Residential 5% % % Other 29% Tenant Retail 49% Government 6% Retail 32% % Average unexpired loan term of 14.6 yrs versus average unexpired lease term of 20.3 yrs Loan-to-value ratio of 89.4% Debt service coverage ratio of 1.56x Hotel 11% Financial 5% Retail DIY 2% Retail Grocery 15% Interest coverage ratio of 1.73x Well diversified by geography 22

12 Europe - Real Estate ($2,376 mm) Property Type Investment Properties by Tenant Residential 4% Other 16% Office 23% Financial 3% Other 20% Government 7% Retail 17% Leisure 8% Retail 46% Industrial 11% Retail - DIY 13% Retail - Grocery 32% Average remaining lease term 16.4 yrs. Vacancy rate of 0.63% Well diversified by geography 23 Bond Holdings of Government & Financial Institutions in Portugal, Ireland, Italy, Greece and Spain Total Carrying Value Carrying Amortized Unrealized (C$mm) Portugal Ireland Italy Greece Spain Value Cost Loss AAA AA A (12) BBB (64) BB& lower Q Total Gov't (76) and Gov't Related AAA AA (21) A (21) BBB (12) BB& lower (28) Q Total (82) Financial Institutions Q Total (158) Q Total ,057 (219) Total Unrealized loss Q (1) (113) (17) - (27) (158) No direct exposure to Greece Aggregate holdings of bonds issued by governments of Portugal, Ireland, Italy and Spain, and financial institutions domiciled in those countries, totaled $926 million (amortized cost) Down $131 million in the quarter Unrealized losses totaled $158 million Ireland accounts for $113 million; $65 million shareholders $48 million participating account Provisions of $50 million $28 million of specific provisions against impaired holdings $22 million of asset default provisions Q Total (1) (171) (15) - (32) (219) 24

13 Europe - Total Banks & Other Financial Institutions Bond Holdings By Rating Rating (Carrying Value) (C$ Millions) AAA AA A BBB BB & Lower Total U.S ,487 U.K , ,814 Canada ,139 1, ,316 Spain Italy Ireland Greece Portugal France Australia Netherlands Switzerland Sweden Belgium Norway Germany Denmark Bermuda ,629 Total 400 1,451 3, , Investments: Priorities Sourcing Assets to Support New Business Predominantly U.K. Payout Annuity Diversification & Quality Improvement Diversification across asset classes and within asset classes Private placements Non sterling bonds Active management of banks & financials (quality & structural ranking of holdings) Yield Enhancement Opportunity Significant holdings of U.K. Gilts 26

14 Summary Solid, Sustained and Diversified Earnings Strong Diversified Europe Businesses Conservative and Disciplined Investment Strategy 27 Questions

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