On September 19, 2025, Great-West Lifeco Inc. has announced a public offering of 8,000,000 5.70% Non-Cumulative First Preferred Shares, Series Z, at $25.00 per share, raising gross proceeds of $200,000,000. The offering is expected to close on or about September 24, 2025. Holders of the Series Z shares will be entitled to fixed, non-cumulative preferential cash dividends of $1.425 per share annually, with the initial dividend of $0.38260 per share payable on December 31, 2025, and subsequent quarterly dividends of $0.35625 per share. The shares are redeemable by Lifeco at escalating prices starting at $26.00 per share on or after September 30, 2030, decreasing to $25.00 per share on or after September 30, 2034, plus any declared and unpaid dividends. Net proceeds to the company are estimated at approximately $193,150,000 after deducting the underwriters’ fee of up to $6,000,000 and estimated expenses of $850,000.

The offering is led by a syndicate of underwriters including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., and Casgrain & Company Limited. Legal counsel for Lifeco is Blake, Cassels & Graydon LLP, while Torys LLP acts for the underwriters.

The Toronto Stock Exchange has conditionally approved the listing of the Series Z shares, subject to Lifeco fulfilling all requirements by December 16, 2025.