Great-West Lifeco Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	4,172	4,070	2,868	3,726	3,262	3,076	Upgrade
Depreciation & Amortization	580	556	505	528	523	438	Upgrade
Gain (Loss) on Sale of Investments	-899	-1,227	-6,246	27,609	2,577	-5,616	Upgrade
Change in Accounts Receivable	-293	38	-480	1,168	-	-	Upgrade
Reinsurance Recoverable	1,203	586	5	5,614	1,915	-1,629	Upgrade
Change in Insurance Reserves / Liabilities	2,811	5,636	9,316	-25,355	1,819	14,476	Upgrade
Change in Other Net Operating Assets	79	-5,538	-4,561	-8,124	845	467	Upgrade
Other Operating Activities	-2,714	964	3,869	-3,553	10	-1,720	Upgrade
Operating Cash Flow	5,023	4,751	4,828	3,772	10,373	9,610	Upgrade
Operating Cash Flow Growth	3.74%	-1.59%	28.00%	-63.64%	7.94%	57.28%	Upgrade
Cash Acquisitions	-	-76	-563	-2,155	-380	-1,403	Upgrade
Investment in Securities	-20	-121	-223	-63	-8,668	-5,718	Upgrade
Other Investing Activities	-	-211	-	-	-	-	Upgrade
Investing Cash Flow	-20	-408	-786	-2,218	-11,212	-8,202	Upgrade
Long-Term Debt Issued	-	-	61	1,792	63	4,252	Upgrade
Total Debt Repaid	-689	-60	-1,469	-495	-831	-501	Upgrade
Net Debt Issued (Repaid)	-689	-60	-1,408	1,297	-768	3,751	Upgrade
Issuance of Common Stock	90	88	158	43	1,597	18	Upgrade
Repurchases of Common Stock	-704	-114	-233	-	-	-	Upgrade
Issuance of Preferred Stock	200	-	-	-	200	-	Upgrade
Repurchases of Preferred Stock	-	-	-	-	-194	-	Upgrade
Common Dividends Paid	-2,215	-2,069	-1,937	-1,826	-1,677	-1,626	Upgrade
Preferred Dividends Paid	-130	-130	-130	-130	-134	-133	Upgrade
Total Dividends Paid	-2,345	-2,199	-2,067	-1,956	-1,811	-1,759	Upgrade
Other Financing Activities	-4	-	-	-4	-16	-	Upgrade
Financing Cash Flow	-3,452	-2,285	-3,550	-620	-992	2,010	Upgrade
Foreign Exchange Rate Adjustments	298	534	-40	281	-40	-100	Upgrade
Net Cash Flow	1,849	2,592	452	1,215	-1,871	3,318	Upgrade
Cash Interest Paid	412	410	453	408	348	286	Upgrade
Cash Income Tax Paid	728	707	423	348	351	367	Upgrade
Levered Free Cash Flow	-5,691	-5,238	-9,019	-32,728	1,945	-19,161	Upgrade
Unlevered Free Cash Flow	-3,079	-2,622	-6,624	-30,650	2,140	-18,995	Upgrade
Change in Working Capital	3,916	837	4,450	-27,929	4,495	13,515	Upgrade

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.