Great-West Lifeco announces CEO succession plan for subsidiary Irish Life

CEO Bill Kyle announces intention to retire; David Harney to be appointed CEO June 30

Great-West Lifeco Inc. today announced that Bill Kyle, Chief Executive Officer of subsidiary Irish Life Group Limited, will retire in mid-2016 following a 37-year career with the Great-West Lifeco organization, including the last three years as CEO of Irish Life.

In conjunction with Mr. Kyle's upcoming retirement, the company announced that David Harney, currently Managing Director, Corporate Business, will be appointed CEO of Irish Life, effective June 30, 2016.

"Under Bill's leadership over the past three years, Irish Life has successfully integrated the former Canada Life business in Ireland, strengthened its customer focus, repositioned the Irish Life brand, introduced innovative products in the Irish market and grown market share," said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco.

Mr. Harney, who has been associated with Irish Life for 30 years, holds a Master of Science in Financial Maths degree from Dublin City University, and is a Fellow of the Institute of Actuaries and a Fellow of the Society of Actuaries of Ireland. Mr. Harney has held a wide variety of roles with increasing responsibility in the sales, marketing, actuarial and finance businesses at Irish Life. He was appointed to his current role in 2009.

About Irish Life

Established in 1939, Irish Life is Ireland's leading life, investment and pension company and has been part of the Great-West Lifeco group of companies since July 2013.

About Great-West Lifeco

Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have over $1.2 trillion* in consolidated assets under administration and are members of the Power Financial Corporation group of companies.

* Assets as of December 31, 2015.