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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

In accordance with standard 15 of the Financial Stability Board’s (FSB) Principles for Compensation Practices and their Implementation Standards, and the Basel Committee on Banking Supervision’s Pillar 3 disclosure requirements for remuneration, the tables below summarize aggregate quantitative information on compensation paid or awarded to 18 Senior Officers (which includes fees paid to members of the Board of Directors) and 36 other employees who could have a material impact on Canada Life’s risk exposure (“Material Risk Takers.”)

Compensation amounts reflect services rendered to The Canada Life Assurance Company and its respective subsidiaries.
2023 Compensation awards
 ($ millions)

Senior Officers
(Unrestricted)

Senior Officers
(Deferred)

Material Risk Takers
(Unrestricted)

Material Risk Takers
(Deferred)

Salary
(Fixed compensation)

 18.8 Not applicable 15.6 Not applicable

Other
(Fixed compensation)

 0.5 Not applicable 1.9 Not applicable
Cash-based
(Variable compensation) 		11.2 Not applicable 11.1 2.0
Share units
(Variable compensation) 		Not applicable 16.3 Not applicable 10.2
Stock options 1
(Variable compensation) 		Not applicable 8.1 Not applicable 2.4
Option based awards are calculated based on Black-Scholes value at the time of grant.
Deferred compensation
($ millions)

Senior Officers
(Unvested)

Senior Officers
(Vested)

Material Risk Takers
(Unvested)

Material Risk Takers
(Vested)
Cash-based 2 Not applicable Not applicable Not applicable 2.0
Share units 3 58.5 30.4 38.2 1.0
Stock options 3 45.7 36.9 12.2 9.1
Calendar year payouts 4 Not applicable 20.9 Not applicable 15.9
Includes cash-based awards granted in respect of 2023 that have been deferred to meet compensation policy requirements. Excludes annual bonuses deferred, at the discretion of the employee, in the form of share units.
Includes outstanding unvested and vested share units and stock options as at December 31, 2023; excludes annual bonuses deferred, at the discretion of the employee, in the form of share units.
Excludes payout of cash-based awards that were previously deferred to meet compensation policy requirements.