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Power Financial Corporation, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe. 

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Latest reports
2019 Annual MD&A and Financials
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2020 2nd Quarter Report
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Subsidiaries and investments

Great-West Lifeco

Great-West Lifeco

Great-West Lifeco Inc. (Lifeco) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

Lifeco has operations in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments and Irish Life.

IGM Financial

IGM Financial

IGM Financial is a leading wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors throughout North America, Europe and Asia. Through its operating companies, IGM provides a broad range of financial and investment planning services to help Canadians meet their financial goals at every stage of their lives.

The company serves the financial needs of Canadians through multiple distinct businesses, including IG Wealth Management, Mackenzie Investments and Investment Planning Counsel.

Pargesa Holding

Pargesa Holding

Power Financial Europe B.V., a wholly owned subsidiary of Power Financial, and the Frère Group each hold a 50% interest in Parjointco, a Netherlands-based company. Parjointco’s sole holding is a 55.5% equity interest (75.4% of the voting rights) in Pargesa Holding SA, the Pargesa group’s parent company based in Geneva, Switzerland.*

Pargesa, through its subsidiary, Groupe Bruxelles Lambert (GBL), has holdings in global industrial and services companies based in Europe. 


* In March of 2020, Parjointco and Pargesa announced a proposed transaction that would simplify the group structure. Parjointco is initiating a public exchange offer for all Pargesa shares not already owned by Parjointco to be exchanged for GBL shares. The offer, which is subject to certain restrictions, is open for acceptance from May 8 to June 8, 2020. Following the completion of the transaction Pargesa’s shares are to be delisted from the SIX Stock Exchange and Parjointco is expected to retain de facto control and maintain approximately the same economic equity interest in GBL of 28%.

Financial Highlights

 

For the three months ended

For the years ended

(In millions of canadian dollars, except per share amounts or as otherwise noted)
(unaudited)

June 30 2020

March 31
2020

June 30
2019

Dec. 31
2019

Dec. 31
2018

Revenues

20,446

11,024

3,511

47,802

47,025

Net earnings attributable to common shareholders

676 329 443 1,964

2,245

Net earnings per common share

1.02 0.50 0.66 2.89

3.15

Adjusted net earnings attributable to common shareholders(1)(2)

570 470 567 2,249

1,834

Adjusted net earnings per common share(1)(2)

0.86 0.71 0.85 3.31

2.57

Consolidated assets

479,013 457,223 461,833 471,372

447,055

Shareholders’ equity

21,623 21,177 20,009 20,815

21,580

Book value per common share

28.30 27.63 25.87 27.08

26.26

Common shares outstanding (in millions)

664.1 664.1 664.1 664.1

714.1

(1) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures. Refer to the "Non-IFRS Financial Measures and Presentation" section of the Corporation’s most recent Management’s Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(2) Effective the first quarter of 2020, the Corporation introduced a modified definition of its non-IFRS earnings measure, Adjusted net earnings. This change is consistent with the introduction of base earnings by Lifeco which was introduced in the first quarter of 2020 to reflect management’s view of the operating performance of Lifeco. Refer to the “Non-IFRS Financial Measures and Presentation” section of the Corporation's most recent Management’s Discussion and Analysis for additional details on this measure. The comparative periods have been restated to reflect the introduction of this modified measure.

 

As at and for the years ended December 31
[in millions of Canadian dollars, except as otherwise noted]
(unaudited)

2019

2018

2017

2016

2015

Consolidated Balance Sheets

         

Cash and cash equivalents

6,272

5,624 5,321 4,396

4,188

Total assets

471,372

447,055 440,224 418,407

417,630

Shareholders’ equity

20,815

21,580 20,513 19,481

19,473

Consolidated Statements of Earnings

         

Revenues

         

Total net premiums

24,489

35,440 33,880 31,125

24,501

Net investment income 

13,247

2,822 7,610 10,203

4,319

Fee income

10,066

8,763 8,497 7,794

7,692

Total revenues

47,802

47,025 49,987 49,122

36,512

Expenses

       

 

Total paid or credited to policyholders

33,091

32,068 35,643 34,675

22,842

Commissions

3,480

3,512 3,712 3,590

3,133

Operating and administrative expenses

7,237

6,997 7,002 6,380

5,883

Financing charges

435

360

432

412

413

Total expenses

44,243

42,937 46,789 45,057

32,271

Earnings before investments in jointly controlled corporations and associates, and income taxes

3,559

4,088 3,198 4,065

4,241

Share of earnings (losses) of investments in jointly controlled corporations and associates

211

94 200 (98)

224

Earnings before income taxes

3,770

4,182 3,398 3,967

4,465

Incomes taxes

601

602 584 581

679

Net earnings

3,169

3,580 2,814 3,386

3,786

Attributable to

         

Non-controlling interests

1,066

1,197 964 1,343

1,337

Perpetual preferred shareholders

139

138 133 124

130

Common shareholders

1,964

2,245 1,717 1,919

2,319

 

3,169

3,580 2,814 3,386

3,786

Per share

         

Net earnings attributable to common shareholders

2.89

3.15 2.41 2.69

3.25

Dividends declared on common shares

1.82

1.73

1.65

1.57

1.49

Book value per common share

27.08

26.26 24.77 23.69

23.69

Market price (Common shares)

         

High

36.02

34.88 37.00 34.70

38.78

Low

25.45

25.21 31.91 29.02

30.28

Year-end

34.94

25.83 34.54 33.56

31.81

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