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Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States, Europe and Asia.

The Corporation also has substantial holdings in a diversified group based in Europe.

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Latest reports
2016 Annual Report
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2017 3rd Quarter Report
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Subsidiaries

Great-West Lifeco

Great-West Lifeco

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

The company 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.

IGM Financial

IGM Financial

IGM Financial is one of Canada’s premier personal financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products.

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

Pargesa Holding

Pargesa Holding

Power Financial, through its wholly owned subsidiary, Power Financial Europe B.V., and the Frère family group of Belgium each hold a 50% interest in Parjointco, a Netherlands-based company. Parjointco’s principal 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.

The Pargesa group, through the holding company Groupe Bruxelles Lambert, holds significant positions in large companies based in Europe.


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)

Sept. 30
2017

June 30
2017

Sept. 30
2016

December 31
2016

December 31
2015

Revenues

10,907

11,780

14,106

49,122

36,512

Net earnings attributable to common shareholders

463

545

539

1,919

2,319

Net earnings per common share

0.65

0.76

0.76

2.69

3.25

Adjusted net earnings(1)    attributable to common shareholders(2, 3)

465

622

551

2,136

2,241

Adjusted net earnings(1)    per common share(2, 3)

0.65

0.87

0.77

2.99

3.14

Dividends declared per common share

0.4125

0.4125

0.3925

1.57

1.49

Consolidated assets

426,697

429,666

419,840

418,586

417,630

Shareholders' equity(4)

20,369

20,269

19,092

19,481

19,473

Book value per common share(4)

24.58

24.45

23.15

23.69

23.69

Common shares outstanding (in millions)

713.5

713.3

713.2

713.3

713.2

(1) Previously described as operating earnings.
(2) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures.
(3) Comparative figures have been adjusted to reflect restructuring charges at Lifeco which have been excluded from adjusted net earnings in 2016.

(4) Comparative figures have been retrospectively adjusted as described in Note 16 to the Corporation's 2016 Consolidated Financial Statements.

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

2016

2015

2014

2013

2012

Consolidated Balance Sheets

         

Cash and cash equivalents

4,396

4,188

3,989

4,344

3,313

Total assets

418,586

417,630

373,843

341,682

268,428

Shareholders' equity(1)

19,481

19,473

16,942

15,916

13,374

Consolidated Statements of Earnings

         

Revenues

         

Premium income, net

31,125

24,501

21,222

20,236

19,257

Invesment income, net

10,203

4,319

13,563

2,661

8,375

Fee income

7,794

7,692

6,900

5,933

5,302

 

49,122

36,512

41,775

28,830

32,934

Expenses

       

 

Total paid or credited to policyholders

34,675

22,842

29,160

17,811

22,875

Commissions

3,590

3,133

2,901

2,590

2,487

Operating and administrative expenses

6,380

5,883

5,162

4,474

3,806

Financing charges

412

413

413

400

409

 

45,057

32,271

37,636

25,275

29,577

 

4,065

4,241

4,139

3,555

3,357

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

(98)

224

211

134

130

Earnings before income taxes

3,967

4,465

4,350

3,689

3,487

Incomes taxes

581

679

834

678

559

Net earnings

3,386

3,786

3,516

3,011

2,928

Attributable to

         

Non-controlling interests

1,343

1,337

1,248

984

1,193

Perpetual preferred shareholders

124

130

132

131

117

Common shareholders

1,919

2,319

2,136

1,896

1,618

 

3,386

3,786

3,516

3,011

2,928

Per share

         

Net earnings attributable to common shareholders

2.69

3.25

3.00

2.67

2.29

Adjusted net earnings(2)    attributable to common shareholders(3, 4)

2.99

3.14

2.96

2.40

2.37

Dividends declared on common shareholders

1.57

1.49

1.40

1.40

1.40

Book value at year-end(3)

23.69

23.69

20.18

18.51

15.68

Market price (Common shares)

         

High

34.70

38.78

36.70

36.79

30.15

Low

29.02

30.28

30.14

27.02

24.06

Year-end

33.56

31.81

36.18

36.00

27.24

(1) Comparative figures have been retrospectively adjusted as described in Note 16 to the Corporation's 2016 Consolidated Financial Statements.
(2) Previously described as operating earnings.
(3) Adjusted net earnings per share is a non-IFRS financial measure.
(4) Comparative figures have been adjusted to reflect restructuring charges at Lifeco which have been excluded from adjusted net earnings in 2016.

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