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)

Dec. 31
2021

Sept. 30
2021

Dec. 31
2020

Dec. 31
2021

Dec. 31
2020

Total revenues

19,475

18,584

17,954 69,561 64,616

Consolidated assets and assets under management (in billions)(1)

1,237

1,198

1,142 1,237 1,142

Consolidated assets and assets under administration (in billions)(1)

2,549

2,447

2,195 2,549 2,195

Net earnings (attributable to participating shareholders)

626

741

623 2,917 1,994

per share — basic 

0.93

1.09

0.92 4.31 3.08

per share — diluted

0.91

1.08

0.92 4.27 3.08

Adjusted net earnings (attributable to participating shareholders)(1)

676

748

627 3,230 1,988

per share — basic(1)

1.00

1.10

0.93 4.77 3.07

Participating shareholders' equity

23,385

23,045

21,251 23,385 21,251

Book value per participating share

34.56

34.07

31.38 34.56 31.38

Adjusted net asset value(1)

35,587

35,725

27,951 35,587

27,951

Adjusted net asset value per participating share(1)

52.60

52.81

41.27 52.60 41.27
Dividends declared per participating share 0.4950 0.4475 0.4475 1.8375 1.7900

Participating shares outstanding (in millions)

676.6

676.5

677.2 676.6 677.2

(1) Consolidated assets and assets under management, consolidated assets and assets under administration, adjusted net earnings attributable to participating shareholders, adjusted net earnings per share, adjusted net asset value and adjusted net asset value per participating share are non-IFRS financial measures. For a definition of these non-IFRS financial measures, please refer to the section “Non-IFRS Financial Measures” in the most recent Management's Discussion and Analysis. In the first quarter of 2021, the charge related to the remeasurement of the put right liability of certain of the non-controlling interests in Wealthsimple to fair value was presented as an Adjustment as these rights were extinguished at the close of the transaction and thereafter will not have future fair value changes. The related amounts in the comparative periods have been reclassified as an Adjustment to reflect this presentation.

BODY:

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

2021 2020 2019

Total revenues 

69,561

64,616 48,841

Consolidated assets and assets under management (in billions)(1)

1,237

1,142 941

Consolidated assets and assets under administration (in billions)(1)

2,549

2,195 1,823

Net earnings (attributable to participating shareholders)

2,917

1,994 1,108

per share — basic 

4.31

3.08 2.53

per share — diluted

4.27

3.08 2.53

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

3,230

1,988 1,275

per share — basic(1)(2)

4.77

3.07 2.92
Consolidated assets 

661,633

629,104 477,250
Total financial liabilities 

44,269

38,275 26,355
Debentures and other debt instruments

13,180

14,055 9,938
Non-participating shares

954

956 960
Participating shareholders' equity

23,385

21,251 13,214
Book value per participating share

34.56

31.38 30.98

Adjusted net asset value(1)

35,587

27,951 19,183
Adjusted net asset value per participating share(1) 

52.60

41.27 44.98

Dividends declared on participating share(3)

1.8375

1.7900 2.0020

Number of participating shares outstanding (in millions)

 

   

Participating preferred shares

54.9

54.9 48.9

Subordinate voting shares

621.8

622.4 377.6

(1) Consolidated assets and assets under management, consolidated assets and assets under administration, adjusted net earnings attributable to participating shareholders, adjusted net earnings per share, adjusted net asset value and adjusted net asset value per participating share are non-IFRS financial measures. For a definition of these non-IFRS financial measures, please refer to the section “Non-IFRS Financial Measures” in the most recent Management's Discussion and Analysis. In the first quarter of 2021, the charge related to the remeasurement of the put right liability of certain of the non-controlling interests in Wealthsimple to fair value was presented as an Adjustment as these rights were extinguished at the close of the transaction and thereafter will not have future fair value changes. The related amounts in the comparative periods have been reclassified as an Adjustment to reflect this presentation. 
(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" 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.
(3) 2019 includes the dividend declared by the Corporation on December 12, 2019, as part of the Reorganization. 

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