| |
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
2020
|
June 30
2020
|
Sept. 30
2019
|
Dec. 31
2019
|
Dec. 31
2018
|
|
Revenues
|
14,682 |
20,631
|
15,422
|
48,841 |
48,098
|
|
Net earnings attributable to participating shareholders
|
505 |
666
|
359
|
1,108 |
1,287
|
|
Net earnings per participating share
|
0.75 |
0.99
|
0.84
|
2.53 |
2.77
|
|
Adjusted net earnings attributable to participating shareholders(1)(2)
|
438 |
533
|
308
|
1,275 |
1,145
|
|
Adjusted net earnings per participating share(1)(2)
|
0.65 |
0.79
|
0.72
|
2.92 |
2.41
|
|
Dividends declared per participating share
|
0.4475 |
0.4475
|
0.4050
|
2.0020(3) |
1.5045
|
|
Consolidated assets
|
501,393 |
485,181
|
472,204
|
477,250 |
452,303
|
|
Shareholders’ equity
|
21,404 |
20,857
|
13,893
|
14,174 |
15,118
|
|
Book value per participating share
|
30.24 |
29.43
|
30.34
|
30.98 |
30.38
|
|
Participating shares outstanding (in millions)
|
676.3 |
676.3
|
426.2
|
426.5 |
466.0
|
(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.
(3) Following the reorganization announcement, a dividend of $0.4050 was declared in the fourth quarter of 2019, payable March 31, 2020. The quarterly dividend schedule was thereafter advanced by two months.
|
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
|
6,805
|
6,441 |
5,903 |
5,182 |
5,085
|
|
Total assets
|
477,250
|
452,303 |
445,521 |
422,724 |
422,859
|
|
Shareholders’ equity
|
14,174
|
15,118 |
14,615 |
13,864 |
13,978
|
|
Consolidated Statements of Earnings
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
Total net premiums
|
24,489
|
35,440 |
33,880 |
31,125 |
24,501
|
|
Net investment income
|
13,442
|
3,069 |
8,074 |
10,335 |
4,869
|
|
Fee income
|
10,081
|
8,776 |
8,510 |
7,794 |
7,692
|
| Other revenues |
829
|
813 |
898 |
1,496 |
1,203
|
| Total revenues |
48,841
|
48,098 |
51,362 |
50,750 |
38,265
|
|
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
|
8,341
|
8,175 |
8,132 |
8,023 |
7,239
|
|
Financing charges
|
544
|
462 |
512 |
490 |
480
|
|
Total expenses
|
45,456
|
44,217 |
47,999 |
46,778 |
33,694
|
|
Earnings before investments in jointly controlled corporations and associates, and income taxes
|
3,385
|
3,881 |
3,363 |
3,972 |
4,571
|
|
Share of earnings (losses) of investments in jointly controlled corporations and associates
|
212
|
164 |
214 |
(122) |
213
|
|
Earnings before income taxes
|
3,597
|
4,045 |
3,577 |
3,850 |
4,784
|
|
Income taxes
|
554
|
578 |
543 |
587 |
685
|
|
Net earnings
|
3,043
|
3,467 |
3,034 |
3,263 |
4,099
|
|
Attributable to
|
|
|
|
|
|
|
Non-controlling interests
|
1,883
|
2,128 |
1,696 |
2,129 |
2,261
|
|
Non-participating shareholders
|
52
|
52 |
52 |
52 |
52
|
|
Participating shareholders
|
1,108
|
1,287 |
1,286 |
1,082 |
1,786
|
| |
3,043
|
3,467 |
3,034 |
3,263 |
4,099
|
|
Per share
|
|
|
|
|
|
|
Net earnings attributable to participating shareholders
|
2.53
|
2.77 |
2.77 |
2.33 |
3.86
|
|
Dividends declared on participating shares
|
2.00
|
1.50 |
1.41 |
1.32 |
1.22
|
|
Book value per participating share
|
30.98
|
30.38 |
29.40 |
27.84 |
28.08
|
|
Market price (Participating shares)
|
|
|
|
|
|
|
High
|
34.42
|
32.56 |
33.68 |
31.03 |
34.57
|
|
Low
|
24.47
|
23.57 |
28.65 |
26.77 |
27.15
|
|
Year-end
|
33.45
|
24.53 |
32.37 |
30.05 |
28.94
|
