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
2019

Mar. 31
2019

June 30
2018

Dec. 31
2018

Dec. 31
2017
(1)

Revenues(1)(2)

3,824

17,866

11,609

48,098

51,362

Net earnings attributable to participating shareholders

278

292

347

1,287

1,286

Net earnings per participating share

0.64

0.63

0.75

2.77

2.77

Adjusted net earnings attributable to participating shareholders(3)

372

292

347

1,438

1,560

Adjusted net earnings per participating share(3)

0.86

0.63

0.75

3.09

3.36

Dividends declared per participating share

0.4050

0.3820

0.3820

1.5045

1.4105

Consolidated assets

467,390

468,125

455,840

452,303

445,521

Shareholders' equity

13,802

15,296

15,176

15,118

14,615

Book value per participating share

30.18

30.75

30.51

30.38

29.40

Participating shares outstanding (in millions)

425.5

466.1

465.9

466.0

464.3

(1) Comparative figures for 2017 have been adjusted as a result of IFRS 15 as described in Note 2 to the Corporation's December 31, 2018 consolidated financial statements.
(2) The decrease in revenues in the second quarter of 2019 is due to the impact of Lifeco's sale, via indemnity reinsurance, of its U.S. individual life insurance and annuity business to Protective Life (initial reinsurance ceded premiums of $13.9 billion). 
(3) Adjusted net earnings attribuable 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.

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

2018 2017 2016 2015

2014

Consolidated Balance Sheets

         

Cash and cash equivalents

6,441

5,903 5,182 5,085

4,431

Total assets

452,303

445,521 422,724 422,859

377,781

Shareholders’ equity

15,118

14,615 13,864 13,978

11,931

Consolidated Statements of Earnings

         

Revenues

         

Premium income, net(1)

35,440

33,880 31,125 24,501

21,222

Net investment income

3,069

8,074 10,335 4,869

13,706

Fee income(1)

8,776

8,510 7,794 7,692

6,990

Other revenues

813

898 1,496 1,203

711

Total revenues

48,098

51,362 50,750 38,265

42,629

Expenses

         

Total paid or credited to policyholders

32,068

35,643 34,675 22,842

29,160

Commissions(1)

3,512

3,712 3,590 3,133

2,901

Operating and administrative expenses(1)

8,175

8,132 8,023 7,239

6,066

Financing charges

462

512 490 480

457

Total expenses 

44,217

47,999 46,778 33,694

38,584

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

3,881

3,363 3,972 4,571

4,045

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

164

214 (122) 213

215

Earnings before income taxes

4,045

3,577 3,850 4,784

4,260

Income taxes

578

543 587 685

824

Net earnings

3,467

3,034 3,263 4,099

3,436

Attributable to

         

Non-controlling interests

2,128

1,696 2,129 2,261

2,109

Non-participating shareholders

52

52 52 52

52

Participating shareholders

1,287

1,286 1,082 1,786

1,275

 

3,467

3,034 3,263 4,099

3,436

Per share

         

Net earnings attributable to participating shareholders

2.77

2.77 2.33 3.86

2.77

Adjusted net earnings attributable to participating shareholders(2)

3.09

3.36 2.64 3.40

2.69

Dividends declared on participating shares

1.50

1.41 1.32 1.22

1.16

Book value per participating share

30.38

29.40 27.84 28.08

23.74

Market price (Participating shares)

         

High

32.56

33.68 31.03 34.57

32.87

Low

23.57

28.65 26.77 27.15

27.60

Year-end

24.53

32.37 30.05 28.94

31.76

(1) Comparative figures for 2017 have been adjusted as a result of IFRS 15 as described in Note 2 to the Corporation's December 31, 2018 consolidated financial statements.
(2) Adjusted net earnings attribuable to participating shareholders per share is a non-IFRS financial measure. 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.

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