Financial Highlights
 

For the three months ended

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

March 31
2021

Dec. 31
2020

March 31
2020

Total revenues

13,393

17,954

11,349

Assets under management (in billions)

1,144

1,142

879

Assets under administration (in billions)

2,310

2,195

1,699

Net earnings (attributable to participating shareholders)

556

623

200

per share — basic 

0.82

0.92

0.36

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

786

627

345

per share — basic(1)

1.16

0.93

0.62

Consolidated assets

621,466

629,104

463,715

Shareholders’ equity

22,050

22,207

20,707

Dividends declared per participating share

0.4475

0.4475

0.4475

Book value per participating share

31.17

31.38

29.20

Net asset value per participating share(1)

45.94

41.27

30.79

Participating shares outstanding (in millions)

676.7

677.3

676.3

(1) Adjusted net earnings and adjusted net earnings per share attributable to participating shareholders and net asset value per participating 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. 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 will be extinguished 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)

2020 2019 2018

Total revenues 

64,616

48,841 48,098

Assets under management (in billions)

1,142

941 860

Assets under administration (in billions)

2,195

1,823 1,571

Net earnings (attributable to participating shareholders)

1,994

1,108 1,287

per share — basic 

3.08

2.53 2.77

per share — diluted

3.08

2.53 2.76

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

1,943

1,275 1,145

per share — basic 

3.00

2.92 2.46
Consolidated assets 

629,104

477,250 452,303
Total financial liabilities 

38,275

26,355 26,056
Debentures and other debt instruments

14,055

9,938 9,977
Shareholder's equity

22,207

14,174 15,118

Dividends declared on participating share

1.7900

2.0020 1.5045

Book value per participating share

31.38

30.98 30.38

Net asset value per participating share(1) 

41.27

44.98 37.91

Number of participating shares outstanding (in millions)

 

   

Participating preferred shares

54.9

48.9 48.9

Subordinate voting shares

622.4

377.6 417.1

(1) Adjusted net earnings and adjusted net earnings per share attributable to participating shareholders and net asset value per participating 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 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.

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