| |
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.
