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
2020

March 31
2020

June 30
2019

Dec. 31
2019

Dec. 31
2018

Revenues

20,631

11,349

3,824

48,841

48,098

Net earnings attributable to participating shareholders

666

200

278

1,108

1,287

Net earnings per participating share

0.99

0.36

0.64

2.53

2.77

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

533

345

359

1,275

1,145

Adjusted net earnings per participating share(1)(2)

0.79

0.62

0.83

2.92

2.41

Dividends declared per participating share

0.4475

0.4475

0.4050

2.0020(3)

1.5045

Consolidated assets

485,181

463,715

467,390

477,250

452,303

Shareholders’ equity

20,857

20,707

13,802

14,174

15,118

Book value per participating share

29.43

29.20

30.18

30.98

30.38

Participating shares outstanding (in millions)

676.3

676.3

425.5

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

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