Q3 2025 KEY METRICS
$38.5
Billion
Market capitalization
$72.24
Adjusted net asset value per share(1)
4.1%
Dividend yield(2)
$36.74
Book value per participating share(3)
2024 ANNUAL FINANCIAL HIGHLIGHTS
$2.8
Billion
Net earnings from continuing operations(4)
$3.0
Billion
Adjusted net earnings from continuing operations(1)(4)
$4.31
Net earnings per share from continuing operations(4)
$4.58
Adjusted net earnings per share from continuing operations(1)(4)
$2.25
Dividends declared per share(4)
* Declared on March 19, 2025.
$3.6 Trillion
Consolidated assets and assets under administration(1)
$851 Billion
Total consolidated assets
$1.9 Billion
Capital returned to shareholders(5)
- Adjusted net earnings from continuing operations (or adjusted net earnings) and consolidated assets and assets under administration are non-IFRS financial measures. Adjusted net asset value per share and adjusted net earnings from continuing operations per share (or adjusted net earnings per share) are non-IFRS ratios. Non-IFRS financial measures (including non-IFRS ratios) do not have a standard meaning and may not be comparable to similar measures used by other entities. For definitions, further explanations of uses and reconciliations of such non-IFRS financial measures to measures prescribed by IFRS, refer to the “Non-IFRS Financial Measures” section and specifically the sub-sections entitled “Adjusted Net Asset Value”, “Adjusted Net Earnings” and “Consolidated Assets Under Management and Advisement, and Consolidated Assets and Assets Under Administration” included in the “Reconciliations of IFRS and Non-IFRS Financial Measures” section of Part A of the Corporation’s most recent interim Management’s Discussion and Analysis (MD&A), located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which definitions, explanations and reconciliations are incorporated herein by reference.
- Dividend yield is calculated as the annualized dividend per participating share based on the dividend declared on August 7, 2025 divided by the share price of a Subordinate Voting Share on September 30, 2025.
- For an explanation of the composition of book value per participating share, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Attributable to participating shareholders.
- Includes dividends paid to participating shareholders and shares repurchased under the NCIB program.
Creating value through a strategy based on three key levers
1
OpCo organic
Realize higher organic growth at our operating companies
(OpCos — Great‑West Lifeco, IGM Financial and GBL)
(OpCos — Great‑West Lifeco, IGM Financial and GBL)
2
OpCo M&A
Add to that growth through mergers and acquisitions
3
Power Corporation level
Create additional returns through various opportunities at the Power Corporation level
Publicly traded operating companies
Great-West Lifeco is a financial services holding company that provides wealth, retirement, workplace benefits and insurance and risk solutions to its over 40 million customer relationships operating primarily in Canada, the United States and Europe.
Q3 2025 KEY METRICS
$52.0 BILLION
Market capitalization(1)
$3.5 TrILLION
Total assets under administration(2)
$859 BILLION
Total consolidated assets
2024 ANNUAL FINANCIAL HIGHLIGHTS
$4.0
Billion
Net earnings(3)
$4.2
Billion
Base earnings(2)(3)
16.7%
Return on equity(3)(4)
17.5%
Base return on equity(2)(3)(4)
40 MILLION+
Customer relationships
Growth drivers
- Retirement
- Wealth
- Group Benefits
- Insurance & Risk Solutions
Brands
- For an explanation of the composition of market capitalization, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Assets under administration and base earnings are identified as non‑GAAP financial measures by Great-West Lifeco. Base return on equity is identified as a non‑GAAP ratio by Great-West Lifeco. Non‑GAAP financial measures (including non‑GAAP ratios) do not have a standard meaning and may not be comparable to similar measures used by other entities. For definitions, further explanations of uses and reconciliations of such non‑GAAP financial measures to measures prescribed by GAAP, refer to the “Non‑GAAP Financial Measures and Ratios” section and specifically the sub-sections entitled “Assets under administration (AUA), assets under management or advisement (AUMA), assets under administration only (AUAO) and client assets”, “Base earnings (loss)” and “Non‑GAAP ratios” of Part B of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which definitions, explanations and reconciliations are incorporated herein by reference.
- Attributable to common shareholders. Based on earnings from continuing operations.
- For an explanation of the composition of return on equity reported by Great-West Lifeco, refer to the “Glossary” section of Part B of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
IGM Financial is a leading Canadian diversified wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors globally. IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals.
Q3 2025 KEY METRICS
$12.0 BILLION
Market capitalization
$302.6 BILLION
Assets under management and advisement(1)
$562.4 BILLION
Assets under management and advisement including strategic investments(1)
2024 ANNUAL FINANCIAL HIGHLIGHTS
$934
Million
Net earnings(2)
$939
Million
Adjusted net earnings(2)(3)
13.0%
Return on equity(2)
13.1%
Adjusted return on equity(2)(3)
IG Wealth Management
≈1 Million
Clients
3,000+
Advisors across Canada
Mackenzie Investments
1 Million+
Clients
30,000+
Third-party advisors and institutional investors
Growth drivers
Leading core franchises and high-growth businesses in both wealth and asset management segments.
Brands
Wealth management
Asset management
- For an explanation of the composition of assets under management and advisement and assets under management and advisement including strategic investments of IGM, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation's profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Available to common shareholders.
- Adjusted net earnings is identified as a non-IFRS financial measure by IGM. Adjusted return on equity is identified as a non-IFRS ratio by IGM. Non-IFRS measures (including non-IFRS ratios) do not have a standard meaning and may not be comparable to similar measures used by other entities. For a definition, further explanations of uses and a reconciliation of such a non-IFRS measure to a measure prescribed by IFRS, refer to the “Non-IFRS Financial Measures and Other Financial Measures” section and specifically “Table 1: Reconciliation of Non-IFRS Financial Measures” of Part C of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which definition, explanations and reconciliation are incorporated herein by reference.
GBL is a leading and active investor in Europe focused on long-term value creation with the support of a stable family shareholder base. GBL is focused on delivering meaningful growth by providing attractive returns to its shareholders through a combination of growth in its net asset value per share, a sustainable dividend and share buybacks.
Q3 2025 Statistics
€10.1 BILLION
Market capitalization
Net asset value(1)
GBL TOTAL:
€14.0 BILLION
POWER’S STAKE:
€2.4 BILLION
Total investment by Power Financial since inception:
$574 MILLION
Dividends received by Power Financial since 1987:
$2.0 BILLION
30+ years
of formal partnership between the Desmarais and Frère families
growth drivers
Disposing part of its listed and indirect private investments to reposition its portfolio with a focus on private investments while returning capital to shareholders.
Portfolio(1)
€13.3 BILLION
Portfolio value as at September 30, 2025
Listed assets(2)(3) 54% of portfolio
18.4% (14.3%)
10.8% (6.8%)
8.5% (3.5%)
7.8% (54.7%)
4.4% (15.9%)
2.6% (13.9%)
Other
~0.9%
Direct Private assets(2)(3) 29% of portfolio
14.6% (99.1%)
8.1% (84.2%)
2.3% (15.0%)
2.2% (23.0%)
2.0% (51.3%)
Indirect private assets(2) 17% of portfolio
Third‑party asset management(2) <1% of portfolio
- For an explanation of the composition of net asset value reported by GBL, representing the fair value of its investment portfolio, its gross cash, the present value of its Concentrix note and its treasury shares, less its gross debt, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Percentage of portfolio value shown as at September 30, 2025. On November 3, 2025 GBL announced the monetization of a significant portion of assets from the GBL Capital portfolio for estimated proceeds of €1.5 billion.
- Ownership in parentheses.
Alternative asset management businesses
Power Corporation, through its alternative asset investment platforms, continues to develop its alternative asset management businesses which build upon the investment capabilities that have been created over many years in several high-growth asset classes.
FOCUSED ON INVESTING IN AND GROWING THEIR RESPECTIVE BUSINESSES
- Ongoing fundraising from third-party investors
- Launch of successor funds and new strategies
- Acquisition of complementary investment teams
- Strategic partnerships including third-party investors in Sagard’s managers
Sagard is a global multi‑strategy alternative asset management firm active in venture capital, private equity, private credit and real estate, with offices in Canada, the U.S., Europe and the Middle East. It also engages in private wealth management and holds strategic interests in other alternative asset management businesses.
- Venture capital
- Private equity
- Private credit
- Real estate
$45.0 BILLION
Assets under management(1)(2)(3)
94%
of assets under management from third parties(4)
- As at September 30, 2025.
- Includes unfunded commitments. For an explanation of the composition of assets under management of alternative asset investment platforms, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Includes ownership in Wealthsimple valued at $3.8 billion at September 30, 2025 and excludes assets under management of Sagard's private wealth investment platform. In the second quarter of 2025, Sagard acquired a controlling interest in BEX Capital SAS, representing assets under management of $3.3 billion at September 30, 2025.
- Included in third parties are associated companies including Great-West Lifeco, IGM and GBL as well as commitments from management.
A sustainability-focused investment manager which offers institutional investors exposure to alternative assets which aim to accelerate and scale sustainable solutions across multiple industries.
- Energy Infrastructure
- Infrastructure Credit
- Power Sustainable Lios
- Decarbonization Private Equity
$4.1 BILLION
Assets under management(1)(2)
75%
of assets under management from third parties(3)
- As at September 30, 2025.
- Includes unfunded commitments. For an explanation of the composition of assets under management of alternative asset investment platforms, refer to the “Other Measures” section of Part A of the Corporation’s most recent interim MD&A, located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which explanation is incorporated herein by reference.
- Included in third parties are associated companies including Great-West Lifeco as well as commitments from management.