Q3 2024 KEY METRICS
$27.6
Billion
Market capitalization
$57.92
Adjusted net asset value per share(1)
5.3%
Dividend yield(2)
$34.00
Book value per participating share(3)
2023 ANNUAL FINANCIAL HIGHLIGHTS
$2.28
Billion
Net earnings from continuing operations(4)
$2.96
Billion
Adjusted net earnings from continuing operations(1)(4)
$3.45
Net earnings per share from continuing operations(4)
$4.47
Adjusted net earnings per share from continuing operations(1)(4)
$2.10
Dividends declared per share(4)
* Declared on March 20, 2024.
$3.1 Trillion
Consolidated assets and assets under administration(1)
$749 Billion
Total consolidated assets
$2.0 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 and Assets Under Management 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 based on the dividend declared on August 8, 2024 divided by the September 30, 2024 share price.
- 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
Organic growth strategies at each of our publicly traded operating companies (OpCos – Great-West Lifeco, IGM Financial and GBL)
2
OpCo M&A
Deployment and redeployment of capital
3
Power Corporation level
Actions we can take at Power and between Power and its OpCos and alternative asset management businesses
Publicly traded operating companies
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses operating primarily in Canada, the United States and Europe.
Q3 2024 KEY METRICS
$42.9 BILLION
Market capitalization(1)
$3.1 TrILLION
Total assets under administration(2)
$780 BILLION
Total consolidated assets
2023 ANNUAL FINANCIAL HIGHLIGHTS
$2.74
Billion
Net earnings(3)
$3.67
Billion
Base earnings(2)(3)
12.4%
Return on equity(3)(4)
16.6%
Base return on equity(2)(3)(4)
42 MILLION+
Customer relationships(5)
232,000+
Advisor relationships(5)
33,500+
Employees(5)
2023 Value creation highlights
- Repositioning U.S. business to focus on Empower's leading retirement and wealth businesses through the successful integration of recent transactions and sale of Putnam
- Acquisitions of IPC and Value Partners, advancing Great-West Lifeco's goal of establishing a leading platform for independent advisors in Canada
- Continued repositioning of its portfolio of businesses through strategic actions and disciplined execution to grow its franchises and create value over the long term
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 management (AUM) and assets under administration (AUA)”, “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.
- 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.
- Figures are as at December 31, 2023 and include Putnam Investments, which was sold on January 1, 2024.
IGM Financial is a leading wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors globally.
Q3 2024 KEY METRICS
$9.6 BILLION
Market capitalization
$264.9 BILLION
Assets under management and advisement(1)
$461.6 BILLION
Assets under management and advisement including strategic investments(1)
2023 ANNUAL FINANCIAL HIGHLIGHTS
$1.15
Billion
Net earnings(2)
$821
Million
Adjusted net earnings(2)(3)
18.2%
Return on equity(2)
13.0%
Adjusted return on equity(2)(3)
30,000+
External advisors serving 1 million+ Mackenzie clients
1 Million+
Clients helped by 3,100+ IG Wealth Management advisors
3,600+
Employees across the IGM family of companies
2023 Value creation highlights
- Investment in Rockefeller Capital Management, expanding IGM's wealth management footprint into the U.S. through an ionic brand in the high- and ultra-high-net-worth space
- Increased equity interest in ChinaAMC, deepening its participation in the Chinese asset management industry with one of the nation's leading asset managers
- IGM's business streamlined and positioned for future growth, with its segments realigned to focus IGM as a wealth and asset management company
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 a diversified high-quality portfolio of listed and private investments, as well as alternative investments through GBL Capital.
Q3 2024 Statistics
€9.7 BILLION
Market capitalization
Net asset value(1)
GBL TOTAL:
€16.3 BILLION
POWER’S STAKE:
€2.7 BILLION
Total investment by Power Financial since inception:
$574 MILLION
Dividends received by Power Financial since 1987:
$1.8 BILLION
30+ years
of formal partnership between the Desmarais and Frère families
2023 Value creation highlights
- Value creation from private assets and GBL Capital, and record high cash returns to shareholders
- Strengthened governance and strategic appointments to help optimize capital allocation and value creation
- Refocused its portfolio following the exit of three listed companies(2)
Portfolio(1)
€16.8 BILLION
Portfolio value as at September 30, 2024
Listed assets(3)(4) 63% of portfolio
21.6% (19.1%)
13.9% (6.8%)
13.0% (5.1%)
8.2% (54.7%)
2.7% (15.9%)
2.4% (13.5%)
Other
~1.0%
Private assets(3)(4) 19% of portfolio
8.3% (99.0%)
5.3% (83.2%)
2.4% (48.8%)(5)
1.8% (23.0%)
1.8% (15.1%)
Alternative assets(3) 17% of portfolio
Third party asset management(3) <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.
- GEA, Holcim and MOWI. GBL held a residual interest in GEA, valued at €4 million as at December 31, 2023.
- Percentage of portfolio value shown as at September 30, 2024.
- Ownership in parentheses.
- GBL’s ownership in Canyon, excluding shares held by GBL Capital (additional indirect ownership of 1.34% as of September 30, 2024).
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
An alternative asset management firm that invests across four different asset classes. It delivers flexible capital, an entrepreneurial culture and a global network of investors, commercial partners, advisors and value creation experts.
- Venture capital
- Private equity
- Credit
- Real estate
$35.0 BILLION
Assets under management(1)(2)(3)
94%
of assets under management from third parties(4)
- As at September 30, 2024.
- 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 $2.1 billion at September 30, 2024 and excludes assets under management of Sagard's wealth management business. In the first quarter of 2024, Sagard acquired a controlling interest of Performance Equity Management, LLC, representing assets under management of $12.1 billion at September 30, 2024.
- 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
- Agri-food private equity
$4.0 BILLION
Assets under management(1)(2)
69%
of assets under management from third parties(3)
- As at September 30, 2024.
- 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.