Highlights

Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms.

Power Corporation is listed on the Toronto Stock Exchange
(TSX: POW; POW.PR.E).

  • Reflects the adoption of IFRS 17, Insurance Contracts and IFRS 9, Financial Instruments on January 1, 2023, which resulted in the restatement of certain comparative amounts. As well, comparative results have been restated to exclude net earnings (loss) from discontinued operations related to Putnam.

Highlights

Q3 2023 Key Metrics

$22.8billion
Market capitalization
$48.26
Adjusted net asset value per share(1)
6.1%
Dividend yield(2)
$32.40
Book value per participating share(3)

2022 Annual Financial Highlights(4)

$2.2
billion
Net earnings from continuing operations(5)(6)
$2.0
billion
Adjusted net earnings from continuing operations(1)(5)
$3.30
Net earnings from continuing operations per share(5)(6)
$2.99
Adjusted net earnings from continuing operations per share(1)(5)
$1.9800
Dividends declared per share(5)
  •    * Declared on March 16, 2023.
$2.7
trillion
Consolidated assets and assets under administration(1)
$704
billion
Total consolidated assets
$1.7
billion
Capital returned to shareholders(7)
  1. 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 Management’s Discussion and Analysis (MD&A) for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which definitions, explanations and reconciliations are incorporated herein by reference. Additionally, a reconciliation of the 2022 adjusted net earnings (restated for the adoption of IFRS 17 and IFRS 9), a non-IFRS financial measure, to net earnings reported in accordance with IFRS can be found below. Comparative results have been restated to exclude net earnings (loss) from discontinued operations related to Putnam. Adjusted net earnings from continuing operations represents net earnings from continuing operations excluding Adjustments.
    In millions Twelve months ended
    December 31, 2022
    Adjusted net earnings from continuing operations –
    Non‑IFRS financial measure(5)
    2,004
    Share of Adjustments, net of tax
    Great-West Lifeco 207
    IGM 15
    Sagard and Power Sustainable 10
    212
    Net earnings from continuing operations –
    IFRS financial measure(5)
    2,216
    Net loss from discontinued operations – Putnam 21
    Net earnings – IFRS financial measure(5) 2,195
  2. Dividend yield is calculated as the annualized dividend based on the dividend declared on August 10, 2023 divided by the September 30, 2023 share price.
  3. 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 MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  4. The 2022 results have been restated for the adoption of IFRS 17 and IFRS 9 on January 1, 2023. For more information, refer to the “Transition to IFRS 17 and IFRS 9” section included in the “Overview” section of Part A of the Corporation’s MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com. As well, comparative results have been restated to exclude net earnings (loss) from discontinued operations related to Putnam.
  5. Attributable to participating shareholders.
  6. For the twelve months ended December 31, 2022, net earnings attributable to participating shareholders were $2,195 million, or $3.27 per share.
  7. Includes dividends paid to participating shareholders and shares repurchased under the NCIB program.

Power and its group companies

Investing in our Communities

Communities

$43.8
million
in charitable contributions
+1,800
community organizations supported
$4.6
billion
in goods and services, and taxes paid to various levels of government

Our key investing principles

  • Long-term perspective
  • Leading franchises with attractive growth profiles
  • Strong governance oversight
  • Prudent approach to risk management

Value creation strategy focused on three key levers

1

OpCo Organic Levers

Organic growth strategies at each of our publicly traded operating companies (OpCos): Great-West Lifeco, IGM & GBL

2

OpCo M&A Levers

Deployment and redeployment of capital

3

Power Company Level Levers

Actions we can take at Power and between Power and its OpCos

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 in Canada, the United States and Europe.

Q3 2023 Key Metrics

$36.2
billion
Market capitalization(1)
$2.6
trillion
Total assets under administration(2)
$680
billion
Total consolidated assets

2022 Annual Financial Highlights(3)

$3.6
billion
Net earnings(4)(5)
$3.3
billion
Base earnings(2)(4)
17.2%
Return on equity(4)(6)
15.8%
Base return on equity(2)(4)(6)

$58.8
billion
Benefits paid to customers
38
million+
Customer relationships
234,500+
Advisor relationships
31,000+
Employees

2022 Value Creation Highlights
  • Delivered strong results with discipline and diversification, driving strong returns and resilient performance
  • Strengthened market leadership positions through strategic and disciplined acquisition and integration efforts
  • Continued to drive responsible growth by expanding access to advice-enabled insurance, wealth, retirement and wellness solutions for its diverse clients

Brands

  1. For an explanation of the composition of market capitalization, refer to the “Other Measures” section of Part A of the Corporation’s MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  2. 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 MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which definitions, explanations and reconciliations are incorporated herein by reference. Additionally, a reconciliation of Great-West Lifeco 2022 restated base earnings, a non-GAAP financial measure, to net earnings reported in accordance with IFRS can be found in the Q3 2023 Supplemental Information Package, located on the Great-West Lifeco website.
  3. The 2022 results have been restated for the adoption by Great-West Lifeco of IFRS 17 and IFRS 9 on January 1, 2023. For more information, refer to the “Transition to IFRS 17 and IFRS 9” section of Part B of the Corporation’s MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com. As well, comparative results have been restated to exclude net earnings (loss) from discontinued operations related to Putnam.
  4. Attributable to common shareholders.
  5. For the twelve months ended December 31, 2022, Great-West Lifeco’s net earnings from continuing operations attributable to common shareholders and net earnings attributable to common shareholders were $3,628 million and $3,596 million, respectively.
  6. 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 MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  7. On May 31, 2023, Great-West Lifeco announced an agreement to sell Putnam Investments to Franklin Templeton. On January 2, 2024, Great-West Lifeco announced the successful completion of the sale of Putnam Investments to Franklin Templeton.

IGM Financial is a leading wealth and asset management company supporting advisors and the clients they serve in Canada, and institutional investors globally.

Q3 2023 Key Metrics

$8.2
billion
Market capitalization
$253.4
billion
Assets under management and advisement(1)

2022 Annual Financial Highlights

$867.2
million
Net and adjusted net earnings(2)(3)
14.0%
Return on equity(2)

1million+
IG Wealth Management clients
30,000+
External advisors serving 1 million+ Mackenzie clients
198,000
Investment Planning Counsel clients
4,000+
Employees across the IGM family of companies

2022 Value Creation Highlights
  • Strong results led by wealth management and increased earnings contributions from strategic investments, enhancing growth profile and extending capabilities
  • IGM’s operating companies remain strong and uniquely well positioned, gaining momentum with their respective wealth and asset management strategies
  • Entered into a strategic mortgage operations partnership with nesto to bring innovative tools and digital capabilities to advisors and a leading-edge mortgage experience to clients

Wealth Management

Asset Management

Strategic Investments

  1. For an explanation of the composition of assets under management and advisement of IGM, refer to the “Other Measures” section of Part A of the Corporation’s MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  2. Available to common shareholders.
  3. Adjusted net earnings is identified as a non-IFRS financial measure by IGM. Non-IFRS financial measures 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 financial 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 MD&A for the financial year ended December 31, 2022, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which definition, explanations and reconciliation are incorporated herein by reference.
  4. On April 3, 2023, IGM purchased a 20.5% equity interest in Rockefeller. Concurrently with this transaction, IGM announced that it entered into an agreement to sell 100% of the common shares of Investment Planning Counsel (IPC) to Canada Life. The IPC transaction is expected to close by the end of 2023.

Groupe Bruxelles Lambert (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 of alternative investments through GBL Capital. In addition, GBL is developing its third-party asset management activity through Sienna Investment Managers.

Q3 2023 Statistics

10.4
billion
Market capitalization
Net asset value(1)
GBL Total:
16.0
billion
Power’s stake:
2.5
billion
Total investment by Power Financial since inception:
$574
million
Dividends received by Power Financial since 1987:
$1.7
billion
30+years
of formal partnership between the Desmarais and Frère families

2022 Value Creation Highlights
  • Continued transitioning towards fast-growing private assets, GBL Capital and Sienna Investment Managers, supported by a strong balance sheet
  • Returned €1.0 billion to shareholders, including €643 million of share buybacks, 3.4 million shares cancelled, and a proposal to cancel an additional 6.3 million shares(2)
  • Moody’s designation of “CIS-1 (positive)”, the highest possible ESG Credit Impact Score, tying for #1 out of 44 investment holding companies

Portfolio(1)

€17.2Billion
Portfolio value as at September 30, 2023
Listed
Assets (3)(4)

65.5% of portfolio


Private
Assets (3)(4)

17.4% of portfolio


Third Party Asset Management (3)

17.1% of portfolio


  1. For an explanation of the composition of net asset value reported by GBL, representing the fair value of its investment portfolio, its gross cash and treasury shares, less its gross debt, refer to the “Other Measures” section of Part A of the Corporation’s MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  2. Approved at GBL’s Extraordinary General Meeting on May 4, 2023.
  3. Percentage of portfolio value shown as at September 30, 2023.
  4. Ownership in parentheses.
  5. GBL’s ownership in Canyon, excluding shares held by GBL Capital (additional indirect ownership of 1.32% as at September 30, 2023).

Alternative asset investment platforms

Power Corporation, through its alternative asset investment platforms, is developing alternative asset management businesses which build upon the investment capabilities that have been created over many years in several high-growth asset classes.


Value creation through our alternative investment platforms
  • Focusing on asset classes where they can create a competitive advantage
  • Partnering with Power’s operating companies to distribute and offer alternative investments to their clients

A multi-strategy alternative asset management firm, Sagard seeks to generate attractive returns by matching investment opportunities with flexible capital solutions and pairing entrepreneurs with teams that have deep industry knowledge.

  • Venture Capital & Growth
  • Private Equity
  • Private Credit
  • Royalties
  • Real Estate
$19.4
billion
Assets under management(1)(2)(3)
93%
of assets under management from third parties(4)
  1. As at September 30, 2023.
  2. Includes unfunded commitments and excludes assets under management of Sagard’s wealth management business.
  3. 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 MD&A for the interim financial period ended September 30, 2023, located under the Corporation’s profile on SEDAR+ at www.sedarplus.com, which explanation is incorporated herein by reference.
  4. Included in third parties are associated companies including Great-West Lifeco, IGM and GBL as well as commitments from management.

A pure-play sustainable investment manager, Power Sustainable aims to create long-term value by investing in companies and projects that contribute to decarbonization, social progress and quality growth.

  • Energy Infrastructure
  • China Public Equities
  • Agri-Food Private Equity
  • Infrastructure Credit
$4.2
billion
Assets under management(1)(2)
64%
of assets under management from third parties(3)
  1. As at September 30, 2023.
  2. Includes unfunded commitments.
  3. Included in third parties are associated companies including Great-West Lifeco as well as commitments from management.
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