Power Corporation Snapshot

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.

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

Highlights

Q3 2021 Key Metrics

$28.2
billion
Market capitalization
$52.81
Net asset value per share(1)
4.3%
Dividend yield(2)

2020 Annual Financial Highlights

$1,994M
Net earnings(3)
80% YoY
$1,943M
Adjusted net earnings(1)(3)
52% YoY
$3.08
Net earnings per share(3)
22% YoY
$3.00
Adjusted net earnings per share(1)(3)
2.7% YoY
$1.1
billion
Dividends paid
$1.7475
Dividends paid per share(3)
1.3163
16
1.4105
17
1.5045
18
1.5970
19
1.7475
20
$2.2
trillion(4)
Assets under administration

Value Creation for all Stakeholders from Power and its Group Companies

Clients

31million+
client relationships
$39billion+
in benefits paid

Employees

30,000
employees
(approximately)

Communities

$48.3
million
in charitable contributions
2,000
community organizations supported across Canada
$4.0
billion
in goods and services, and taxes paid to various levels of government
  1. Non-IFRS financial measures. Please refer to the reconciliation of IFRS and non-IFRS financial measures in the 2020 Annual MD&A.
  2. Dividend yield is calculated as the annualized dividend based on the last dividend declared in the third quarter of 2021 divided by the September 30, 2021 share price.
  3. Attributable to participating shareholders.
  4. Represents the aggregate of assets under management, assets under administration and assets under advisement reported by Lifeco, IGM, Wealthsimple and the alternative asset investment platforms.

Key principles

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

Value creation focused on three key levers

1

OpCo organic levers

Organic growth strategies at our publicly traded operating companies: Great-West Lifeco, IGM & GBL

  • Capitalize on significant past investments to drive higher organic earnings growth
  • Enhance communications to the market
2

OpCo M&A Levers

Deployment
and redeployment
of capital

  • Augment earnings and value through acquisitions and associated synergies
  • Exit businesses that don’t meet return thresholds
3

Holding Company Levers

Actions we can take at Power Corporation

  • Create value through investment platforms
  • Create and realize value from standalone businesses
  • Return capital to shareholders
  • Enhance communications to the market

Leading franchises


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 2021 Key Metrics

$35.9
billion
Market capitalization
$2.2
trillion(1)
of assets under administration

2020 Annual Financial Highlights

Net earnings
$2.9
billion(2)
Base earnings
$2.7
billion(1)(2)
Return on equity(2)
14.1%

$39
billion+
of benefits paid to customers in 2020
$30
million+
customer relationships
205,000+
advisor relationships supporting customers
24,500+
employees supporting customers

Leadership across geographies


Canada

45% of 2020
base earnings(1)(2)

leading market shares in major segments

#1 in individual life insurance(3)

#2 in segregated funds(4)

#2 in group life and health


U.S.

10% of 2020
base earnings(1)(2)

empower: #2 in retirement plan record keeper by participants(5)

13 MILLION participants in the u.s.(5)

Putnam: Globally diversified asset management platform(1)


 
Europe

25% of 2020
base earnings(1)(2)

UK: Market leader in group risks and strong position annuities

Canada Life: Largest U.K. group insurance provider

Ireland: Leading market shares in all business lines at Irish Life

Germany: Fast growing position in unit-linked market


Capital & Risk solutions

20% of 2020
base earnings(1)(2)

top 2 life reinsurer in the u.s.

leading provider in the evolving european structured life reinsurance maket

leading provider of u.k. and other european annuity/longevity reinsurance


  1. Base earnings and assets under administration are non-IFRS financial measures. Refer to the discussion of these measures in Lifeco’s 2020 Management’s Discussion and Analysis.
  2. Attributable to common shareholders.
  3. LIMRA, full year 2020 results.
  4. Strategic Insights (Investor Economics), full year 2020 results.
  5. As of June 30, 2021, excludes the Prudential full-service retirement business acquisition (approximately 4M participants and US$314B in assets under administration) announced in July 2021.

IGM Financial is a leading wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors throughout North America, Europe and Asia. Through its operating companies, IGM provides a broad range of financial planning and investment management services to help Canadians meet their financial goals.

Q3 2021 Key Metrics

$10.8
billion
Market capitalization
$265
billion
of assets under management and advisement

2020 Annual Financial Highlights

Net earnings(1)
$764
million
Return on equity
16.1%

1million+
IG Wealth Management clients
30,000+
external advisors doing business with Mackenzie Investments
199,000+
Investment Planning Counsel clients
3,500+
employees across the IGM group of companies

Components of value


Wealth Management

65% of 2020 adjusted EBIT(2)

Leading financial services company in Canada


Asset
Management

21% of 2020 adjusted EBIT(2)

Leading investment management company in Canada


Strategic Investments

14% of 2020 adjusted EBIT(2)


  1. Available to common shareholders.
  2. Adjusted EBIT is a non-IFRS financial measures. Refer to the discussion of these measures in IGM’s 2020 Management’s Discussion and Analysis.
  3. 13.9% owned by IGM Financial; 13.9% owned by Power Corporation; China AMC had assets under management, excluding subsidiary assets under management, of RMB¥1,461 billion (C$285 billion) at December 31, 2020.

Groupe Bruxelles Lambert (GBL) is a leading investor in Europe, focused on long-term value creation and relying on a stable and supportive family shareholder base. GBL strives to maintain a diversified high-quality portfolio composed of global companies, leaders in their sector, in which it can contribute to value creation by being an active professional investor.

Q3 2021 Statistics

15.3
billion
Market capitalization
Net asset value(1)
GBL Total:
22.5
billion
Power’s stake:
3.2
billion
Total investment by Power Financial since inception:
$574
million
Dividends received by Power Financial since 1987:
$1.5
billion
25+years
of formal partnership between the Desmarais and Frère families

Global Sector Leaders

A
B
C
D
E
F
G
H
I
€22.2
billion
Portfolio value as of September 30, 2021
  • A
    17.1%
    Pernod Ricard
  • B
    16.8%
    adidas
  • C
    16.2%
    SGS
  • D
    9.0%
    Umicore
  • E
    7.8%
    Imerys
  • F
    3.6%
    Mowi
  • G
    6.2%
    Other
  • H
    10.3%
    Private Investments
  • I
    13.0%
    Sienna
  1. Non-IFRS financial measure.

Alternative asset investment platforms

Power Corporation’s value-creation strategy is designed to achieve superior investment returns and stable cash flows. Significant investments have been made in non-financial-sector investment platforms. Historically, many of these investments were held in funds managed by third parties. Since the early 2000s, Power Corporation has been investing and developing its own investment platforms.


Sagard is a multi-strategy alternative asset manager with professionals principally located in Canada, the U.S. and Europe.

Multi-strategy alternative asset manager:

  • Private equity
  • Private credit
  • Venture capital
  • Healthcare royalties
  • Private wealth
US$8.7
billion
Assets under management(1)(2)
  1. As at September 30, 2021.
  2. Including unfunded commitments.

Power Sustainable is a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. It has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey.

It is comprised of two platforms:

  • Pacific: invests in China equity markets.
  • Renewable Energy Infrastructure: invests in the development, construction and operations of renewable energy infrastructure assets in North America.
$4.5
billion
Assets under management(1)(2)
  1. As at September 30, 2021.
  2. Including unfunded commitments.

A premier asset management firm in China

RMB¥
1,461
billion
(C$285 BILLION)
Assets under management
1,006
16
870
17
880
18
1,032
19
1,461
20

in billions of RMB¥

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