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.

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

Highlights

Q2 2022 Key Metrics

$22.2
billion
Market capitalization(1)
$41.49
Adjusted net asset value per share(2)
6.0%
Dividend yield(3)
$33.18
Book value per participating share(4)

2021 Annual Financial Highlights

$2.9billion
Net earnings(5)
46% YoY
$3.2billion
Adjusted net earnings(5)(6)
62% YoY
$4.31
Net earnings per share(5)
40% YoY
$4.77
Adjusted net earnings per share(2)(5)
55% YoY
$1.8375
Dividends declared per share(5)
$2.5trillion
Consolidated assets and assets under administration(6)
$662billion
Consolidated assets

Power and its group companies

Investing in our Communities

Communities

$45
million
in charitable contributions
Approximately
2,000
community organizations supported across Canada
$4.2
billion
in goods and services, and taxes paid to various levels of government
  1. The description of market capitalization can be found under the section Other Measures in the most recent MD&A or the 2021 Annual MD&A.
  2. Non-IFRS ratio. Please refer to the definition and reconciliation in the section Non-IFRS Financial Measures in the most recent MD&A or the 2021 Annual MD&A.
  3. Dividend yield is calculated as the annualized dividend based on the dividend declared on May 11 in the second quarter of 2022 divided by the June 30, 2022 share price.
  4. The description of book value per participating share can be found under the section Other Measures in the most recent MD&A or the 2021 Annual MD&A.
  5. Attributable to participating shareholders.
  6. Non-IFRS financial measure. Please refer to the definition and reconciliation in the section Non-IFRS Financial Measures in the most recent MD&A or the 2021 Annual MD&A.

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

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 provide greater visibility of earnings to the market
2

OpCo M&A

Deployment
and redeployment
of capital

  • Augment earnings and value through acquisitions and associated synergies
  • Exit businesses that do not meet return thresholds
3

Power Company Level

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 allow the market to measure value creation

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.

Q2 2022 Key Metrics

$29.3
billion
Market capitalization
$2.3
trillion
Total assets under administration(1)
$670
billion
Consolidated assets

2021 Annual Financial Highlights

$3.1
billion
Net earnings(2)
$3.3
billion
Base earnings(1)(2)
14.0%
Return on equity(2)(3)

$47.3
billion
net policyholder benefits, dividends and experience refunds paid to customers
33
million+
customer relationships
215,000
advisor relationships
28,000+
employees

2021 Value Creation Highlights
  • Reported record net earnings of $3.1 billion in 2021 with strong underlying business performance across segments
  • Made focused investments to drive organic growth across Great-West Lifeco’s businesses
  • Strengthened market leadership positions through strategic and disciplined acquisition and integration efforts
  • Maintained risk and expense discipline to deliver sustainable, long-term shareholder value creation
  • Committed to achieving net zero greenhouse gas emissions by 2050

Leading
Franchises

  1. Base earnings and assets under administration are identified as non-GAAP financial measures by Lifeco. Refer to the definition and reconciliation in the section “Non-GAAP Financial Measures and Ratios” in Lifeco’s most recent MD&A or its Annual MD&A.
  2. Attributable to common shareholders.
  3. The description of return on equity can be found under “Glossary” in Lifeco’s most recent MD&A or its Annual MD&A.

IGM Financial is a leading diversified wealth and asset management company providing a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals.

Q2 2022 Key Metrics

$8.2
billion
Market capitalization
$242.1
billion
Total assets under management and advisement(1)

2021 Annual Financial Highlights

$979
million
Net earnings(2)
$971
million
Adjusted net earnings(2)(3)
16.5%
Return on equity(2)

1million+
IG Wealth Management clients
30,000+
external advisors serving more than 1 million Mackenzie clients
198,000
Investment Planning Counsel clients
3,800+
employees across the IGM family of companies

2021 Value Creation Highlights
  • Reported record-high annual net earnings of $979 million, up 28% year over year
  • Reported record-high assets under advisement(1), and gross and net client inflows from wealth management activities
  • Reached record-high total assets under management(1), with record-high annual investment fund net sales and annual mutual fund gross sales from the asset management segment
  • Benefitted from increased earnings contributions from strategic investments, which continued to help enhance growth profile and extend capabilities
  • Enhanced climate commitments to include carbon neutral operations by 2022 and setting interim targets to transition investments towards net zero by 2050

Operating Companies

Strategic Investments

  1. The description of assets under management and advisement for IGM can be found under the section Other Measures in Power Corporation’s most recent MD&A or its 2021 Annual MD&A.
  2. Available to common shareholders.
  3. Adjusted net earnings is identified as a non-IFRS financial measure by IGM. Refer to the definition and reconciliation in the section “Non-IFRS Financial Measures and Other Financial Measures” in IGM’s most recent MD&A or its Annual MD&A.
  4. IGM and Power Corporation each hold an interest of 13.9% in ChinaAMC. ChinaAMC’s total assets under management, excluding subsidiary assets under management, were RMB¥1,740 billion (C$335 billion) at June 30, 2022. On January 5, 2022, Power Corporation and IGM announced an agreement in which IGM will acquire Power Corporation’s 13.9% interest held in ChinaAMC.

Groupe Bruxelles Lambert (GBL) is a leading investor in Europe, focused on long-term value creation with a diversified high-quality portfolio composed of global companies, public and private, that are leaders in their sector.

Q2 2022 Statistics

12.2
billion
Market capitalization
Net asset value(1)
GBL Total:
17.8
billion
Power’s stake:
2.7
billion
Total investment by Power Financial since inception:
$574
million
Dividends received by Power Financial since 1987:
$1.6
billion
25+years
of formal partnership between the Desmarais and Frère families

2021 Value Creation Highlights
  • Pursued its asset rotation strategy, with €4.2 billion(2) in 2021, favouring private and alternative assets with attractive growth prospects and building a less replicable portfolio
  • Solidified its financial position to support its strategy
  • Started transformation into a 3rd party asset manager with the announced acquisitions of L’Etoile Properties, Malakoff Humanis and Acofi
  • Strengthened its ESG integration and supported portfolio companies in the reinforcement of their climate commitments
  • Developed climate targets which were approved by the Science Based Targets initiative in January 2022

Portfolio

€18.4Billion
as at June 30, 2022
Listed
investments (3)(4)

71.0% of portfolio


Private
Investments (3)(4)

14.7% of portfolio


Alternative
Investments (3)

14.3% of portfolio


  1. The description of net asset value reported by GBL can be found under the section Other Measures in Power Corporation’s most recent MD&A or its 2021 Annual MD&A.
  2. Excluding share buybacks.
  3. Percentage of portfolio value shown as at June 30, 2022.
  4. Ownership in parentheses.

Alternative asset investment platforms

Power Corporation is creating alternative asset management businesses, building upon the investment capabilities that have been created over many years in several high-growth asset classes.


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

Asset classes:

  • Private credit
  • Healthcare royalties
  • Venture capital
  • Private equity
  • Real estate
US$12.8
billion
Assets under management(1)(2)(3)
93%
of assets under management from 3rd-party and associates
  1. As at June 30, 2022.
  2. Includes unfunded commitments and excludes standalone businesses and assets under management of Sagard’s wealth management business.
  3. The description of assets under management of alternative asset investment platforms can be found under the section Other Measures in Power Corporation’s most recent MD&A or its 2021 Annual MD&A.

Power Sustainable is a pure-play sustainable investment manager with offices in Canada, China, and the U.S.

Platforms:

  • Power Sustainable China:
    Invests in mainland China’s public equity markets.
  • Power Sustainable Energy Infrastructure:
    Invests in the development, construction, financing, and operation of renewable energy infrasctructure assets across North America.
  • Power Sustainable Lios:
    Invests in growth oriented, mid-market companies across the food value chain in North America.
$2.8
billion
Assets under management(1)(2)
41%
of assets under management from 3rd-party and associates
  1. As at June 30, 2022.
  2. Includes unfunded commitments and excludes standalone businesses.
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