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Montag, 13.05.2019 15:00 von PR Newswire | Aufrufe: 47

Power Financial Reports First Quarter 2019 Financial Results

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Canada NewsWire

TORONTO, May 13, 2019

Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release.

TORONTO, May 13, 2019 /CNW Telbec/ - Power Financial Corporation (Power Financial or the Corporation) (TSX: PWF) today reported earnings results for the three months ended March 31, 2019.

Consolidated Results of Power Financial
For the period ended March 31

Highlights

Power Financial announced on April 17, 2019 the successful completion of its substantial issuer bid to repurchase for cancellation $1.65 billion of its common shares. The Corporation also announced its participation in Great-West Lifeco Inc.'s (Lifeco) substantial issuer bid to repurchase for cancellation $2.0 billion of its common shares. Power Financial's proceeds from its participation in the Lifeco substantial issuer bid were $1.65 billion. As a result, the Corporation's direct interest in Lifeco decreased to 66.8% (67.8% at March 31, 2019).
Lifeco's sales for the first quarter of 2019 were $90.2 billion, up 160% from the first quarter of 2018, primarily driven by a very large sale at Empower Retirement and a large fund management mandate in Europe.
On April 3, 2019, Lifeco announced that its three Canadian life insurance companies, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, are moving to one brand in Canada: Canada Life. Canada Life will become the brand under which the organization will create, deliver and communicate products and services in Canada across all of its lines of business.
IGM Financial Inc. (IGM) reported record high quarter-end assets under management at March 31, 2019 of $160.5 billion, an increase of 7.6% in the quarter and 3.0% from the prior year driven by favourable investment returns.
Pargesa Holding SA's (Pargesa) reported net asset value at March 31, 2019 increased 13.4% from December 31, 2018.

First Quarter
Net earnings attributable to common shareholders were $536 million or $0.75 per share, compared with $586 million or $0.82 per share in 2018.

Contributions to Power Financial's net earnings were:

ARIVA.DE Börsen-Geflüster

Kurse

Power Financial

0,00%

(in millions of dollars)
	2019	2018
Lifeco	444	495
IGM	110	107
Pargesa	46	44
Power Financial Corporate and Other	(64)	(60)
	536	586

Results of Great-West Lifeco, IGM Financial and Pargesa Holding
For the period ended March 31

GREAT-WEST LIFECO INC.

First Quarter
Net earnings attributable to common shareholders were $657 million or $0.67 per share, compared with $731 million or $0.74 per share in 2018.

On May 2, 2019, Lifeco declared a quarterly dividend of $0.4130 per common share, unchanged from the previous quarter.

IGM FINANCIAL INC.

First Quarter
Net earnings available to common shareholders were $168 million or $0.70 per share, compared with $186 million or $0.77 per share in 2018. See contribution to Power Financial's net earnings in the table below.

On May 3, 2019, IGM declared a quarterly dividend of $0.5625 per common share, unchanged from the previous quarter.

PARGESA HOLDING SA

First Quarter
Pargesa reported net earnings of SF91 million, compared with SF61 million in 2018. See contribution to Power Financial's net earnings in the tables below.

On May 8, 2019, Pargesa declared a dividend of SF2.56 per bearer share, an increase of 2.4% over the previous year.

Dividends on Power Financial Common Shares

The Board of Directors today declared a quarterly dividend of 45.55 cents on the Corporation's common shares, payable August 1, 2019 to shareholders of record June 28, 2019.

Dividends on Power Financial Preferred Shares

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares.

Dividends payable August 15, 2019 to shareholders of record July 25, 2019:

Series – Stock Symbol	Amount
Series A – PWF.PR.A	Floating rate ^[1]

[1]	Equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks for the period April 1 to June 30, 2019.

Dividends payable July 31, 2019 to shareholders of record July 10, 2019:

Series	Stock Symbol	Amount	Series	Stock Symbol	Amount
Series D	PWF.PR.E	34.375¢	Series O	PWF.PR.O	36.25¢
Series E	PWF.PR.F	32.8125¢	Series P	PWF.PR.P	14.4125¢
Series F	PWF.PR.G	36.875¢	Series Q	PWF.PR.Q	20.4795¢
Series H	PWF.PR.H	35.9375¢	Series R	PWF.PR.R	34.375¢
Series I	PWF.PR.I	37.50¢	Series S	PWF.PR.S	30¢
Series K	PWF.PR.K	30.9375¢	Series T	PWF.PR.T	26.3438¢
Series L	PWF.PR.L	31.875¢	Series V	PWF.PR.Z	32.1875¢

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