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Mittwoch, 11.11.2020 23:40 von PR Newswire | Aufrufe: 150

Power Financial Reports Third Quarter 2020 Financial Results

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Canada NewsWire

MONTRÉAL, Nov. 11, 2020

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

MONTRÉAL, Nov. 11, 2020 /CNW Telbec/ - Power Financial Corporation (Power Financial or the Corporation) today reported earnings results for the three and nine months ended September 30, 2020.

Power Financial
Consolidated results for the period ended September 30

Highlights

The Corporation's net asset value per share (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) was $33.56 at September 30, 2020, compared with $31.09 at June 30, 2020, representing an increase of 7.9%.
August 17, 2020: Great-West Lifeco Inc. (Lifeco)'s subsidiary Empower Retirement completed the acquisition of Personal Capital Corporation (Personal Capital), a hybrid wealth manager that combines a leading-edge digital experience with personalized advice delivered by human advisors.
September 8, 2020: Empower Retirement announced that it entered into an agreement to purchase the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual), strengthening Empower Retirement's position as the second-largest player in the U.S. retirement market.
September 17, 2020: Mackenzie Financial Corporation (Mackenzie) and Lifeco announced a strategic relationship with Northleaf Capital Partners Ltd. (Northleaf) to expand and enhance their private markets capabilities. The transaction was completed on October 29, 2020.
October 14, 2020: Wealthsimple Financial Corp. (Wealthsimple) announced the closing of a $114 million investment on a pre-money valuation of $1.4 billion.
IGM Financial Inc. (IGM) assets under management and advisement were a record high of $196.4 billion, up 4.3% from June 30, 2020 and 6.1% from September 30, 2019. Investment fund net sales were $610 million, compared with net sales of $103 million in the third quarter of 2019.
IGM reported net earnings of $191 million or $0.80 per share, compared with $202 million or $0.85 per share in the third quarter of 2019. Adjusted net earnings, excluding adjustments, were $214 million or $0.90 per share, compared with $202 million or $0.85 per share in the third quarter of 2019. This is the second highest adjusted earnings per share in IGM's history.

Third Quarter
Net earnings attributable to common shareholders were $503 million or $0.75 per share, compared with $584 million or $0.88 per share in 2019.

Adjusted net earnings attributable to common shareholders (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) were $436 million or $0.65 per share, compared with $554 million or $0.83 per share in 2019.

Contributions to Power Financial's earnings per share:

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		2020		2019
(in dollars per Power Financial share)	Net Earnings	Adjusted Net Earnings	Net Earnings	Adjusted Net Earnings
Lifeco	0.83	0.68	0.74	0.68
IGM	0.18	0.20	0.19	0.19
Pargesa/GBL	(0.02)	(0.02)	0.05	0.06
	0.99	0.86	0.98	0.93
Corporate and Other ^[1]	(0.24)	(0.21)	(0.10)	(0.10)
	0.75	0.65	0.88	0.83

Lifeco: contribution to net earnings per share increased by 12%, contribution to adjusted net earnings per share was the same.
IGM: contribution to net earnings per share decreased by 5%, contribution to adjusted net earnings per share increased by 5%.
Pargesa/GBL (Pargesa Holding SA): results reflect the impact of COVID-19 on its portfolio as well as a charge of $0.06 per share in the quarter for losses due to an increase in the put right liability of the non-controlling interests in Webhelp.
Corporate and Other: the third quarter includes a charge of $0.10 per share for the remeasurement of the put right liability of the non-controlling interests in Wealthsimple and carried interests payable, both due to the increase in the fair value of Wealthsimple.

Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of $67 million or $0.10 per share, mainly related to the Corporation's share of Lifeco's and IGM's adjustments. Adjustments in the third quarter of 2019 were a net positive impact to earnings of $30 million or $0.05 per share, mainly related to the Corporation's share of Lifeco's and Pargesa's adjustments.

[1]	Includes Power Financial corporate operations and dividends on preferred shares as well as consolidation entries; refer to the Earnings Summary below.

Nine Months
Net earnings attributable to common shareholders were $1,508 million or $2.27 per share, compared with $1,563 million or $2.29 per share in 2019.

Adjusted net earnings attributable to common shareholders were $1,476 million or $2.22 per share, compared with $1,595 million or $2.33 per share in 2019.

Contributions to Power Financial's earnings per share:

		2020 ^[1]		2019
(in dollars per Power Financial share)	Net Earnings	Adjusted Net Earnings	Net Earnings	Adjusted Net Earnings
Lifeco ^[2]	2.05	1.94	1.82	1.84
IGM	0.50	0.52	0.50	0.51
Pargesa/GBL	0.10	0.11	0.17	0.19
	2.65	2.57	2.49	2.54
Corporate and Other ^[3]	(0.38)	(0.35)	(0.20)	(0.21)
	2.27	2.22	2.29	2.33

Adjustments in the nine-month period of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of $32 million or $0.05 per share, mainly related to the Corporation's share of Lifeco's and IGM's adjustments. Adjustments in the nine-month period of 2019 were a net negative impact to earnings of $32 million or $0.04 per share, mainly related to the Corporation's share of Lifeco's and Pargesa's adjustments.

[1]	The Corporation completed a substantial issuer bid in the second quarter of 2019 and repurchased 7.0% of its common shares.
[2]	The Corporation participated in Lifeco's substantial issuer bid in the second quarter of 2019; the number of shares held by the Corporation decreased by 7.4%.
[3]	Includes Power Financial corporate operations and dividends on preferred shares as well as consolidation entries; refer to the Earnings Summary below.

Great-West Lifeco, IGM Financial and Pargesa
Results for the third quarter ended September 30

The information below is derived from Lifeco and IGM's interim MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR (www.sedar.com) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to Pargesa is derived from publicly disclosed information, as issued by Pargesa in its third quarter press release. Further information on Pargesa's results is available on its website at www.pargesa.ch.

GREAT-WEST LIFECO INC.

Net earnings attributable to common shareholders were $826 million or $0.891 per share, compared with $730 million or $0.786 per share in 2019.

Adjusted net earnings ^[¹^] attributable to common shareholders were $679 million or $0.732 per share, compared with $677 million or $0.729 per share in 2019.

Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of $147 million, compared with a net positive impact to earnings of $53 million in 2019. Lifeco's adjustments in 2020 consisted of a net positive impact of actuarial assumption changes and other management actions, market-related impacts on liabilities and a net gain on the sale of Irish Progressive Services International Limited, offset by transaction costs related to the acquisitions of Personal Capital and MassMutual.

[1]

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