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Power Financial Reports Third Quarter 2019 Financial Results

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Canada NewsWire

MONTRÉAL, Nov. 7, 2019

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

MONTRÉAL, Nov. 7, 2019 /CNW Telbec/ - Power Financial Corporation (TSX: PWF) today reported earnings results for the three and nine months ended September 30, 2019.

Power Financial
Consolidated results for the period ended September 30

Highlights

Sales at Great-West Lifeco Inc. (Lifeco) for the third quarter of 2019 were $41.9 billion, up 22% from the third quarter of 2018, primarily driven by a 29% increase in the U.S., reflecting higher Empower Retirement sales and a 22% increase in Canada, driven by higher Group Customer sales in both Insurance and Wealth.
Consolidated assets under administration at Lifeco at September 30, 2019 were approximately $1.6 trillion, a 14% increase from December 31, 2018.
IGM Financial Inc. (IGM) reported record high quarter-end assets under management at September 30, 2019 of $162.5 billion, an increase of 1.8% from the prior year driven by favourable investment returns.
Pargesa Holding SA's (Pargesa) net asset value has risen by 15% since the beginning of the year, to reach SF10.3 billion at September 30, 2019.

Third Quarter
Net earnings attributable to common shareholders were $0.88 per share or $584 million, compared with $0.74 per share or $523 million in 2018.

Adjusted net earnings attributable to common shareholders (a non-IFRS financial measure) were $0.89 per share or $590 million, compared with $0.81 per share or $578 million in 2018.

Contributions to Power Financial's net earnings per share and adjusted net earnings per share were:

ARIVA.DE Börsen-Geflüster

Kurse

Great-West LifeCo

29,67 $

+0,17%

Igm Financial

25,2675 $

+0,93%

Power Financial

0,00%

		2019	2018
(in dollars per Power Financial share)	Net Earnings ^[1]	Adjusted Net Earnings ^[1]	Net Earnings	Adjusted Net Earnings
Lifeco ^[2]	0.74	0.74	0.66	0.71
IGM	0.19	0.19	0.16	0.18
Pargesa	0.04	0.05	0.02	0.02
Power Financial Corporate and Other	(0.09)	(0.09)	(0.10)	(0.10)
	0.88	0.89	0.74	0.81


[1]	The Corporation completed a substantial issuer bid in the second quarter of 2019 and repurchased 7.0% of its common shares.
[2]	As a result of the Corporation's participation in Lifeco's substantial issuer bid, in the second quarter of 2019, the number of shares held by the Corporation decreased by 7.4%.

Other items, not included in adjusted net earnings, were a charge of $0.01 per share or $6 million consisting of the Corporation's share of other charges at Pargesa related to Parques Reunidos Servicios Centrales, S.A., an equity investment. Other items in 2018 were a charge of $0.07 per share or $55 million.

Nine Months
Net earnings attributable to common shareholders were $2.29 per share or $1,563 million, compared with $2.48 per share or $1,767 million in 2018.

Adjusted net earnings attributable to common shareholders were $2.51 per share or $1,715 million, compared with $2.55 per share or $1,822 million in 2018.

Contributions to Power Financial's net earnings per share and adjusted net earnings per share were:

		2019	2018
(in dollars per Power Financial share)	Net Earnings ^[1]	Adjusted Net Earnings ^[1]	Net Earnings	Adjusted Net Earnings
Lifeco ^[2]	1.82	2.01	2.14	2.19
IGM	0.50	0.51	0.48	0.50
Pargesa	0.23	0.25	0.13	0.13
Power Financial Corporate and Other	(0.26)	(0.26)	(0.27)	(0.27)
	2.29	2.51	2.48	2.55

[1]	See note 1 above.
[2]	See note 2 above.

Other items, not included in adjusted net earnings, were a charge of $0.22 per share or $152 million, compared with a charge of $0.07 per share or $55 million in 2018.

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

GREAT-WEST LIFECO INC.

Third Quarter
Net earnings attributable to common shareholders and adjusted net earnings were $0.79 per Lifeco share or $730 million, compared with net earnings of $0.70 per share or $689 million and adjusted net earnings of $0.75 per share or $745 million in 2018. Other items, not included in adjusted net earnings, were a charge of $0.05 per share or $56 million in 2018.

Nine Months
Net earnings attributable to common shareholders were $1.94 per Lifeco share or $1,846 million, compared with $2.28 per share or $2,251 million in 2018.

Adjusted net earnings attributable to common shareholders were $2.15 per share or $2,045 million, compared with $2.33 per share or $2,307 million in 2018. Other items, not included in adjusted net earnings, were a charge of $0.21 per share or $199 million relating to the sale, via indemnity reinsurance, of the U.S. individual life insurance and annuity business. Other items were a charge of $0.05 per share or $56 million in 2018.

IGM FINANCIAL INC.

Third Quarter
Net earnings available to common shareholders and adjusted net earnings were $0.85 per IGM share or $202 million, compared with net earnings of $0.82 per share or $198 million and adjusted net earnings of $0.92 per share or $223 million in 2018. Other items, not included in adjusted net earnings, were a charge of $0.10 per share or $25 million in 2018.

Nine Months
Net earnings available to common shareholders were $2.32 per IGM share or $555 million, compared with $2.44 per share or $587 million in 2018.

Adjusted net earnings available to common shareholders were $2.35 per share or $563 million, compared with $2.54 per share or $612 million in 2018. Other items, not included in adjusted net earnings, were a charge $0.03 per share or $8 million relating to IGM's proportionate share of Lifeco's other items. Other items were a charge of $0.10 per share or $25 million in 2018.

PARGESA HOLDING SA

Third Quarter
Pargesa reported net earnings of SF91 million, compared with SF38 million in 2018. See contribution to Power Financial's earnings in the tables below.

Nine Months
Pargesa reported net earnings of SF316 million, compared with SF251 million in 2018.

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