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Power Corporation Reports Second Quarter 2022 Financial Results

·21 min read
Cision

Readers are referred to the sections Non-IFRS Financial Measures and Forward-Looking Statements at the end of this release. All figures are expressed in Canadian dollars unless otherwise noted.

MONTRÉAL, Aug. 5, 2022 /CNW Telbec/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) today reported earnings results for the three and six months ended June 30, 2022.

Power Corporation
Consolidated results for the period ended June 30, 2022

HIGHLIGHTS

Power Corporation

  • Net earnings [1] were $527 million or $0.78 per share [2] for the second quarter of 2022, compared with $994 million or $1.47 per share in 2021.
    Adjusted net earnings [1][3] were $584 million or $0.87 per share, compared with $1,020 million or $1.51 per share in the second quarter of 2021.

  • Adjusted net asset value per share [3] was $41.49 at June 30, 2022, compared with $52.60 at December 31, 2021. The Corporation's book value per participating share [4] was $33.18 at June 30, 2022, compared with $34.56 at December 31, 2021.

  • In the second quarter, the Corporation purchased for cancellation 4.3 million subordinate voting shares for a total of $159 million under its normal course issuer bid. In the six-months ended June 30, 2022, the Corporation has purchased for cancellation 8.8 million subordinate voting shares for a total of $334 million under its normal course issuer bids.

Great-West Lifeco Inc. (Lifeco)

  • Second quarter net earnings were $735 million, compared with $784 million in the second quarter of 2021.
    Adjusted net earnings [5] were $830 million, compared with $826 million in the second quarter of 2021.

  • Total assets were $670 billion and assets under administration [3] were $2.3 trillion at June 30, 2022, compared with total assets of $630 billion and assets under administration of $2.3 trillion at December 31, 2021.

  • On April 1, 2022, Lifeco's U.S. subsidiary, which operates primarily as Empower, closed its strategic acquisition of the full-service retirement business of Prudential Financial, Inc. Empower's reach in the U.S. has expanded to more than 17.4 million retirement plan participants and assets under administration to US$1.3 trillion on behalf of approximately 71,000 workplace savings plans as of June 30, 2022.

IGM Financial Inc. (IGM)

  • Second quarter net earnings were $207.1 million, compared with $237.4 million in the second quarter of 2021.

  • Assets under management and advisement [4] of $242.1 billion, decreased 7.6% from the second quarter of 2021 and 9.8% from March 31, 2022.

  • Net outflows were $527 million in the second quarter of 2022, compared with net inflows of $2.9 billion in 2021. Year-to-date net inflows of $1.9 billion remained strong in a challenging environment.

Groupe Bruxelles Lambert (GBL)

  • GBL reported a net asset value [4] of €17.8 billion, representing €116.53 per share, compared with €22.5 billion or €143.91 per share at December 31, 2021.

  • In the second quarter of 2022, GBL completed €176 million of share buybacks.

  • In June 2022, GBL completed the sale of a 3.5% interest in Mowi ASA, generating cash proceeds of €386 million and realized a gain of €86 million.

Sagard Holdings Inc. (Sagard) and Power Sustainable Capital Inc. (Power Sustainable)

  • Assets under management [4], including unfunded commitments, of the alternative asset investment platforms were $19 billion, an increase from $12 billion at June 30, 2021.

  • On June 15, 2022, Power Sustainable announced the initial $210 million close of its North American agri-food private equity fund, Lios Fund I. Power Sustainable Lios is a specialized agri-food private equity investment platform focusing on the sustainability transformation occurring in our food system.

  • In the second quarter of 2022, Sagard reached its initial $400 million fundraising target for its inaugural Canadian private equity fund, Sagard Private Equity Canada.

  • On July 28, 2022, Portage Ventures announced the launch of its late-stage, fintech-focused Portage Capital Solutions Fund, a strategy focusing on structured opportunities in fintech and financial services companies globally.



[1]

Attributable to participating shareholders.

[2]

All per share amounts are per participating share of the Corporation.

[3]

Adjusted net earnings, adjusted net asset value and assets under administration (reported by Lifeco) are non-IFRS financial measures. Adjusted net earnings per share and adjusted net asset value per share are non-IFRS ratios. See the Non-IFRS Financial Measures section later in this news release.

[4]

See the Other Measures section later in this news release.

[5]

Defined as base earnings by Lifeco, a non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.



SECOND QUARTER

Net earnings attributable to participating shareholders were $527 million or $0.78 per share, compared with $994 million or $1.47 per share in 2021.

Adjusted net earnings attributable to participating shareholders [1] were $584 million or $0.87 per share, compared with $1,020 million or $1.51 per share in 2021.

Contributions to Power Corporation's Earnings

(in millions of dollars, except per share amounts)

Net Earnings

Adjusted Net Earnings


2022

2021

2022

2021

Lifeco [2]

489

523

552

551

IGM [2]

129

148

129

148

GBL [2]

(44)

24

(44)

24

Effect of consolidation [3]

21

94

15

92

Publicly traded operating companies

595

789

652

815

Alternative asset investment platforms [4][5]

(34)

121

(34)

121

ChinaAMC [6]

15

15

15

15

Standalone businesses [5]

27

154

27

154


603

1,079

660

1,105

Corporate operations and Other [7]

(76)

(85)

(76)

(85)


527

994

584

1,020






Per participating share

0.78

1.47

0.87

1.51

Average shares outstanding (in millions)

670.9

676.8

670.9

676.8






Publicly traded operating companies: contribution to net earnings and adjusted net earnings were $595 million and $652 million, representing a decrease of 24.6% and 20.0%, respectively, from the second quarter of 2021:

Lifeco: contribution to net earnings decreased by 6.5% and contribution to adjusted net earnings was comparable with 2021.
IGM: contribution to net and adjusted net earnings decreased by 12.8%.
GBL: negative contribution to net earnings of $44 million, which includes fair value decreases and impairments in its alternative asset portfolio.

Alternative asset investment platforms: net earnings include a negative contribution of $51 million from Power Sustainable mainly related to realized losses in the Power Sustainable China portfolio of $70 million, partially offset by a gain on disposal of $17 million on a portfolio of solar assets in Power Sustainable Infrastructure.

Standalone businesses: contribution to net and adjusted net earnings of $27 million; results in 2022 include a positive impact of $28 million related to the Corporation's share of The Lion Electric Company (Lion) which includes a reversal of long-term incentives due to the decrease in market value of Lion. Results in 2021 included a positive impact of $153 million resulting from the gains on the change in ownership in Lion on the completion of Lion's business combination with Northern Genesis Acquisition Corp. (Northern Genesis).

Corporate operations and Other: includes a gain of $17 million on the remeasurement of cash-settled share-based payments, net of the loss on remeasurement of the related derivative instrument.

Adjustments in the second quarter of 2022, excluded from adjusted net earnings, were a net negative impact to earnings of $57 million or $0.09 per share, mainly related to the Corporation's share of Lifeco's adjustments, which consisted of negative market-related impacts on liabilities and transaction, restructuring and integration charges, partially offset by actuarial assumption changes and management actions. Adjustments in the second quarter of 2021 were a negative net impact to earnings of $26 million or $0.04 per share, mainly related to the Corporation's share of Lifeco's adjustments.

[1]

A non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.

[2]

As reported by Lifeco, IGM and GBL.

[3]

Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information.

[4]

Alternative asset investment platforms includes earnings (losses) from investment platforms including controlled and consolidated subsidiaries and other investments.

[5]

Presented in Alternative and other investments in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A.

[6]

China Asset Management Co., Ltd. (ChinaAMC).

[7]

Includes operating and other expenses, dividends on non-participating shares of the Corporation and Power Financial Corporation's (Power Financial) corporate operations; refer to the Earnings Summary below.



SIX MONTHS

Net earnings attributable to participating shareholders were $1,005 million or $1.49 per share, compared with $1,550 million or $2.29 per share in 2021.

Adjusted net earnings attributable to participating shareholders [1] were $1,099 million or $1.63 per share, compared with $1,806 million or $2.67 per share in 2021.

Contributions to Power Corporation's Earnings

(in millions of dollars, except per share amounts)

Net Earnings

Adjusted Net Earnings


2022

2021

2022

2021

Lifeco [2]

1,002

996

1,091

1,045

IGM [2]

264

273

264

273

GBL [2]

(73)

74

(73)

74

Effect of consolidation [3]

61

(29)

56

78

Publicly traded operating companies

1,254

1,314

1,338

1,470

Alternative asset investment platforms [4][5]

(130)

276

(120)

376

ChinaAMC

28

28

28

28

Standalone businesses [5]

31

155

31

155


1,183

1,773

1,277

2,029

Corporate operations and Other [6]

(178)

(223)

(178)

(223)


1,005

1,550

1,099

1,806






Per participating share

1.49

2.29

1.63

2.67

Average shares outstanding (in millions)

673.3

676.9

673.3

676.9



[1]

A non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.

[2]

As reported by Lifeco, IGM and GBL.

[3]

Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information.

[4]

Alternative asset investment platforms includes earnings (losses) from investment platforms including controlled and consolidated subsidiaries and other investments.

[5]

Presented in Alternative and other investments in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A.

[6]

Includes operating and other expenses, dividends on non-participating shares of the Corporation and Power Financial corporate operations; refer to the Earnings Summary below.



Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended June 30, 2022

The information below is derived from Lifeco and IGM's second quarter 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 GBL is derived from publicly disclosed information, as issued by GBL in its half-year report at June 30, 2022. Further information on GBL's results is available on its website at www.gbl.be.


GREAT-WEST LIFECO INC.

SECOND QUARTER

Net earnings attributable to common shareholders were $735 million or $0.79 per share, compared with $784 million or $0.84 per share in 2021.

Adjusted net earnings [1] attributable to common shareholders were $830 million or $0.89 per share, compared with $826 million or $0.89 per share in 2021.

Adjustments in the second quarter of 2022, excluded from adjusted net earnings, were a net negative earnings impact of $95 million, compared with a net negative earnings impact of $42 million in 2021.

IGM FINANCIAL INC.

SECOND QUARTER

Net earnings available to common shareholders were $207.1 million or $0.87 per share, compared with $237.4 million or $0.99 per share in 2021.

Assets under management and advisement at June 30, 2022 were $242.1 billion, a decrease of 7.6% from the second quarter of 2021 and 9.8% from March 31, 2022.

GROUPE BRUXELLES LAMBERT

SECOND QUARTER

GBL reported [2] a net loss of €204 million, compared with net earnings of €110 million in 2021.

GBL reported a net asset value at June 30, 2022 of €17,828 million, representing €116.53 per share, compared with €22,501 million or €143.91 per share at December 31, 2021.

[1]

Defined as "base earnings" by Lifeco. For additional information, please refer to the Non-IFRS Financial Measures section later in this news release.

[2]

GBL adopted IFRS 9 in 2018. Power Corporation continues to apply IAS 39; this resulted in a positive adjustment to the contribution from GBL of $17 million in the second quarter of 2022.



Alternative and Other Investments
Results for the quarter ended June 30, 2022

Alternative and other investments are comprised of the results of the Corporation's alternative asset investment platforms, Sagard and Power Sustainable, which includes income earned from asset management activities and investing activities. Asset management activities includes management fees and carried interest net of investment platform expenses. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. Other includes the share of earnings (losses) of standalone businesses and the Corporation's investments in investment and hedge funds. For additional information, refer to the table later in this news release.


SECOND QUARTER

Net loss of alternative and other investments, including standalone businesses, was $7 million, compared with net earnings of $275 million in the corresponding period in 2021.

SAGARD AND POWER SUSTAINABLE

Net earnings in the second quarter include a negative contribution of $56 million from Sagard and Power Sustainable comprised of:

  • A negative contribution of $39 million from the asset management activities of Sagard and Power Sustainable;

  • A net negative contribution from investing activities of $17 million comprised of i) a positive contribution from Sagard of $31 million, offset by ii) a negative contribution from Power Sustainable's investing activities of $48 million which includes realized losses in the Power Sustainable China portfolio of $70 million, partially offset by a net gain on disposal of a portfolio of solar assets of $17 million by Power Sustainable Infrastructure.

Summary of assets under management [1] (including unfunded commitments):

(in billions of dollars)

June 30, 2022

June 30, 2021

Sagard [2][3]

16.4

8.6

Power Sustainable [3]

2.8

3.0

Total

19.2

11.6

Percentage of third-party and associates

85 %

65 %




STANDALONE BUSINESSES

Net earnings of the standalone businesses in the second quarter of 2022 were $27 million, compared with $154 million in 2021. Net earnings in the period include a contribution of $28 million related to the investment in Lion which includes remeasurements attributable to the decline in market value of Lion in the quarter and is comprised of i) share of earnings of Lion which includes a recovery related to the revaluation of its warrants, ii) a recovery related to the decrease in amounts payable by Power Sustainable to its management for long-term incentive plans, and iii) a loss related to the revaluation of call rights held by Power Sustainable.

At June 30, 2022, the fair value of standalone businesses was $1.0 billion, compared with $2.3 billion at June 30, 2021.

[1]

See the Other Measures section later in this news release.

[2]

Includes ownership in Wealthsimple Financial Corp. (Wealthsimple) valued at $0.9 billion at June 30, 2022 ($2.1 billion at June 30, 2021) and excludes assets under management of Sagard's wealth management business.

[3]

Excludes the fair value of interests held in standalone businesses.



Adjusted Net Asset Value and Participating Shareholders' Equity
At June 30, 2022

ADJUSTED NET ASSET VALUE

Adjusted net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is the fair value of the assets of the combined Power Corporation and Power Financial holding company balance sheet (the gross asset value) less their net debt and preferred shares. Refer to the Non-IFRS Financial Measures section later in this news release for a reconciliation with the combined holding company balance sheet.


The Corporation's adjusted net asset value per share was $41.49 at June 30, 2022, compared with $52.60 at December 31, 2021, representing a decrease of 21.1%.


(in millions of dollars, except per share amounts)

June 30, 2022

December 31, 2021

Variation %

Publicly
Traded
Operating
Companies

Lifeco

19,494

23,545

(17)

IGM

5,104

6,749

(24)

GBL

2,384

3,157

(24)



26,982

33,451

(19)

Alternative
Asset
Investment
Platforms









Sagard [1]

949

1,515

(37)

Power Sustainable [1]

1,463

1,654

(12)



2,412

3,169

(24)






Other

ChinaAMC

1,150

1,150

Standalone businesses [2]

914

1,331

(31)

Other assets and investments

575

661

(13)

Cash and cash equivalents

1,492

1,635

(9)



4,131

4,777

(14)







Gross asset value

33,525

41,397

(19)


Liabilities and preferred shares

(5,745)

(5,810)

1


Adjusted net asset value

27,780

35,587

(22)







Shares outstanding (millions)

669.5

676.6



Adjusted net asset value per share

41.49

52.60

(21)



[1]

Includes the management companies of the investment platforms at their carrying value.

[2]

Includes Lion, LMPG Inc. (LMPG) and Peak Achievement Athletics Inc. (Peak).



Power Corporation's Ownership in Publicly Traded Operating Companies








Shares held [1]
(in millions)

Share price


Ownership [1]
(%)

June 30, 2022

December 31, 2021

Lifeco

66.6

620.3

$31.43

$37.96

IGM

62.2

147.9

$34.50

$45.62

GBL [2]

14.9

22.8

€79.68

€98.16



[1]

As at June 30, 2022.

[2]

Held through Parjointco SA (Parjointco), a jointly controlled corporation (50%).



PARTICIPATING SHAREHOLDERS' EQUITY

Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is the total assets of the combined Power Corporation and Power Financial holding company balance sheet, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares.


The Corporation's book value per participating share was $33.18 at June 30, 2022, compared with $34.56 at December 31, 2021, a decrease of 4.0%.


(in millions of dollars, except per share amounts)

June 30, 2022

December 31, 2021

Variation %

Publicly
Traded
Operating
Companies

Lifeco

15,667

15,496

1

IGM

3,552

3,434

3

GBL

3,216

4,278

(25)



22,435

23,208

(3)

Alternative
Asset
Investment
Platforms









Sagard

698

822

(15)

Power Sustainable

1,280

1,389

(8)



1,978

2,211

(11)






Other

ChinaAMC

738

766

(4)

Standalone businesses [1]

760

725

5

Other assets and investments

517

611

(15)

Cash and cash equivalents

1,492

1,635

(9)



3,507

3,737

(6)







Total assets

27,920

29,156

(4)


Liabilities and preferred shares

(5,704)

(5,771)

1


Participating shareholders' equity

22,216

23,385

(5)







Shares outstanding (millions)

669.5

676.6



Book value per participating share

33.18

34.56

(4)



[1]

Includes Lion, LMPG and Peak.



Dividend on Power Corporation Participating Shares

The Board of Directors declared a quarterly dividend of 49.50 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable November 1, 2022 to shareholders of record September 29, 2022.

Dividends on Power Corporation Non-Participating Preferred Shares

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable October 15, 2022 to shareholders of record September 23, 2022:

Series

Stock Symbol

Amount

Series

Stock Symbol

Amount

Series A

POW.PR.A

35¢

Series D

POW.PR.D

31.25¢

Series B

POW.PR.B

33.4375¢

Series G

POW.PR.G

35¢

Series C

POW.PR.C

36.25¢




Investor Information

Access to Quarterly
Results Materials:


Quarterly Earnings Conference Call:

The second quarter earnings
news release and shareholder
report are available on the
Power Corporation website at www.powercorporation.com/en/
investors


Power Corporation will host an earnings call and live audio webcast on Monday, August 8, 2022 at 8:30 a.m. (Eastern Time). A question-and-answer period with analysts will follow the presentation. Shareholders, investors, and other stakeholders are welcome to participate on a listen-only basis.

The live audio webcast and presentation materials will be available at: www.powercorporation.com/en/investors/events-presentations.

To listen via telephone, please dial 1-888-886-7786 toll-free in North America or
416-764-8658 for international calls.

A replay of the conference call will be available from August 8, 2022 at 11:30 a.m. (Eastern Time) until November 8, 2022 by calling 1-888-886-7786 toll-free in North America or
416-764-8658 for international calls, using the access code 082058#. A webcast archive will also be available on Power Corporation's website.

Investor Relations Contact:


Treasury 514-286-7400
investor.relations@powercorp.com





About Power Corporation

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. To learn more, visit www.PowerCorporation.com.

At June 30, 2022, Power Corporation held the following economic interests:

100% – Power Financial

www.powerfinancial.com

66.6 %

Great-West Lifeco [1] (TSX: GWO)

www.greatwestlifeco.com

62.2 %

IGM Financial (TSX: IGM)

www.igmfinancial.com

14.9 %

GBL [2] (Euronext: GBLB)

www.gbl.be

54.5 %

Wealthsimple [3]

www.wealthsimple.com



Investment Platforms


100 %

Sagard [4]

www.sagard.com

100 %

Power Sustainable

www.powersustainable.com



13.9% – ChinaAMC [1][5]

www.chinaamc.com



[1]

On January 5, 2022, the Corporation and IGM entered into an agreement under which the interest in ChinaAMC will be consolidated at IGM. In a separate agreement, IGM will sell approximately 15.2 million common shares of Lifeco, representing a 1.6% interest in Lifeco, to Power Financial. Refer to the ChinaAMC section in the Corporation's most recent MD&A.

[2]

Held through Parjointco, a jointly controlled corporation (50%).

[3]

Undiluted equity interest held by Portag3 Ventures Limited Partnership (Portage I), Power Financial and IGM, representing a fully diluted equity interest of 42.5%.

[4]

The Corporation holds an 83.1% interest in Sagard Holdings Management Inc.

[5]

IGM also holds a 13.9% interest in ChinaAMC.



Earnings Summary

Contribution to Adjusted Net Earnings and Net Earnings

(in millions of dollars)

Three months ended June 30,

Six months ended June 30,


2022

2021

2022

2021

Adjusted net earnings [1]





Lifeco [2]

552

551

1,091

1,045

IGM [2]

129

148

264

273

GBL [2]

(44)

24

(73)

74

Effect of consolidation [3]

15

92

56

78


652

815

1,338

1,470

Alternative asset investment platforms and other [4][5]

(34)

121

(120)

376

ChinaAMC

15

15

28

28

Standalone businesses [4][6]

27

154

31

155

Corporate operating and other expenses

(29)

(38)

(85)

(129)

Dividends on non-participating and perpetual preferred shares

(47)

(47)

(93)

(94)

Adjusted net earnings [7]

584

1,020

1,099

1,806

Adjustments [8]

(57)

(26)

(94)

(256)

Net earnings





Lifeco [2]

489

523

1,002

996

IGM [2]

129

148

264

273

GBL [2]

(44)

24

(73)

74

Effect of consolidation [3]

21

94

61

(29)


595

789

1,254

1,314

Alternative asset investment platforms and other [4][5]

(34)

121

(130)

276

ChinaAMC

15

15

28

28

Standalone businesses [4][6]

27

154

31

155

Corporate operating and other expenses

(29)

(38)

(85)

(129)

Dividends on non-participating and perpetual preferred shares

(47)

(47)

(93)

(94)

Net earnings [7]

527

994

1,005

1,550



[1]

For a reconciliation of Lifeco and Alternative and other investments' non-IFRS adjusted net earnings to their net earnings, refer to the Non-IFRS Financial Measures and Alternative and Other Investments sections below.

[2]

As reported by Lifeco, IGM and GBL.

[3]

Effect of consolidation reflects: i) the elimination of intercompany transactions; ii) the application of the Corporation's accounting method for investments under common control to the reported net earnings of the publicly traded operating companies, which include: a) an adjustment related to Lifeco's investment in Power Sustainable Energy Infrastructure Partnership (PSEIP); and b) an allocation of the results of the fintech portfolio including Wealthsimple, Portage I, Portag3 Ventures II Limited Partnership (Portage II) and Portage Ventures III Limited Partnership (Portage III) to the contributions from Lifeco and IGM based on their respective interest; and iii) adjustments in accordance with IAS 39 for IGM and GBL. Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A.

[4]

Presented in Alternative and other investments in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A.

[5]

Includes earnings of the Corporation's alternative asset investment platforms including investments held through Power Financial.

[6]

Includes the results of Lion, LMPG, Peak and GP Strategies Corporation (GP Strategies) (up to the date of disposal in the fourth quarter of 2021).

[7]

Attributable to participating shareholders.

[8]

Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below.



Contribution to Adjusted Net Earnings per Share and Net Earnings per Share

(in dollars per share)

Three months ended June 30,

Six months ended June 30,


2022

2021

2022

2021

Adjusted net earnings per share – basic [1]