Company: Power Financial Corp.Stock Name: PWFAmount: CAD 0.35
Announcement Date: 11/11/2011
Record Date: 28/12/2011
Dividend Detail:
Readers are referred to the sections entitled "Forward-looking
Statements" and "Non-IFRS Financial Measures" at the end of this
release. The Corporation's financial results are reported under
International Financial Reporting Standards (IFRS) and all comparative
figures have been restated accordingly.
TORONTO, Nov. 11, 2011 /CNW Telbec/ - Power Financial Corporation's
operating earnings for the nine-month period ended September 30, 2011
were $1,385 million or $1.84per share, compared with $1,294 million or
$1.73per share in the corresponding period of2010. This represents a
6.8% increase on a per share basis.
The increase in operating earnings reflects primarily the increase in
the contribution from the Corporation's subsidiaries Great-West Lifeco
Inc. (Lifeco) and IGM Financial Inc. (IGM).
For the nine-month period ended September 30, 2011, other items
represented a charge of $118 million and consisted mainly of the
Corporation's share (in the amount of $133 million) of Pargesa Holding
SA's (Pargesa) impairment charge recorded in the third quarter on its
indirect investment in Lafarge S.A. In the corresponding nine-month
period of 2010, other items were a charge of $142 million and consisted
mainly of Power Financial's share of a litigation provision recorded by
Lifeco, established in the third quarter.
Net earnings attributable to common shareholders (including other items
and after dividends on perpetual preferred shares) for the nine-month
period ended September30, 2011 were$1,189million or $1.68 per share,
compared with $1,079 million or $1.53per share in the corresponding
period of 2010.
THIRD QUARTER RESULTS
For the quarter ended September 30, 2011, operating earnings of the
Corporation were$454million or $0.60 per share, compared with
$465million or $0.62per share in the third quarter of 2010.
Other items for the third quarter of 2011 were a charge of $116 million,
compared with a charge of $144million for the same quarter in 2010.
Net earnings attributable to common shareholders (including other items
and after dividends on perpetual preferred shares) for the quarter
ended September 30, 2011 were $312million or $0.44 per share, compared
with $294million or $0.42 per share in the corresponding period of
2010.
RESULTS OF SUBSIDIARIES AND PARJOINTCO
GREAT-WEST LIFECO INC.
Lifeco reported operating earnings attributable to common shareholders
of $1,398million or $1.473per share for the nine-month period ended
September 30, 2011, compared with $1,354million or $1.429 per share in
the corresponding period of 2010. This represents an increase of 3% on
a per share basis.
For the three-month period ended September 30, 2011, Lifeco reported
operating earnings attributable to common shareholders of $457 million
or $0.481 per share, compared with $471million or $0.497 per share in
the same period in 2010.
Operating earnings for the third quarter of 2010 exclude the impact of
an incremental litigation provision, established in the quarter, in the
amount of $225 million after tax ($204million attributable to Lifeco's
common shareholders or $0.216 per common share, and $21million to
Lifeco's non-controlling interests).
Lifeco's contribution to Power Financial's operating earnings was $956
million for the nine-month period ended September 30, 2011, compared
with $930 million in the corresponding period in 2010. For the
three-month period ended September 30, 2011, Lifeco's contribution to
Power Financial's operating earnings was $312 million, compared with
$323 million in the same period in 2010.
IGM FINANCIAL INC.
IGM reported operating earnings available to common shareholders for the
nine months ended September 30, 2011 of $637million or $2.46 per
share, compared with $549 million or $2.08per share in the same period
in 2010, an increase of 18.3% on a per share basis.
For the three-month period ended September 30, 2011, IGM reported
operating earnings available to common shareholders of $213 million or
$0.82per share, compared with $181million or $0.69 per share for the
same period in 2010, an increase of 18.8% on a per share basis.
On September 2, 2011, Mackenzie Financial Corporation, a subsidiary of
IGM, announced that it had entered into an agreement to sell M.R.S.
Trust Company and M.R.S. Inc. (together, MRS). Other items for the
three and nine months ended September 30, 2011 consisted of the net
earnings of MRS of $31million and $33 million, respectively, which
have been classified as discontinued operations.
Net earnings available to common shareholders, including other items,
for the nine months ended September 30, 2011 were $670 million or $2.58
per share, compared with $541 million or $2.05 per share in the
corresponding period in 2010. Net earnings available to common
shareholders, including other items, for the three months ended
September 30, 2011 were $244 million or $0.94 per share, compared with
$173 million or $0.66 per share in the same period of 2010.
IGM's contribution to Power Financial's operating earnings was $367
million for the nine-month period ended September 30, 2011, compared
with $313 million in the same period in 2010. For the three-month
period ended September 30, 2011, IGM's contribution to Power
Financial's operating earnings was $121 million, compared with $104
million in the corresponding period of 2010.
PARJOINTCO N.V.
Power Financial holds a 50% interest in Parjointco N.V., which in turn
held a 56.5% interest in Pargesa as at September 30, 2011. Pargesa
reported operating income for the nine-month period ended September 30,
2011 of SF319 million, compared with SF440million in the corresponding
period in 2010. For the three-month period ended September 30, 2011,
operating income was SF109 million, compared with SF219 million in the
corresponding period of 2010.
Pargesa's operating income declined in 2011 mainly as a result of the
weakening of the euro against the Swiss franc.
Expressed in Canadian dollars, the contribution from Pargesa to Power
Financial's operating earnings was $103 million for the nine-month
period ended September30,2011, compared with $114million for the
corresponding period in 2010. For the three-month period ended
September 30, 2011, the contribution from Pargesa to Power Financial's
operating earnings was $36million, compared with $59 million in the
third quarter of 2010.
Pargesa's non-operating income (other items) was a charge of SF423
million for the nine-month period ended September30, 2011 and is
composed mainly of its share of the impairment charge on its indirect
investment in Lafarge. Non-operating income of Pargesa was SF8 million
in the nine-month period ended September 30, 2010.
Pargesa reported a net loss of SF104 million in the nine-month period
ended September 30, 2011, compared with net earnings of SF448million
in the same period of 2010. For the third quarter of 2011, Pargesa
reported a net loss of SF306 million, compared with net earnings of
SF218million in the third quarter of 2010.
DIVIDENDS ON PREFERRED SHARES
The Board of Directors today declared quarterly dividends on the
Corporation's preferred shares, as follows:
TYPE OF SHARES
|
RECORD DATE
|
PAYMENT DATE
|
AMOUNT
|
Series A
|
January 25, 2012
|
February 15, 2012
|
To be determined in accordance with the articles of the Corporation
|
Series D
|
January 10, 2012
|
January 31, 2012
|
34.375
|
Series E
|
January 10, 2012
|
January 31, 2012
|
32.8125
|
Series F
|
January 10, 2012
|
January 31, 2012
|
36.875
|
Series H
|
January 10, 2012
|
January 31, 2012
|
35.9375
|
Series I
|
January 10, 2012
|
January 31, 2012
|
37.50
|
Series K
|
January 10, 2012
|
January 31, 2012
|
30.9375
|
Series L
|
January 10, 2012
|
January 31, 2012
|
31.875
|
Series M
|
January 10, 2012
|
January 31, 2012
|
37.50
|
Series O
|
January 10, 2012
|
January 31, 2012
|
36.25
|
Series P
|
January 10, 2012
|
January 31, 2012
|
27.50
|
DIVIDEND ON COMMON SHARES
The Board of Directors also declared a quarterly dividend of 35 cents
per share on the Corporation's common shares payable February 1, 2012
to shareholders of record December30,2011.
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on
the Corporation's preferred and common shares are eligible dividends.
Forward-Looking Statements
Certain statements in this News Release, other than statements of
historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's current expectations, or with
respect to disclosure regarding the Corporation's public subsidiaries,
reflects such subsidiaries' disclosed current expectations.
Forward-looking statements are provided for the purposes of assisting
the reader in understanding the Corporation's financial performance,
financial position and cash flows as at and for the periods ended on
certain dates and to present information about management's current
expectations and plans relating to the future and the reader is
cautioned that such statements may not be appropriate for other
purposes. These statements may include, without limitation, statements
regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook of the
Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year and
subsequent periods. Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar expressions,
or future or conditional verbs such as "may", "will", "should", "would"
and "could".
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise to
the possibility that expectations, forecasts, predictions, projections
or conclusions will not prove to be accurate, that assumptions may not
be correct and that objectives, strategic goals and priorities will not
be achieved. A variety of factors, many of which are beyond the
Corporation's and its subsidiaries' control, affect the operations,
performance and results of the Corporation and its subsidiaries and
their businesses, and could cause actual results to differ materially
from current expectations of estimated or anticipated events or
results. These factors include, but are not limited to: the impact or
unanticipated impact of general economic, political and market factors
in North America and internationally, interest and foreign exchange
rates, global equity and capital markets, management of market
liquidity and funding risks, changes in accounting policies and methods
used to report financial condition (including uncertainties associated
with critical accounting assumptions and estimates), the effect of
applying future accounting changes, business competition, operational
and reputational risks, technological change, changes in government
regulation and legislation, changes in tax laws, unexpected judicial or
regulatory proceedings, catastrophic events, the Corporation's and its
subsidiaries' ability to complete strategic transactions, integrate
acquisitions and implement other growth strategies, and the
Corporation's and its subsidiaries' success in anticipating and
managing the foregoing factors. The reader is cautioned to consider
these and other factors, uncertainties and potential events carefully
and not to put undue reliance on forward-looking statements.
Information contained in forward-looking statements is based upon
certain material assumptions that were applied in drawing a conclusion
or making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances, including that the foregoing list of
factors, collectively, are not expected to have a material impact on
the Corporation and its subsidiaries. While the Corporation considers
these assumptions to be reasonable based on information currently
available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the
Corporation undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which
such statement is made, or to reflect the occurrence of unanticipated
events, whether as a result of new information, future events or
results, or otherwise.
Additional information about the risks and uncertainties of the
Corporation's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including its most recent
Management's Discussion and Analysis and Annual Information Form, filed
with the securities regulatory authorities in Canada, available at www.sedar.com.
Non-IFRS Financial Measures
In analyzing the financial results of the Corporation and consistent
with the presentation in previous years, net earnings are subdivided
into the following components:
operating earnings; and
other items, which include the after-tax impact of any item that
management considers to be of a non-recurring nature or that could make
the period-over-period comparison of results from operations less
meaningful, and also include the Corporation's share of any such item
presented in a comparable manner by Lifeco or IGM.
Management has used these financial measures for many years in its
presentation and analysis of the financial performance of
PowerFinancial, and believes that they provide additional meaningful
information to readers in their analysis of the results
oftheCorporation.
Operating earnings and operating earnings per share are non-IFRS
financial measures that do not have a standard meaning and may not be
comparable to similar measures used by other entities.
POWER FINANCIAL CORPORATION
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(unaudited)
[in millions of Canadian dollars]
|
September 30,
2011
|
|
December 31,
2010
|
|
January 1,
2010
|
Assets
|
|
|
|
|
|
Cash and cash equivalents
|
2,973
|
|
3,656
|
|
4,855
|
Investments
|
|
|
|
|
|
|
Bonds
|
79,714
|
|
73,582
|
|
67,388
|
|
Mortgages and other loans
|
20,947
|
|
20,209
|
|
20,613
|
|
Shares
|
6,218
|
|
6,415
|
|
6,392
|
|
Investment properties
|
3,238
|
|
2,959
|
|
2,615
|
|
110,117
|
|
103,165
|
|
97,008
|
Loans to policyholders
|
7,144
|
|
6,827
|
|
6,957
|
Funds held by ceding insurers
|
10,118
|
|
9,856
|
|
10,984
|
Reinsurance assets
|
2,220
|
|
2,533
|
|
2,800
|
Investment in associates
|
2,135
|
|
2,448
|
|
2,829
|
Deferred tax assets
|
1,269
|
|
1,249
|
|
1,300
|
Other assets
|
7,211
|
|
7,179
|
|
7,065
|
Assets held for sale
|
898
|
|
-
|
|
-
|
Intangible assets
|
4,311
|
|
4,231
|
|
4,359
|
Goodwill
|
8,771
|
|
8,713
|
|
8,655
|
Segregated funds for the risk of unit holders
|
94,053
|
|
94,827
|
|
87,495
|
Total assets
|
251,220
|
|
244,684
|
|
234,307
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Insurance contract liabilities
|
114,070
|
|
107,367
|
|
104,988
|
Investment contract liabilities
|
784
|
|
791
|
|
841
|
Deposits and certificates
|
149
|
|
835
|
|
907
|
Funds held under reinsurance contracts
|
177
|
|
149
|
|
331
|
Obligation to securitization entities
|
3,554
|
|
3,505
|
|
3,310
|
Debentures and other borrowings
|
5,887
|
|
6,313
|
|
5,931
|
Capital trust securities and debentures
|
531
|
|
535
|
|
540
|
Preferred shares of the Corporation
|
-
|
|
-
|
|
300
|
Preferred shares of subsidiaries
|
-
|
|
-
|
|
199
|
Deferred tax liabilities
|
1,126
|
|
1,136
|
|
1,018
|
Other liabilities
|
7,782
|
|
7,636
|
|
6,967
|
Liabilities held for sale
|
659
|
|
-
|
|
-
|
Insurance and investment contracts on account of unit holders
|
94,053
|
|
94,827
|
|
87,495
|
Total liabilities
|
228,772
|
|
223,094
|
|
212,827
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Stated capital
|
|
|
|
|
|
|
Perpetual preferred shares
|
2,005
|
|
2,005
|
|
1,725
|
|
Common shares
|
639
|
|
636
|
|
605
|
Retained earnings
|
10,478
|
|
10,005
|
|
9,546
|
Reserves
|
190
|
|
188
|
|
969
|
Total shareholders' equity
|
13,312
|
|
12,834
|
|
12,845
|
Non-controlling interests
|
9,136
|
|
8,756
|
|
8,635
|
Total equity
|
22,448
|
|
21,590
|
|
21,480
|
Total liabilities and equity
|
251,220
|
|
244,684
|
|
234,307
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
|
Three months ended September 30
|
|
Nine months ended September 30
|
(unaudited)
[in millions of Canadian dollars, except per share amounts]
|
2011
|
|
2010
|
|
2011
|
|
2010
|
Revenues
|
|
|
|
|
|
|
|
Premium income
|
|
|
|
|
|
|
|
|
Gross premiums written
|
5,059
|
|
4,956
|
|
14,980
|
|
15,091
|
|
Ceded premiums
|
(667)
|
|
(643)
|
|
(2,021)
|
|
(1,953)
|
Total net premiums
|
4,392
|
|
4,313
|
|
12,959
|
|
13,138
|
Net investment income
|
|
|
|
|
|
|
|
|
Regular net investment income
|
1,338
|
|
1,496
|
|
4,208
|
|
4,265
|
|
Change in fair value
|
2,091
|
|
2,641
|
|
2,615
|
|
5,387
|
|
3,429
|
|
4,137
|
|
6,823
|
|
9,652
|
Fee income
|
1,305
|
|
1,261
|
|
4,047
|
|
3,854
|
Total revenues
|
9,126
|
|
9,711
|
|
23,829
|
|
26,644
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Policyholder benefits
|
3,704
|
|
3,557
|
|
11,484
|
|
11,305
|
Policyholder dividends and experience refunds
|
385
|
|
382
|
|
1,115
|
|
1,116
|
Change in insurance and investment contract liabilities
|
2,737
|
|
3,418
|
|
4,104
|
|
7,226
|
|
6,826
|
|
7,357
|
|
16,703
|
|
19,647
|
Commissions
|
564
|
|
529
|
|
1,742
|
|
1,623
|
Operating expenses
|
861
|
|
1,219
|
|
2,587
|
|
2,971
|
Financing charges
|
100
|
|
107
|
|
309
|
|
325
|
Total expenses
|
8,351
|
|
9,212
|
|
21,341
|
|
24,566
|
|
775
|
|
499
|
|
2,488
|
|
2,078
|
Share of earnings (losses) of investment in associates
|
(97)
|
|
59
|
|
(32)
|
|
116
|
Earnings before income taxes
|
678
|
|
558
|
|
2,456
|
|
2,194
|
Income taxes
|
116
|
|
73
|
|
477
|
|
412
|
Net earnings before non-controlling interests -
continuing operations
|
562
|
|
485
|
|
1,979
|
|
1,782
|
Net earnings before non-controlling interests -
discontinued operations
|
31
|
|
-
|
|
33
|
|
-
|
Net earnings before non-controlling interests
|
593
|
|
485
|
|
2,012
|
|
1,782
|
Attributable to non-controlling interests
|
(255)
|
|
(164)
|
|
(745)
|
|
(630)
|
Net earnings attributable to shareholders
|
338
|
|
321
|
|
1,267
|
|
1,152
|
Perpetual preferred share dividends
|
(26)
|
|
(27)
|
|
(78)
|
|
(73)
|
Net earnings attributable to common shareholders
|
312
|
|
294
|
|
1,189
|
|
1,079
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
Net earnings attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
- Basic
|
0.44
|
|
0.42
|
|
1.68
|
|
1.53
|
|
|
- Diluted
|
0.44
|
|
0.41
|
|
1.66
|
|
1.52
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations to common shareholders
|
|
|
|
|
|
|
|
|
|
- Basic
|
0.41
|
|
0.42
|
|
1.65
|
|
1.53
|
|
|
- Diluted
|
0.41
|
|
0.41
|
|
1.63
|
|
1.52
|
|
|
|
|
|
|
|
|
SEGMENTED INFORMATION
|
|
|
|
|
|
|
|
|
|
|
INFORMATION ON PROFIT MEASURE
|
Three months ended September 30, 2011
|
Lifeco
|
|
IGM
|
|
Parjointco
|
|
Other
|
|
Total
|
Revenues
|
|
|
|
|
|
|
|
|
|
Premium income
|
4,392
|
|
-
|
|
-
|
|
-
|
|
4,392
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
Regular net investment income
|
1,330
|
|
34
|
|
-
|
|
(26)
|
|
1,338
|
|
Change in fair value
|
2,080
|
|
11
|
|
-
|
|
-
|
|
2,091
|
|
3,410
|
|
45
|
|
-
|
|
(26)
|
|
3,429
|
Fee income
|
704
|
|
628
|
|
-
|
|
(27)
|
|
1,305
|
|
8,506
|
|
673
|
|
-
|
|
(53)
|
|
9,126
|
Expenses
|
|
|
|
|
|
|
|
|
|
Policyholder benefits, dividends and experience refunds, and change in
insurance and investment contract liabilities
|
6,826
|
|
-
|
|
-
|
|
-
|
|
6,826
|
Commissions
|
372
|
|
219
|
|
-
|
|
(27)
|
|
564
|
Operating expenses
|
693
|
|
156
|
|
-
|
|
12
|
|
861
|
Financing charges
|
72
|
|
24
|
|
-
|
|
4
|
|
100
|
|
7,963
|
|
399
|
|
-
|
|
(11)
|
|
8,351
|
|
543
|
|
274
|
|
-
|
|
(42)
|
|
775
|
Share of operating earnings of investment in associates
|
-
|
|
-
|
|
36
|
|
-
|
|
36
|
Share of non-operating earnings of investment in associates
|
-
|
|
-
|
|
(133)
|
|
-
|
|
(133)
|
Earnings before income taxes
|
543
|
|
274
|
|
(97)
|
|
(42)
|
|
678
|
Income taxes
|
54
|
|
62
|
|
-
|
|
-
|
|
116
|
Contribution to net earnings before non-controlling interests -
continuing operations
|
489
|
|
212
|
|
(97)
|
|
(42)
|
|
562
|
Contribution to net earnings before non-controlling interests -
discontinued operations
|
-
|
|
31
|
|
-
|
|
-
|
|
31
|
Contribution to net earnings before non-controlling interests
|
489
|
|
243
|
|
(97)
|
|
(42)
|
|
593
|
Attributable to non-controlling interests
|
(176)
|
|
(106)
|
|
-
|
|
27
|
|
(255)
|
Contribution to net earnings attributable tocommon shareholders
|
313
|
|
137
|
|
(97)
|
|
(15)
|
|
338
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2010
|
Lifeco
|
|
IGM
|
|
Parjointco
|
|
Other
|
|
Total
|
Revenues
|
|
|
|
|
|
|
|
|
|
Premium income
|
4,313
|
|
-
|
|
-
|
|
-
|
|
4,313
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
Regular net investment income
|
1,493
|
|
16
|
|
-
|
|
(13)
|
|
1,496
|
|
Change in fair value
|
2,629
|
|
12
|
|
-
|
|
-
|
|
2,641
|
|
4,122
|
|
28
|
|
-
|
|
(13)
|
|
4,137
|
Fee income
|
681
|
|
604
|
|
-
|
|
(24)
|
|
1,261
|
|
9,116
|
|
632
|
|
-
|
|
(37)
|
|
9,711
|
Expenses
|
|
|
|
|
|
|
|
|
|
Policyholder benefits, dividends and experience refunds, and change in
insurance and investment contract liabilities
|
7,357
|
|
-
|
|
-
|
|
-
|
|
7,357
|
Commissions
|
346
|
|
207
|
|
-
|
|
(24)
|
|
529
|
Operating expenses
|
1,057
|
|
149
|
|
-
|
|
13
|
|
1,219
|
Financing charges
|
71
|
|
28
|
|
-
|
|
8
|
|
107
|
|
8,831
|
|
384
|
|
-
|
|
(3)
|
|
9,212
|
|
285
|
|
248
|
|
-
|
|
(34)
|
|
499
|
Share of operating earnings of investment in associates
|
-
|
|
-
|
|
55
|
|
-
|
|
55
|
Share of non-operating earnings of investment in associates
|
-
|
|
-
|
|
4
|
|
-
|
|
4
|
Earnings before income taxes
|
285
|
|
248
|
|
59
|
|
(34)
|
|
558
|
Income taxes
|
-
|
|
73
|
|
-
|
|
-
|
|
73
|
Contribution to net earnings before non-controlling interests -
continuing operations
|
285
|
|
175
|
|
59
|
|
(34)
|
|
485
|
Contribution to net earnings before non-controlling interests -
discontinued operations
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Contribution to net earnings before non-controlling interests
|
285
|
|
175
|
|
59
|
|
(34)
|
|
485
|
Attributable to non-controlling interests
|
(101)
|
|
(76)
|
|
-
|
|
13
|
|
(164)
|
Contribution to net earnings attributable tocommon shareholders
|
184
|
|
99
|
|
59
|
|
(21)
|
|
321
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2011
|
Lifeco
|
|
IGM
|
|
Parjointco
|
|
Other
|
|
Total
|
Revenues
|
|
|
|
|
|
|
|
|
|
Premium income
|
12,959
|
|
-
|
|
-
|
|
-
|
|
12,959
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
Regular net investment income
|
4,173
|
|
106
|
|
-
|
|
(71)
|
|
4,208
|
|
Change in fair value
|
2,600
|
|
15
|
|
-
|
|
-
|
|
2,615
|
|
6,773
|
|
121
|
|
-
|
|
(71)
|
|
6,823
|
Fee income
|
2,163
|
|
1,963
|
|
-
|
|
(79)
|
|
4,047
|
|
21,895
|
|
2,084
|
|
-
|
|
(150)
|
|
23,829
|
Expenses
|
|
|
|
|
|
|
|
|
|
Policyholder benefits, dividends and experience refunds, and change in
insurance and investment contract liabilities
|
16,703
|
|
-
|
|
-
|
|
-
|
|
16,703
|
Commissions
|
1,139
|
|
682
|
|
-
|
|
(79)
|
|
1,742
|
Operating expenses
|
2,068
|
|
482
|
|
-
|
|
37
|
|
2,587
|
Financing charges
|
216
|
|
80
|
|
-
|
|
13
|
|
309
|
|
20,126
|
|
1,244
|
|
-
|
|
(29)
|
|
21,341
|
|
1,769
|
|
840
|
|
-
|
|
(121)
|
|
2,488
|
Share of operating earnings of investment in associates
|
-
|
|
-
|
|
103
|
|
-
|
|
103
|
Share of non-operating earnings of investment in associates
|
-
|
|
-
|
|
(135)
|
|
-
|
|
(135)
|
Earnings before income taxes
|
1,769
|
|
840
|
|
(32)
|
|
(121)
|
|
2,456
|
Income taxes
|
284
|
|
197
|
|
-
|
|
(4)
|
|
477
|
Contribution to net earnings before non-controlling interests -
continuing operations
|
1,485
|
|
643
|
|
(32)
|
|
(117)
|
|
1,979
|
Contribution to net earnings before non-controlling interests -
discontinued operations
|
-
|
|
33
|
|
-
|
|
-
|
|
33
|
Contribution to net earnings before non-controlling interests
|
1,485
|
|
676
|
|
(32)
|
|
(117)
|
|
2,012
|
Attributable to non-controlling interests
|
(528)
|
|
(293)
|
|
-
|
|
76
|
|
(745)
|
Contribution to net earnings attributable tocommon shareholders
|
957
|
|
383
|
|
(32)
|
|
(41)
|
|
1,267
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2010
|
Lifeco
|
|
IGM
|
|
Parjointco
|
|
Other
|
|
Total
|
Revenues
|
|
|
|
|
|
|
|
|
|
Premium income
|
13,138
|
|
-
|
|
-
|
|
-
|
|
13,138
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
Regular net investment income
|
4,245
|
|
75
|
|
-
|
|
(55)
|
|
4,265
|
|
Change in fair value
|
5,365
|
|
22
|
|
-
|
|
-
|
|
5,387
|
|
9,610
|
|
97
|
|
-
|
|
(55)
|
|
9,652
|
Fee income
|
2,108
|
|
1,820
|
|
-
|
|
(74)
|
|
3,854
|
|
24,856
|
|
1,917
|
|
-
|
|
(129)
|
|
26,644
|
Expenses
|
|
|
|
|
|
|
|
|
|
Policyholder benefits, dividends and experience refunds, and change in
insurance and investment contract liabilities
|
19,647
|
|
-
|
|
-
|
|
-
|
|
19,647
|
Commissions
|
1,064
|
|
633
|
|
-
|
|
(74)
|
|
1,623
|
Operating expenses
|
2,480
|
|
452
|
|
-
|
|
39
|
|
2,971
|
Financing charges
|
215
|
|
83
|
|
-
|
|
27
|
|
325
|
|
23,406
|
|
1,168
|
|
-
|
|
(8)
|
|
24,566
|
|
1,450
|
|
749
|
|
-
|
|
(121)
|
|
2,078
|
Share of operating earnings of investment in associates
|
-
|
|
-
|
|
112
|
|
-
|
|
112
|
Share of non-operating earnings of investment in associates
|
-
|
|
-
|
|
4
|
|
-
|
|
4
|
Earnings before income taxes
|
1,450
|
|
749
|
|
116
|
|
(121)
|
|
2,194
|
Income taxes
|
215
|
|
198
|
|
-
|
|
(1)
|
|
412
|
Contribution to net earnings before non-controlling interests-
continuing operations
|
1,235
|
|
551
|
|
116
|
|
(120)
|
|
1,782
|
Contribution to net earnings before non-controlling interests -
discontinued operations
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Contribution to net earnings before non-controlling interests
|
1,235
|
|
551
|
|
116
|
|
(120)
|
|
1,782
|
Attributable to non-controlling interests
|
(444)
|
|
(243)
|
|
-
|
|
57
|
|
(630)
|
Contribution to net earnings attributable tocommon shareholders
|
791
|
|
308
|
|
116
|
|
(63)
|
|
1,152
|
For further information:
| Attachments: | Financial Information |
| |
| For further information, please contact: | Mr. Edward Johnson
Senior Vice-President,
General Counsel and Secretary
514-286-7400 |
