An anonymous director reports

POWER CORPORATION REPORTS FOURTH QUARTER AND 2023 FINANCIAL RESULTS, AND DIVIDEND INCREASE OF 7.1 per cent

Power Corp. of Canada has released earnings results for the three and 12 months ended Dec. 31, 2023.

Consolidated results for the period ended Dec. 31, 2023

Highlights

Power Corp.:

• Net earnings from continuing operations for the fourth quarter were $409-million or 63 cents per share, compared with $106-million or 16 cents per share in 2022.
• Adjusted net earnings from continuing operations were $579-million or 89 cents per share, compared with $395-million or 59 cents per share in the fourth quarter of 2022.
• Net earnings from continuing operations in 2023 were $2,282-million or $3.45 per share, compared with $2,216-million or $3.30 per share in 2022.
• Adjusted net earnings from continuing operations were $2,959-million or $4.47 per share in 2023, compared with $2,004-million or $2.99 per share in 2022.
• Adjusted net asset value per share was $53.53 at Dec. 31, 2023, compared with $41.91 at Dec. 31, 2022, an increase of 27.7 per cent.
• The corporation's book value per share was $32.49 at Dec. 31, 2023, compared with $31.37 at Dec. 31, 2022, an increase of 3.6 per cent.
• In 2023, the corporation purchased for cancellation 16.1 million subordinate voting shares for a total of $583-million. Subsequent to year-end, the corporation has purchased an additional 2.4 million subordinate voting shares for a total of $94-million.
• Contribution to net earnings from continuing operations from the publicly traded operating companies was $588-million in the fourth quarter, compared with $453-million in the fourth quarter of 2022. Contribution to adjusted net earnings from continuing operations from the publicly traded operating companies was $758-million in the fourth quarter, compared with $742-million in the fourth quarter of 2022.

Great-West Lifeco Inc.:

• Fourth quarter net earnings from continuing operations were $743-million, compared with $478-million in the fourth quarter of 2022. Adjusted net earnings from continuing operations were $971-million, compared with $894-million in the fourth quarter of 2022.
• Lifeco announced an increase in its quarterly dividend from 52.0 cents to 55.5 cents per share, payable March 28, 2024.
• Lifeco completed actions to reposition and improve capital efficiency to support its near- and long-term growth, including the sale of Putnam on Jan. 1, 2024, and the acquisition of Investment Planning Counsel from IGM Financial in the fourth quarter.

IGM Financial Inc.:

• Fourth quarter net earnings were $419.6-million, compared with $224.7-million in the fourth quarter of 2022. Adjusted net earnings were $198.9-million, compared with $224.7-million in the fourth quarter of 2022.
• IGM closed the sale of Investment Planning Counsel in the fourth quarter of 2023, for approximately $575-million, resulting in a net gain of $220.7-million.
• Assets under management and advisement including strategic investments were $389.4-billion at Dec. 31, 2023, compared with $372.9-billion at Sept. 30, 2023, and $288.3-billion at Dec. 31, 2022.

Groupe Bruxelles Lambert:

• GBL reported a net asset value of 16.7 billion euros at Dec. 31, 2023, compared with 17.8 billion euros at Dec. 31, 2022.
• In 2023, GBL completed a total of 816 million euros of share buybacks and cancelled 6.3 million treasury shares.

Sagard Holdings Inc. and Power Sustainable Capital Inc.:

• In January, 2024, Sagard completed the previously announced agreement to acquire a strategic interest in Performance Equity Management LLC, a private equity firm with over $8.9-billion (U.S.) in assets under management, marking its establishment of a fund of funds, secondary and co-investment platform.
• On March 13, 2024, Sagard announced the acquisition of a 40-per-cent interest and strategic partnership with HalseyPoint Asset Management LLC, a United States-based collateralized loan obligations manager, broadening Sagard's overall credit offering.
• The alternative asset investment platforms raised a total of $2.7-billion in new capital commitments in 2023.

Dividend on Power Corp. participating shares

The board of directors declared a quarterly dividend of 56.25 cents per share on the participating preferred shares and the subordinate voting shares of the corporation, an increase of 7.1 per cent, payable May 1, 2024, to shareholders of record March 28, 2024.

Dividends on Power Corp. non-participating preferred shares

The board of directors also declared quarterly dividends on the corporation's preferred shares, payable April 15, 2024, to shareholders of record at March 28, 2024.

                         DIVIDENDS ON PREFERRED SHARES

Series     Stock symbol            Amount     Series   Stock symbol        Amount     

Series A       POW.PR.A          35 cents   Series D       POW.PR.D   31.25 cents
Series B       POW.PR.B     33.4375 cents   Series G       POW.PR.G      35 cents   
Series C       POW.PR.C       36.25 cents                                     

About Power Corp. of Canada

Power Corp. 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.

We seek Safe Harbor.