Message from the
As Power Corporation celebrates its 100th anniversary, it is a moment to reflect on the journey that has brought us here. From our beginnings as a company focused on hydroelectric power to becoming a global leader in diversified financial services, our story has been intertwined with the economic and social history of Canada. Power’s growth and long-term success has required adapting to changing environments and navigating difficult economic periods. Our strategies have evolved over time to seize new opportunities and manage emerging challenges.
Just over five years ago, we announced a number of changes to our strategy, with a focus on financial services, a simplified corporate structure and enhanced stakeholder communications. Our value creation strategy is based on three key levers:
Drive organic growth at our public operating companies;
Pursue strategic acquisitions and dispose of non-core businesses; and,
Leverage opportunities at the Power Corporation level.
While the strategy changed, the core values and principles that have guided us for decades did not: we take a long-term perspective, build leading businesses with attractive growth profiles, provide active governance oversight, and maintain a strong financial position and a prudent approach to risk.
Power Corporation has delivered attractive returns to its shareholders since refocusing its strategy, with total shareholder returns exceeding those of the S&P/TSX index and the S&P/TSX Financials sub-index.
Earnings and dividend growth have been led by the strong performance of Great-West Lifeco, which is Power’s largest holding. There has also been a shift in Power’s asset mix, with Great-West and IGM Financial — the two companies that represent virtually all of Power’s ongoing earnings — now being a larger share of our asset value.
The shift in the mix of Power’s asset value has resulted from the growth in the value of Great‑West and IGM over the period, together with our actions to divest of non-core assets and monetize other investments. Over the past five years, Power has monetized $3.6 billion of assets, which has funded share buybacks, further investments in Great-West, and the seed capital needs of our alternative asset management platforms.
R. Jeffrey Orr
President and
Chief Executive Officer
President and
Chief Executive Officer
Power Corporation
has delivered attractive returns to its shareholders
has delivered attractive returns to its shareholders
Strong financial results in 2024
The execution of our value creation strategy yielded strong results in 2024. Power’s net earnings from continuing operations reached $2.8 billion, or $4.31 per share in 2024, compared to $3.45 per share in 2023. Adjusted net earnings from continuing operations were $3.0 billion, or $4.58 per share in 2024, compared to $4.04 per share in 2023. Power’s adjusted net asset value per share increased by 13% during the year to $60.44 at December 31, 2024.
In 2024, Power returned close to $1.9 billion of capital to its shareholders, including over $1.4 billion in dividends paid to participating shareholders and $430 million in share buybacks. The company undertook such actions while also adding to its strong cash position. In March of 2025, Power announced a 9% increase in its quarterly dividend, to 61.25¢ per participating share.
Great‑West Lifeco: Market leadership and strong performance
Great-West delivered strong double-digit earnings growth in 2024, with the momentum reflecting the significant repositioning of its business over the past five years. Empower, Great‑West’s U.S. retirement and wealth management platform, is now the largest contributor to its earnings. Growth in the U.S. has been complemented by solid growth from Great‑West’s other segments. As part of its 2024 fourth quarter earnings release, Great‑West announced a 10% dividend increase and its intention to increase its share repurchases under its normal course issuer bid.
The company has met or exceeded all of the medium-term financial objectives it announced publicly several years ago. Thanks to the continued trust placed by customers and advisors in the company, 2024 marked the first time Great‑West exceeded $3 trillion in assets under administration.[1]
Great-West is a leader in workplace solutions across its markets, allowing organizations to support their employees’ financial, physical and mental well‑being through innovative retirement, benefit and wellness programs. Empower serves the retirement needs of over 18 million Americans, while Great‑West also has leading market positions in workplace solutions in each of Canada, the U.K. and Ireland.
Growth in wealth and asset management remained a priority across multiple segments of Great-West’s business. In Canada, the continued integration of Investment Planning Counsel and Value Partners helped expand Great‑West’s Canadian wealth management offerings for customers and advisors. In Ireland, Irish Life Investment Managers, in collaboration with Aon, launched a €500 million climate transition fund, expanding the range of offerings available to customers.
Great-West’s Insurance & Risk Solutions businesses remain a point of strength and stability, contributing to the strong results achieved in 2024 through disciplined underwritings and risk selection across a wide range of markets. In the U.K., the company remains a leader in helping clients manage longevity risk, including growth in pension risk transfer solutions. In Canada, Great‑West continued to strengthen its distribution network and product suite by launching a new universal life product with competitive features and rates, as well as improved pricing for disability illness products.
- Identified as a non-IFRS financial measure by Great-West. Refer to the section “Disclosures Concerning Public Investees Information” in the Review of Financial Performance of the Corporation’s 2024 Annual Report.
IGM Financial: Strengthening its position in wealth and asset management
IGM produced solid double-digit earnings growth in 2024, ahead of the 9% medium-term growth objective it communicated in late 2023. IGM holds a mix of well-established and emerging high‑growth businesses in each of its wealth and asset management segments. Wealth management includes IG Wealth Management, Rockefeller Capital Management and Wealthsimple, while asset management includes Mackenzie Investments, ChinaAMC and Northleaf Capital Partners.
In the wealth management segment, IG Wealth deepened its client relationships through key partnerships with fintech leaders like ClearEstate, nesto and Conquest, enhancing its integrated financial services platform. These partnerships are helping address the key components of Canadians’ financial lives, including estate planning, mortgages, insurance, and tools for small business owners.
Wealthsimple more than doubled its assets under administration[1] in 2024 to $64.0 billion, further solidifying its status as a leading innovator in digital financial services. Similarly, Rockefeller Capital Management expanded its presence in the high-net-worth and ultra-high-net-worth segments of the U.S. market, achieving 24% asset[1] growth during the year.
In the asset management segment, Mackenzie Investments strengthened and diversified its core capabilities. The company made significant investments to accelerate its digital transformation by upgrading its back and middle office processes, tools, technology, and training, driving operational excellence and enhancing the client and advisor experience.
Northleaf, a Canadian leader in the private asset management space, experienced impressive growth in 2024, with total assets under management[1] growing by 20%. The firm saw ongoing strength in fundraising throughout the year, as alternative assets become an increasingly important component of the global asset management pool.
ChinaAMC, China’s second-largest asset manager, contributed meaningfully to IGM’s success. Assets grew substantially, driven by strong net sales and improved market share of long-term funds.
- Refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2024 Annual Report.
GBL: Expanding private investments and enhancing shareholder returns
GBL is focused on enhancing returns and optimizing shareholder value through significant portfolio rotation.
The company shifted its investment strategy several years ago towards private investments, reducing its exposure to public markets. Among other transactions in 2024 and early 2025, divestments in the group’s stake in adidas and SGS created listed asset disposals of €2.4 billion. In addition, Sanoptis, one of GBL’s direct private investments, received a capital raise in preferred equity from Carlyle, demonstrating the value creation potential of this asset.
GBL continued to prioritize cash returns to shareholders, distributing €672 million through dividends and share buybacks in 2024, and proposed an 82% increase in its dividend per share for 2024, subject to approval at GBL’s General Shareholders’ Meeting in May.
Alternative asset management businesses: Scaling for the future
Power also made progress on a number of important priorities in 2024 regarding its privately held investments. Fundraising continued at its alternative asset management platforms, raising $2.9 billion[1] in 2024, mainly from third parties.
Sagard made significant strides in diversifying its investment platform by acquiring strategic stakes in Performance Equity Management and HalseyPoint Asset Management. Additionally, its strategic partnership with Export Development Canada resulted in a US$250 million commitment to Sagard strategies over the next three years.
In March 2025, it was announced that Sagard would enter a partnership with GBL, with the latter acquiring a 5% equity stake in its management company and committing €250 million over the next five years to Sagard-managed strategies.
Throughout the year, Power Sustainable remained focused on growth and optimization. It solidified a long-term partnership with Great-West to accelerate its expansion in sustainable private equity and infrastructure investments. This past fall, Power Sustainable welcomed Bruce Heyman as Chief Executive Officer. Power Sustainable’s management team is prioritizing fundraising to provide scale to the platform’s attractive lineup of investment vehicles.
- For an explanation of the composition of unfunded commitments, refer to the section “Other Measures” in the Review of Financial Performance of the Corporation’s 2024 Annual Report.
A commitment to responsible management
Power Corporation has a long and proud history of integrity, ethical conduct, and responsible management. For us, responsible management means maintaining a balanced approach that aligns with our core values and seeking competitive returns, while contributing to the well-being of our communities.
In 2024, Power and its group companies continued to advance their respective corporate responsibility strategies and initiatives, contributing $50 million to charitable organizations across Canada.
Leadership change at GBL
GBL recently announced that Paul Desmarais, Jr. will be stepping down as Chairman of its board of directors, a position he has held since 2019, and will become Vice Chairman. At the same time, after more than 14 years of executive duties at GBL, Ian Gallienne will be stepping down as Chief Executive Officer and will be appointed Chairman at the company’s next General Meeting on May 2, 2025. Under his strong leadership, GBL has been significantly transformed and is well positioned for future growth. With Mr. Gallienne’s appointment as Chairman, GBL will welcome Johannes Huth as its Managing Director. Mr. Huth has been at KKR for 25 years, where he was a partner and chairman of the group’s operations in Europe, the Middle East, and Africa.
Looking ahead to the next century of growth
While the past several years have presented us with both opportunities and challenges, we have remained steadfast in our commitment to delivering long‑term growth and creating shareholder value.
We thank our management teams and our skilled employees across the group for their tireless commitment. Their hard work has been key in achieving the milestones we have reached. To our clients, business partners, and shareholders, we extend our thanks for your continued trust and ongoing support.
Reaching the milestone of one hundred years is an accomplishment of which we can be proud, and it energizes us for what lies ahead. As we look to the future, we are eager to build upon this rich legacy, seize new opportunities, and write the next chapter of Power Corporation’s story.
/s/ R. Jeffrey Orr
R. Jeffrey Orr
President and Chief Executive Officer
