Readers are referred to the disclaimer regarding
Forward-Looking Statements,
Non-IFRS Financial Measures and Other Financial Measures at the end
of this Release.
WINNIPEG,
MB, Feb. 15, 2024 /CNW/ - IGM Financial
Inc. (IGM or the Company) (TSX: IGM) today announced earnings
results for the fourth quarter and the year ended December 31, 2023.
IGM HIGHLIGHTS
- Fourth quarter net earnings of $419.6
million or 176 cents per
share compared to $224.7 million
or 94 cents per share in 2022.
Adjusted net earnings, excluding a gain on the sale of IPC of
$220.7 million,1 were
$198.9 million or 84 cents per share for the fourth quarter of
2023 compared to $224.7 million or
94 cents per share in 2022.
- Annual net earnings of $1,148.9
million or $4.82 per share
compared to $867.2 million or
$3.63 per share in 2022. Annual
adjusted net earnings, excluding other items,1 were
$820.7 million or $3.44 per share compared to $867.2 million or $3.63 per share in 2022.
- Assets under management and advisement of $240.2 billion, up 5.6% from the prior
quarter and up 7.1% from the fourth quarter of
2022.2
- IGM's assets under management and advisement including
strategic investments were $389.4
billion as at December 31,
2023, compared with $372.9
billion at September 30, 2023
and $288.3 billion at December 31, 2022.2
- Net outflows were $1.2 billion
compared to net outflows of $520
million in 2022.2
"Strong client returns in 2023 and our focus on
managing year over year expense growth to less than 2% were key
contributors to 2023 earnings," said James
O'Sullivan, President and Chief Executive Officer of IGM
Financial Inc. "In the fourth quarter of 2023, we were pleased to
announce the closing of the sale of Investment Planning Counsel for
approximately $575 million resulting
in a gain on sale of $221
million."
Fourth quarter earnings included a negative fair
value adjustment of $9 million
(pre-tax) associated with declining interest rates and IG Wealth
Management's mortgage banking operations. The Company hedges
certain of its exposures to interest rates in this business. "From
time to time an effective economic hedge will not qualify for hedge
accounting under IFRS," said Keith
Potter, Executive Vice-President and Chief Financial Officer
of IGM Financial Inc. "As a result, the Company will realize higher
income going forward which offsets the negative fair value
adjustments."
In the fourth quarter, the Company has realigned
its reportable segments to better characterize and simplify the
Company's business lines into wealth management and asset
management segments. The revised segments reflect a realignment of
Rockefeller and Wealthsimple to the wealth management segment and
ChinaAMC and Northleaf to the asset management segment.
WEALTH MANAGEMENT
Reflects the activities of its core business
and strategic investments that are principally focused on providing
financial planning and related services. This segment includes the
activities of IG Wealth Management, the Company's investments in
Rockefeller Capital Management (Rockefeller) and Wealthsimple
Financial Corp. (Wealthsimple), and Investment Planning Counsel
(IPC), which has been reclassified as discontinued
operations.
Adjusted net earnings available to common
shareholders in the fourth quarter of 2023 were $104.2 million, a decrease of 3.0% compared to
the fourth quarter of 2022, and represented 52.4% of IGM's adjusted
net earnings available to common shareholders.
Assets under advisement including strategic
investments at December 31, 2023
were $161.9 billion, an increase of
7.1% from $151.2 billion at
September 30, 2023 and an increase of
40.5% from $115.3 billion at
December 31, 2022.
IG Wealth Management
Assets under advisement at December 31, 2023 were $121.2 billion, an increase of 6.1% from
$114.2 billion at September 30, 2023 and an increase of 9.4% from
$110.8 billion at December 31, 2022.
Quarterly net client outflows were
$228 million, compared to net
client inflows of $429 million in the
fourth quarter of 2022.
Quarterly gross client inflows were
$3.1 billion, up 1.9% from
$3.0 billion in 2022.
Wealthsimple
The fair value of the Company's investment in
Wealthsimple was $607 million at
December 31, 2023 compared to
$492 million at September 30, 2023, which is largely due to a
fair value increase of 20% and an incremental investment in the
quarter. The increase in fair value is consistent with the increase
in public market peer valuations, as well as Wealthsimple's
business performance and revised revenue expectations.
ASSET MANAGEMENT
Reflects the activities of its core business
and strategic investments primarily focused on providing investment
management services. This segment includes the operations of
Mackenzie Investments and the Company's investments in China Asset Management Co., Ltd. (ChinaAMC)
and Northleaf Capital Group Ltd. (Northleaf).
Adjusted net earnings available to common
shareholders in the fourth quarter of 2023 were $76.8 million, an increase of 6.2% compared to
the fourth quarter of 2022, and represented 38.6% of IGM's adjusted
net earnings available to common shareholders.
Assets under management including strategic
investments at December 31, 2023
were $305.1 billion, an increase of
3.2% from $295.6 billion at
September 30, 2023 and an increase of
23.6% from $246.9 billion at
December 31, 2022.
Mackenzie Investments
Total assets under management were
$195.7 billion, an increase of 5.0%
from $186.3 billion at September 30, 2023 and an increase of 4.9% from
$186.6 billion at December 31, 2022. Third party assets under
management were $118.9 billion at
December 31, 2023, an increase of
6.2% from September 30, 2023 and an
increase of 5.2% from December 31,
2022.
Investment fund net redemptions were
$826 million compared to net
redemptions of $832 million in the
fourth quarter of 2022.
Mutual fund gross sales were $1.7 billion, up 11.4% from the fourth quarter of
2022.
ETF business – ETF assets under management
totalled $12.9 billion at
December 31, 2023, up from
$12.5 billion at September 30, 2023 and up from $12.4 billion at December
31, 2022. Excluding investment in ETFs by IGM's managed
products, ETF assets under management were $5.5 billion at December
31, 2023, compared to $5.1
billion at September 30, 2023
and $5.2 billion at December 31, 2022.
ChinaAMC
The Company's proportionate share of ChinaAMC's
fourth quarter earnings was $23.7
million compared to $14.2
million in the fourth quarter of 2022.
On January 12,
2023, the Company closed the previously announced
transaction to acquire Power Corporation of Canada's 13.9% interest in ChinaAMC,
increasing the Company's overall investment in ChinaAMC to 27.8%,
and to sell a portion of the Company's investment in Lifeco,
reducing it from 4.0% to 2.4%.
CORPORATE AND OTHER
Represents the investments in Great-West
Lifeco Inc. (Lifeco) and Portage Ventures LPs, as well as
unallocated capital.
Lifeco – The Company's proportionate share
of Lifeco's fourth quarter earnings was $19.1 million3 compared to
$40.9 million in the fourth quarter
of 2022. This included an increase of $0.8
million to adjust third quarter earnings to the actual
earnings disclosed by Lifeco.
DIVIDENDS
The Board of Directors has declared a dividend of
56.25 cents per share on the Company's common shares which is
payable on April 30, 2024 to
shareholders of record on March 28,
2024.
1
|
Other items in 2023
consisted of:
|
|
•
|
A gain on the sale of
IPC of $220.7 million recorded in the fourth
quarter.
|
|
•
|
Restructuring and other
charges of $76.2 million after-tax ($103.3 million pre-tax)
recorded in the second quarter resulting from streamlining and
simplifying the business to more effectively align with business
priorities. The charge includes the Company's changes to the
organizational structure to advance the growing needs of the
business, digital transformation by retiring duplicate systems and
modernizing information technology and an effort to consolidate its
real estate footprint to better reflect client and advisor
needs.
|
|
•
|
A gain on the sale of a
portion of the Company's investment in Lifeco of $168.6 million
after-tax ($172.9 million pre-tax) consisting of $174.8 million
recorded in the first quarter and a decrease of
$6.2 million that was recorded on a prospective basis in the second
quarter.
|
|
•
|
Lifeco IFRS 17
adjustment of $15.1 million, recorded in the second quarter,
representing a change of estimate which has been recorded on a
prospective basis.
|
2
|
Assets under management
and advisement and net flows exclude discontinued operations (IPC).
Including discontinued operations:
|
|
•
|
IGM assets under
management and advisement were $253.4 billion at September 30, 2023
and $249.4 billion at December 31, 2022.
|
|
•
|
IGM assets under
management and advisement including strategic investments were
$398.8 billion at September 30, 2023 and $313.4 billion at December
31, 2022
|
|
•
|
IGM net outflows
including discontinued operations were $835 million in the fourth
quarter of 2023 compared to net outflows of $440 million in the
fourth quarter of 2022.
|
3
|
In the fourth quarter
of 2023, the Company recorded its proportionate share of fourth
quarter Lifeco earnings based on actual earnings.
|
FORWARD-LOOKING STATEMENTS
Certain statements in this Release, other than
statements of historical fact, are forward-looking statements based
on certain assumptions and reflect IGM Financial Inc.'s (IGM
Financial, IGM or the Company) current expectations.
Forward-looking statements are provided to assist the reader in
understanding the Company's financial position and results of
operations 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. Readers are 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
Company, 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".
This information is based upon certain
material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking statements, including the perception of historical
trends, current conditions and expected future developments, as
well as other factors that are believed to be appropriate in the
circumstances. While the Company considers these assumptions to be
reasonable based on information currently available to management,
they may prove to be incorrect.
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 material factors, many of which
are beyond the Company's and its subsidiaries' control, affect the
operations, performance and results of the Company 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, operational and
reputational risks, business competition, technological change,
changes in government regulations and legislation, changes in tax
laws, unexpected judicial or regulatory proceedings, catastrophic
events, outbreaks of disease or pandemics (such as COVID-19), the
Company's ability to complete strategic transactions, integrate
acquisitions and implement other growth strategies, and the
Company's and its subsidiaries' success in anticipating and
managing the foregoing factors.
The reader is cautioned that the foregoing
list is not exhaustive of the factors that may affect any of the
Company's forward-looking statements. The reader is also cautioned
to consider these and other factors, uncertainties and potential
events carefully and not place undue reliance on forward-looking
statements.
Other than as specifically required by
applicable Canadian law, the Company undertakes no obligation to
update any forward-looking statements to reflect events or
circumstances after the date on which such statements are 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 Company's business and material factors or
assumptions on which information contained in forward-looking
statements is based is provided in its disclosure materials filed
with the securities regulatory authorities in Canada, available at
www.sedarplus.ca.
NON-IFRS FINANCIAL MEASURES AND OTHER
FINANCIAL MEASURES
This report contains Non-IFRS financial
measures and non-IFRS ratios that do not have standard meanings
prescribed by IFRS and may not be directly comparable to similar
measures used by other companies. These measures and ratios are
used to provide management, investors and investment analysts with
additional measures to assess earnings performance.
Non-IFRS financial measures include, but are
not limited to, "adjusted net earnings available to common
shareholders", "adjusted net earnings", "adjusted earnings before
income taxes", "adjusted earnings before interest and taxes"
(Adjusted EBIT), "earnings before interest, taxes, depreciation and
amortization before sales commissions" (EBITDA before sales
commissions), and "earnings before interest, taxes, depreciation
and amortization after sales commissions" (EBITDA after sales
commissions). These measures exclude other items which are items of
a non-recurring nature, or that could make the period-over-period
comparison of results from operations less meaningful. EBITDA
before sales commissions excludes all sales commissions. EBITDA
after sales commissions includes all sales commissions and
highlights aggregate cash flows.
Non-IFRS ratios include the
following:
Ratio
|
Numerator
|
Denominator
|
Adjusted earnings per share
(Adjusted EPS)
|
Adjusted net earnings available to
common shareholders
|
Average number of outstanding
common shares on a diluted basis
|
Return (Adjusted return) on equity
(ROE, Adjusted ROE)
|
Net earnings (Adjusted net earnings)
available to common shareholders
|
Average shareholders' equity
excluding non-controlling interest
|
ROE (Adjusted ROE) excluding the
impact of fair value through other
comprehensive income investments
|
Net earnings (Adjusted net earnings)
available to common shareholders
|
Average shareholders' equity
excluding non-controlling interest
and the impact of fair value
through other comprehensive
income investments net of tax
|
Refer to the appropriate reconciliations
of non-IFRS financial measures, including as components of non-IFRS
ratios, to reported results in accordance with IFRS included in IGM
Financial Inc.'s most recent Management, Discussion and
Analysis.
This report also contains other financial
measures which include:
- Assets Under Management and Advisement
(AUM&A) represents the consolidated AUM and AUA of
IGM Financial's core businesses IG Wealth Management and Mackenzie
Investments. In the Wealth Management segment, AUM is a component
part of AUA. All instances where the asset management segment is
providing investment management services or distributing its
products through the Wealth Management segment are eliminated in
our reporting such that there is no double-counting of the same
client savings held at IGM Financial's core businesses. AUM&A
excludes IPC's AUM, AUA, sales, redemptions and net flows which
have been disclosed as Discontinued operations.
- Assets Under Advisement (AUA) are the key
driver of the Wealth Management segment. AUA are savings and
investment products held within client accounts of our Wealth
Management segment core business.
- Assets Under Management (AUM) are the key
driver of the Asset Management segment. AUM are an additional
driver of revenues and expenses within the Wealth Management
segment in relation to its investment management activities. AUM
are client assets where we provide investment management services,
and include investment funds where we are the fund manager,
investment advisory mandates to institutions, and other client
accounts where we have discretionary portfolio management
responsibilities.
- Assets Under Management and Advisement Including
Strategic Investments (AUM&A Including SI)
represents AUM&A including the Company's proportionate share
of the AUM&A of strategic investments based on the Company's
direct and indirect ownership of the strategic investments. The
strategic investments included are those whose activities are
primarily in asset and wealth management, and include ChinaAMC,
Northleaf, Rockefeller and Wealthsimple. Rockefeller client assets
include assets under management and advisement as well as assets
held for investment purposes and only receiving administrative
services.
FOURTH QUARTER WEBCAST AND CONFERENCE
CALL
IGM Financial Inc.'s Fourth Quarter 2023 results
conference call and webcast will be held on Friday, February 16, 2024 at 8:00 a.m. ET. The webcast and conference call can
be accessed respectively through igmfinancial.com/en or you may
register to obtain a calendar booking with your dial in numbers,
PIN and webcast links. Alternatively, dial 1-800-319-4610 or
+1-416-915-3239.
The most recent Consolidated Financial Statements
and Management's Discussion and Analysis (MD&A) of operating
results are available on IGM Financial Inc.'s website at
igmfinancial.com/en.
ABOUT IGM FINANCIAL INC.
IGM Financial Inc. is one of Canada's leading diversified wealth and asset
management companies with approximately $241
billion in total assets under management and advisement at
January 31, 2024. The company
provides a broad range of financial planning and investment
management services to help more than two million Canadians meet
their financial goals. Its activities are carried out principally
through IG Wealth Management and Mackenzie Investments. IGM
Financial is a member of the Power Corporation group of
companies.
IGM FINANCIAL
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Earnings
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
Twelve months
ended
|
(unaudited)
|
December 31
|
|
December 31
|
(in thousands of
Canadian dollars, except per share amounts)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Wealth
management
|
$
550,020
|
|
$
530,818
|
|
$
2,199,681
|
|
$ 2,159,870
|
Asset
management
|
234,283
|
|
233,506
|
|
949,041
|
|
967,212
|
Dealer compensation
expense
|
(76,710)
|
|
(76,857)
|
|
(314,107)
|
|
(327,521)
|
Net asset
management
|
157,573
|
|
156,649
|
|
634,934
|
|
639,691
|
Net investment income
and other
|
10,579
|
|
14,710
|
|
37,646
|
|
22,238
|
Gain on sale of Lifeco
shares
|
-
|
|
-
|
|
172,977
|
|
-
|
Proportionate share of
associates' earnings
|
50,643
|
|
65,430
|
|
200,137
|
|
210,762
|
|
768,815
|
|
767,607
|
|
3,245,375
|
|
3,032,561
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Advisory and business
development
|
253,323
|
|
238,459
|
|
1,006,252
|
|
962,064
|
Operations and
support
|
208,808
|
|
200,005
|
|
905,704
|
|
786,643
|
Sub-advisory
|
16,687
|
|
15,532
|
|
65,731
|
|
63,574
|
Interest
|
32,537
|
|
28,514
|
|
123,231
|
|
113,174
|
|
511,355
|
|
482,510
|
|
2,100,918
|
|
1,925,455
|
Earnings before income
taxes
|
257,460
|
|
285,097
|
|
1,144,457
|
|
1,107,106
|
Income taxes
|
55,868
|
|
61,766
|
|
215,077
|
|
245,948
|
Net earnings from
continuing operations
|
201,592
|
|
223,331
|
|
929,380
|
|
861,158
|
Net earnings from
discontinued operations
|
219,724
|
|
3,714
|
|
223,131
|
|
11,420
|
Net earnings
|
421,316
|
|
227,045
|
|
1,152,511
|
|
872,578
|
Non-controlling
interest
|
(1,719)
|
|
(2,340)
|
|
(3,619)
|
|
(5,334)
|
Net earnings
available to common shareholders
|
$
419,597
|
|
$
224,705
|
|
$
1,148,892
|
|
$
867,244
|
|
|
|
|
|
|
|
|
Earnings per share (in
dollars)
|
|
|
|
|
|
|
|
Net earnings available
to common shareholders from continuing operations
|
|
|
|
|
|
|
- Basic
|
$
0.84
|
|
$
0.93
|
|
$
3.89
|
|
$
3.59
|
- Diluted
|
$
0.84
|
|
$
0.93
|
|
$
3.88
|
|
$
3.58
|
Net earnings available
to common shareholders
|
|
|
|
|
|
|
|
- Basic
|
$
1.76
|
|
$
0.95
|
|
$
4.83
|
|
$
3.64
|
- Diluted
|
$
1.76
|
|
$
0.94
|
|
$
4.82
|
|
$
3.63
|
IGM FINANCIAL
INC.
|
|
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|
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|
|
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|
|
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|
|
|
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|
|
|
|
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|
|
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|
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|
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended December 31
|
|
As at and for the
twelve months ended December 31
|
|
(unaudited)
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
available to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common shareholders
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
$
419.6
|
|
$
224.7
|
|
86.7
|
%
|
$
1,148.9
|
|
$
867.2
|
|
32.5
|
%
|
Adjusted Net Earnings (1)
|
|
|
198.9
|
|
224.7
|
|
(11.5)
|
|
820.7
|
|
867.2
|
|
(5.4)
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
|
1.76
|
|
0.94
|
|
87.2
|
|
4.82
|
|
3.63
|
|
32.8
|
|
Adjusted Net Earnings (1)
|
|
|
0.84
|
|
0.94
|
|
(10.6)
|
|
3.44
|
|
3.63
|
|
(5.2)
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
Return on
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
|
|
|
|
|
|
|
18.2 %
|
|
14.3 %
|
|
|
|
Adjusted Net Earnings (1)
|
|
|
|
|
|
|
|
|
13.0 %
|
|
14.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
share
|
|
0.5625
|
|
0.5625
|
|
-
|
|
2.25
|
|
2.25
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated assets
under management and advisement (AUM&A)(2)(3)
($ millions)
|
|
$
240,170
|
|
$ 224,242
|
|
7.1
|
%
|
Consolidated assets
under management(2)
|
|
|
|
|
|
|
|
226,582
|
|
213,551
|
|
6.1
|
|
Wealth Management (IG Wealth Management)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under
management(4)
|
|
|
|
|
|
|
|
|
|
|
107,635
|
|
99,275
|
|
|
|
Other assets under advisement
|
|
|
|
|
|
|
|
|
|
|
13,588
|
|
11,541
|
|
|
|
Assets under
advisement
|
|
|
|
|
|
|
|
|
|
|
121,223
|
|
110,816
|
|
9.4
|
|
Asset Management (Mackenzie Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds
|
|
|
|
|
|
|
|
|
|
|
61,915
|
|
59,653
|
|
|
|
Institutional SMA
|
|
|
|
|
|
|
|
|
|
|
7,367
|
|
6,422
|
|
|
|
Sub-advisory to Canada
Life
|
|
|
|
|
|
|
|
|
|
|
49,665
|
|
47,023
|
|
|
|
Total excluding sub-advisory to
Wealth Management
|
|
|
|
|
|
|
118,947
|
|
113,098
|
|
|
|
Sub-advisory and AUM to Wealth
Management
|
|
|
|
|
|
|
76,758
|
|
73,514
|
|
|
|
Total assets under
management
|
|
|
|
|
|
|
|
|
|
|
195,705
|
|
186,612
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
AUM&A including strategic investments
|
|
|
|
|
|
389,425
|
|
288,267
|
|
35.1
|
|
Consolidated AUM&A
|
|
|
|
|
|
|
|
|
240,170
|
|
224,242
|
|
|
|
Strategic investments(5)
|
|
|
|
|
|
|
|
|
149,255
|
|
64,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Flows
|
|
|
|
|
|
|
|
Asset
|
|
Intersegment
|
|
|
|
($
millions)
|
|
|
|
|
|
Wealth
Management(4)
|
|
Management(6)
|
|
Eliminations
|
|
Total
(3)
|
|
For
the three months ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment fund net
sales
|
|
|
|
|
|
|
|
$
(1,052)
|
|
$
(826)
|
|
$
-
|
|
$
(1,878)
|
|
Institutional SMA net
sales
|
|
|
|
|
|
|
|
-
|
|
(186)
|
|
-
|
|
(186)
|
|
IGM product net
sales
|
|
|
|
|
|
|
|
(1,052)
|
|
(1,012)
|
|
-
|
|
(2,064)
|
|
Other dealer net
flows
|
|
|
|
|
|
|
|
824
|
|
-
|
|
1
|
|
825
|
|
Total net
flows(2)
|
|
|
|
|
|
|
|
(228)
|
|
(1,012)
|
|
1
|
|
(1,239)
|
|
Discontinued operations net
flows
|
|
|
|
|
|
|
|
387
|
|
-
|
|
17
|
|
404
|
|
Total net flows including
discontinued operations(3)
|
|
|
|
|
|
160
|
|
(1,012)
|
|
17
|
|
(835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the twelve months ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment fund net
sales
|
|
|
|
|
|
|
|
$
(2,254)
|
|
$
(2,069)
|
|
$
-
|
|
$
(4,323)
|
|
Institutional SMA net
sales
|
|
|
|
|
|
|
|
-
|
|
192
|
|
-
|
|
192
|
|
IGM product net
sales
|
|
|
|
|
|
|
|
(2,254)
|
|
(1,877)
|
|
-
|
|
(4,131)
|
|
Other dealer net
flows
|
|
|
|
|
|
|
|
2,089
|
|
-
|
|
1
|
|
2,090
|
|
Total net
flows(2)
|
|
|
|
|
|
|
|
(165)
|
|
(1,877)
|
|
1
|
|
(2,041)
|
|
Discontinued operations net
flows
|
|
|
|
|
|
|
|
728
|
|
-
|
|
98
|
|
826
|
|
Total net flows including
discontinued operations(3)
|
|
|
|
|
|
567
|
|
(1,877)
|
|
95
|
|
(1,215)
|
|
(1)
|
Non-IFRS Financial
Measures - 2023 adjusted net earnings excluded:
|
|
|
•
|
A gain on the sale of
IPC of $220.7 million recorded in the fourth quarter.
|
|
|
•
|
Restructuring and other
charges of $76.2 million after-tax ($103.3 million pre-tax)
recorded in the second quarter resulting from streamlining and
simplifying the business to more effectively align with business
priorities. The charge includes the Company's changes to the
organizational structure to advance the growing needs of the
business, digital transformation by retiring duplicate systems and
modernizing information technology and an effort to consolidate its
real estate footprint to better reflect client and advisor
needs.
|
|
|
•
|
A gain on the sale of a
portion of the Company's investment in Lifeco of $168.6 million
after-tax ($172.9 million pre-tax) consisting of $174.8 million
recorded in the first quarter and a decrease of $6.2 million that
was recorded on a prospective basis in the second
quarter.
|
|
|
•
|
Lifeco IFRS 17
adjustment of $15.1 million, recorded in the second quarter,
representing a change of estimate which has been recorded on a
prospective basis.
|
|
(2)
|
Excludes discontinued
operations of IPC. At December 31, 2022, IPC's AUA totalled $29.5
billion and AUM totalled $4.6 billion, and on a consolidated
AUM&A basis totalled $25.2 billion.
|
(3)
|
Consolidated results
eliminate double counting where business is reflected within
multiple segments.
|
(4)
|
Includes separately
managed accounts.
|
(5)
|
Proportionate share of
strategic investments AUM comprised of: 27.8% (2022 - 13.9%) of
ChinaAMC's AUM; 56% (2022 - 56%) of Northleaf's AUM; 20.5% (2022 -
nil) of Rockefeller's client assets; and 24.7% (2022 - 24.3%) of
Wealthsimple's AUA.
|
(6)
|
Asset Management flows
activity excludes sub-advisory to Canada Life and the Wealth
Management segment.
|
SOURCE IGM Financial Inc.