Readers are referred to the disclaimer regarding Forward-Looking Statements,
Non-IFRS Financial Measures and Additional IFRS Measures at the end of this Release.
Key Highlights:
- The Company now has three reportable segments: Wealth Management, Asset Management and Strategic Investments and Other.
- The Wealth Management segment includes IG Wealth Management ("IG") and
Investment Planning Counsel ("IPC"). These firms provide comprehensive financial planning to Canadian households, and the new disclosures reflect the evolution of these businesses where financial advisory fees earned on Assets Under Advisement ("AUA") are now reflected as the key component of revenues. The Asset Management segment includesMackenzie Investments , and its results will now include the$70 billion sub-advisory relationship that it enjoys with IG and IPC. Pro forma for these changes and the previously announced acquisition ofGLC Asset Management , Mackenzie's assets under management are approximately$180 billion , ranking it amongCanada's largest asset managers.- The Strategic Investments and Other segment includes investments in
Great-West Lifeco ,China Asset Management ,Wealthsimple and Portage3 Ventures . These companies enjoy strong positioning within their respective markets and most have very strong growth profiles within fast-growing market segments that warrant separate consideration. This segment had a fair value of approximately$2.5 billion atJune 30, 2020 . - These disclosure enhancements will help stakeholders understand and assess the components of IGM's value by clearly differentiating the characteristics of the Wealth Management and Asset Management segments, while also providing greater disclosure around IGM's strategic investments.
- Revenue and expense lines have been re-defined to provide greater alignment with the key drivers of business activity and to reflect our emphasis on business growth and operational efficiency.
"We believe that the disclosure enhancements that we have made will enable users to more clearly understand the Company's business lines and the key drivers of those business lines," said
Revised and retroactively restated IGM supplemental information and a presentation outlining the nature of the disclosure changes have been published on the Company's website at www.igmfinancial.com
LIVE WEBCAST AND CONFERENCE CALL
FORWARD-LOOKING STATEMENTS
Certain statements in this Release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect
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
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
NON-IFRS FINANCIAL MEASURES AND ADDITIONAL IFRS MEASURES
This release contains non-IFRS financial measures and additional IFRS measures. Net earnings available to common shareholders, which is an additional measure in accordance with International Financial Reporting Standards (IFRS), may be subdivided into two components consisting of:
- Adjusted net earnings available to common shareholders; 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.
Terms by which non-IFRS financial measures are identified include but are not limited to "adjusted net earnings available to common shareholders", "adjusted earnings per share", "adjusted return on average common equity" and other similar expressions used to provide management and investors with additional measures to assess earnings performance. However, non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Please refer to the attached Financial Highlights for the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS.
Terms by which additional IFRS measures are identified include "earnings before income taxes" and "net earnings available to common shareholders". Additional IFRS measures are used to provide management and investors with additional measures to assess earnings performance. These measures are considered additional IFRS measures as they are in addition to the minimum line items required by IFRS and are relevant to an understanding of the entity's financial performance.
ABOUT
A MEMBER OF THE POWER CORPORATION GROUP OF COMPANIES.
SOURCE
© Canada Newswire, source