Financial Highlights

Quarterly Highlights
Five-year Summary

For the three months ended

For the years ended

	For the three months ended			For the years ended
(In millions of canadian dollars, except per share amounts or as otherwise noted) (unaudited)	March 31 2020	Dec. 31 2019	March 31 2019	Dec. 31 2019	Dec. 31 2018
Revenues	11,024	11,485	17,648	47,802	47,025
Net earnings attributable to common shareholders	329	401	536	1,964	2,245
Net earnings per common share	0.50	0.60	0.75	2.89	3.15
Adjusted net earnings attributable to common shareholders⁽¹⁾⁽²⁾	470	654	474	2,240	1,834
Adjusted net earnings per common share⁽¹⁾⁽²⁾	0.71	0.99	0.66	3.30	2.57
Consolidated assets	457,223	471,372	462,511	471,372	447,055
Shareholders’ equity	21,177	20,815	21,781	20,815	21,580
Book value per common share	27.63	27.08	26.54	27.08	26.26
Common shares outstanding (in millions)	664.1	664.1	714.1	664.1	714.1

(1) Adjusted net earnings attribuable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures. Refer to the “Non-IFRS Financial Measures and Presentation” section of the Corporation’s most recent Management’s Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(2) Effective the first quarter of 2020, the Corporation introduced an enhanced definition of its non-IFRS earnings measure, Adjusted net earnings. This change is consistent with the introduction of base earnings by Lifeco which was introduced in the first quarter of 2020 to reflect management’s view of the operating performance of Lifeco. Refer to the “Non-IFRS Financial Measures and Presentation” section of the Corporation's most recent Management’s Discussion and Analysis for additional details on this measure. The comparative periods have been restated to reflect the introduction of this enhanced measure.

As at and for the years ended December 31 [in millions of Canadian dollars, except as otherwise noted] (unaudited)	2019	2018	2017	2016	2015
Consolidated Balance Sheets
Cash and cash equivalents	6,272	5,624	5,321	4,396	4,188
Total assets	471,372	447,055	440,224	418,407	417,630
Shareholders’ equity	20,815	21,580	20,513	19,481	19,473
Consolidated Statements of Earnings
Revenues
Total net premiums	24,489	35,440	33,880	31,125	24,501
Net investment income	13,247	2,822	7,610	10,203	4,319
Fee income	10,066	8,763	8,497	7,794	7,692
Total revenues	47,802	47,025	49,987	49,122	36,512
Expenses
Total paid or credited to policyholders	33,091	32,068	35,643	34,675	22,842
Commissions	3,480	3,512	3,712	3,590	3,133
Operating and administrative expenses	7,237	6,997	7,002	6,380	5,883
Financing charges	435	360	432	412	413
Total expenses	44,243	42,937	46,789	45,057	32,271
Earnings before investments in jointly controlled corporations and associates, and income taxes	3,559	4,088	3,198	4,065	4,241
Share of earnings (losses) of investments in jointly controlled corporations and associates	211	94	200	(98)	224
Earnings before income taxes	3,770	4,182	3,398	3,967	4,465
Income taxes	601	602	584	581	679
Net earnings	3,169	3,580	2,814	3,386	3,786
Attributable to
Non-controlling interests	1,066	1,197	964	1,343	1,337
Perpetual preferred shareholders	139	138	133	124	130
Common shareholders	1,964	2,245	1,717	1,919	2,319
	3,169	3,580	2,814	3,386	3,786
Per share
Net earnings attributable to common shareholders	2.89	3.15	2.41	2.69	3.25
Dividends declared on common shares	1.82	1.73	1.65	1.57	1.49
Book value per common share	27.08	26.26	24.77	23.69	23.69
Market price (Common shares)
High	36.02	34.88	37.00	34.70	38.78
Low	25.45	25.21	31.91	29.02	30.28
Year-end	34.94	25.83	34.54	33.56	31.81

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