Financial Highlights
 

For the three months ended

For the years ended

(In millions of canadian dollars, except per share amounts or as otherwise noted)
(unaudited)

June 30
2019

Mar. 31
2019

June 30
2018

Dec. 31
2018

Dec. 31
2017(1)

Revenues(1)(2)

3,511 17,648 11,360 47,025 49,987

Net earnings attributable to common shareholders

443 536 658 2,245 1,717

Net earnings per common share

0.66 0.75 0.92 3.15 2.41

Adjusted net earnings attributable to common shareholders(3)

589 536 658 2,282 2,135

Adjusted net earnings per common share(3)

0.88 0.75 0.92 3.20 2.99

Dividends declared per common share

0.4555 0.4555 0.4330 1.7320 1.6500

Consolidated assets

461,833 462,511 450,419 447,055 440,224

Shareholders' equity

20,009 21,781 21,267 21,580 20,513

Book value per common share

25.87 26.54 25.82 26.26 24.77

Common shares outstanding (in millions)

664.1 714.1 714.0 714.1 713.9

(1) Comparative figures for 2017 have been adjusted as a result of IFRS 15 as described in Note 2 to the Corporation's December 31, 2018 consolidated financial statements.
(2) The decrease in revenues in the second quarter of 2019 is due to the impact of Lifeco's sale, via indemnity reinsurance, of its U.S. individual life insurance and annuity business to Protective Life (initial reinsurance ceded premiums of $13.9 billion). 
(3) 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.

As at and for the years ended December 31 [in millions of Canadian dollars, except as otherwise noted]
(unaudited)

2018 2017 2016

2015

2014

Consolidated Balance Sheets

         

Cash and cash equivalents

5,624

5,321 4,396 4,188

3,989

Total assets

447,055

440,224 418,407 417,630

373,843

Shareholders’ equity

21,580

20,513 19,481 19,473

16,942

Consolidated Statements of Earnings

         

Revenues

         

Premium income, net(1)

35,440

33,880 31,125 24,501

21,222

Net investment income

2,822

7,610 10,203 4,319

13,563

Fee income(1)

8,763

8,497 7,794 7,692

6,990

Total revenues

 

47,025

49,987 49,122 36,512

41,775

Expenses

         

Total paid or credited to policyholders

32,068

35,643 34,675 22,842

29,160

Commissions(1)

3,512

3,712 3,590 3,133

2,901

Operating and administrative expenses(1)

6,997

7,002 6,380 5,883

5,162

Financing charges

360

432 412 413

413

Total expenses 

42,937

46,789 45,057 32,271

37,636

Earnings before investments in jointly controlled corporations and associates, and income taxes

4,088

3,198 4,065 4,241

4,139

Share of earnings (losses) of investments in jointly controlled corporations and associates

94

200 (98) 224

211

Earnings before income taxes

4,182

3,398 3,967 4,465

4,350

Income taxes

602

584 581 679

834

Net earnings

3,580

2,814 3,386 3,786

3,516

Attributable to

         

Non-controlling interests

1,197

964 1,343 1,337

1,248

Perpetual preferred shareholders

138

133 124 130

132

Common shareholders

2,245

1,717 1,919 2,319

2,136

 

3,580

2,814 3,386 3,786

3,516

Per share

         

Net earnings attributable to common shareholders

3.15

2.41 2.69 3.25

3.00

Adjusted net earnings attributable to common shareholders(2)

3.20

2.99 2.99 3.14

2.96

Dividends declared on common shares

1.73

1.65 1.57 1.49

1.40

Book value per common share 

26.26

24.77 23.69 23.69

20.18

Market price (Common shares)

         

High

34.88

37.00 34.70 38.78

36.70

Low

25.21

31.91 29.02 30.28

30.14

Year-end

25.83

34.54 33.56 31.81

36.18

(1) Comparative figures for 2017 have been adjusted as a result of IFRS 15 as described in Note 2 to the Corporation's December 31, 2018 consolidated financial statements.
(2) Adjusted net earnings attribuable to common shareholders per share is a non-IFRS financial measure. 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.

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