How we created value this year

In 2023, we continued to transform our businesses


OpCo organic

Great-West Lifeco delivered strong, broadly based results across segments; Empower successfully integrated recent acquisitions, and its newly created Empower Personal Wealth platform is generating meaningful growth
IGM results were driven by solid performance at both IG Wealth Management and Mackenzie, and it is positioned for sustainable profitable growth with leading core franchises and high-growth businesses in each of its wealth and asset management segments

OpCo M&A

The group continued to invest significantly to scale its businesses and position them for further growth and competitiveness
IGM acquired an interest in Rockefeller Capital Management, a risk-smart entry into the largest and deepest wealth market in the world
Great-West Lifeco announced the sale of Putnam, unlocking shareholder value and reinforcing its focus on the U.S. retirement and personal wealth business through Empower
Canada Life acquired Investment Planning Counsel and Value Partners, advancing its goal of becoming a leading Canadian full-service wealth provider

Power Corporation level

We focused on growing value over time, aiming to bring the alternative asset management businesses to profitability through fundraising, product launches and strategic partnerships
We grew assets under management at our alternative asset management businesses and focused on raising third-party capital
We increased our share buybacks, returning more capital to shareholders from the monetization of non-core assets

Over the past five years, we repositioned our businesses for additional growth

Great-West Lifeco sold its U.S. individual life insurance and annuity business
Simultaneous substantial issuer bids at each of Great-West Lifeco, Power Financial and Power Corporation
Amalgamation of Great-West Life, London Life and Canada Life
Reorganization of Power Corporation and Power Financial
Reorganization of Pargesa and GBL
Empower acquired Personal Capital
Mackenzie acquired GLC Asset Management
Empower acquired MassMutual’s retirement services business
Mackenzie and Great-West Lifeco acquired a strategic interest in Northleaf
Great-West Lifeco acquired ClaimSecure and Ark Life
Empower acquired Prudential’s full-service retirement business
Sagard acquired EverWest from Great-West Lifeco
Power group announced the consolidation of its interest in ChinaAMC under IGM
Great-West Lifeco sold Putnam and entered into a strategic partnership with Franklin Templeton
IGM acquired an interest inRockefeller Capital Management
Canada Life acquired IPC and Value Partners
Sagard entered into strategic partnerships with Lunate (formerly ADQ) and BMO