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Power Financial Corporation - Q3-2019 Earnings, Price Target Update

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Power Financial Corp.(PWF) owns interests in insurance and financial companies as well as a portfolio of European companies. The insurance segment contributes about 72% of earnings, financial services at 18% and the European interests at 10%.

Power Financial Corp. (PWF) owns 66.8% of Great West Life(GWO), 62.% of IGM Financial Corp. (IGM) and 28.3% of Pargesa Group in Europe. Great-West Life's operating subsidiaries include Great-West Life, Great-West Financial, London Life, Canada Life, Irish Life and Putnam in the US. Effective Jan-1-2020 Great-West Life, London Life and Canada Life commenced operating as Canada Life. IGM's major operating subsidiaries are Investors Group and Mackenzie. Portag3, an investment fund dedicated to backing innovative financial service companies, and Wealthsimple are owned Power Financial Corp. Portag3 in turn holds a 23.6% equity interest in Wealthsimple, a technology-driven EFT focused investment manager. In addition, Great-West Life and IGM also hold equity interests in Wealthsimple of 14.7% and 43.3%, respectively.

In Jun-2019 Great-West Life & Annuity, a U.S. subsidiary of Great-West Lifeco was sold for $1.6B, the loss on sale was $199M. Power Financial, through its wholly owned subsidiary, Power Financial Europe B.V., and the Frère family group of Belgium each hold a 50% interest in Parjointco, a Netherlands-based company. Parjointco's sole holding is a 55.5% equity interest (75.4% of the voting rights) in Pargesa Holding SA, listed on the Geneva stock exchange(PARG-SIX) Pargesa, through its 51.8% holding in Groupe Bruxelles Lambert, (GBL- Brussels Stock Exchange) has holdings in global industrial and services companies based in Europe.

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