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News Release For immediate release Power Corporation Reports Fourth Quarter and 2020 Financial Results RE POWER CORPORATION OF CANADA Readers are referred to the sections " Non - IFRS Financial Measures and Presentation " and " Forward - Looking Statements " at the end of this release . Montréal , Québec , March 17 , 2021 - Power Corporation of Canada ( Power Corporation or the Corporation ) ( TSX : POW ) today reported earnings results for the fourth quarter and twelve months ended December 31 , 2020 . Power Corporation Consolidated results for the period ended December 31 , 2020 HIGHLIGHTS ■ The Corporation's net asset value ( NAV ) per share [ 1 ] was $ 41.27 at December 31 , 2020 , compared with $ 34.94 at September 30 , 2020 , an increase of 18.1 % . ■ The Corporation was one of only three Canadian companies , along with Great - West Lifeco Inc. ( Lifeco ) , to earn an A ( " Leadership " ) rating on CDP's 2020 Climate Change Questionnaire , a rating which identifies the global leaders in the management of carbon , climate change risks and low - carbon opportunities . " The Corporation announced its notice of intention to make a normal course issuer bid on February 23 , 2021 . ■ On December 31 , 2020 , Empower Retirement , a subsidiary of Lifeco , completed the acquisition of the retirement services business of Massachusetts Mutual Life Insurance Company ( MassMutual ) for US $ 2.3 billion , strengthening Empower Retirement's position as the second - largest retirement services provider in the U.S. based on assets under administration and number of retirement plan participants . ■ Lifeco's assets under administration were $ 2.0 trillion at December 31 , 2020 , an increase of 21 % from December 31 , 2019 primarily due to the MassMutual transaction . ■ IGM Financial Inc. ( IGM ) reported record - high assets under management and advisement of $ 240.0 billion , up 6.7 % in the quarter and 10.3 % in the year ( excluding $ 30.3 billion in net business acquisitions ) . " On December 31 , 2020 , Mackenzie Financial Corporation ( Mackenzie ) acquired GLC Asset Management Group Ltd. ( GLC ) , a wholly owned subsidiary of Lifeco . This transaction allows Mackenzie to become one of Canada's largest asset managers and expands its distribution reach . ■ The merger between Pargesa Holding SA ( Pargesa ) and Parjointco Switzerland SA , a wholly owned subsidiary of Parjointco SA , was completed on November 20 , 2020. Accordingly , Pargesa was delisted from the Swiss Stock Exchange . " Sagard Holdings Inc. ( Sagard Holdings ) has recently announced : o First closing of its second credit fund , Sagard Credit II , with commitments of US $ 650 million . Fundraising efforts will continue in 2021 . o Launch of its Canadian Private Equity platform , a strategy which will focus on the middle market in Canada . o Final closing of Sagard Healthcare Royalty Partners , LP ( SHRP ) with commitments totalling approximately US $ 725 million . ■ Power Sustainable Capital Inc. ( Power Sustainable ) announced the launch of the Power Sustainable Energy Infrastructure Partnership , a $ 1 billion investment platform dedicated to the North American renewable energy sector , on January 19 , 2021 . ■ The Lion Electric Co. ( Lion ) announced it intends to combine with Northern Genesis Acquisition Corp. ( Northern Genesis ) , a public corporation , on November 30 , 2020 . [ 1 ] NAV , NAV per share , adjusted net earnings and adjusted net earnings per share are non - IFRS measures . See the Non - IFRS Financial Measures and Presentation section later in this news release . POWER CORPORATION REPORTS FOURTH QUARTER AND 2020 FINANCIAL RESULTS 1