Organic Capital Generation and IFRS Transition Outlook
2022 GUIDANCE
As disclosed on February 16, 2022
Core EPS+
Core ROE+
13.0% to 15.0%
Q1
$1.85 to
$2.00
Q2
$2.20
to
$2.35
Q3
$2.30
to
$2.45
Impact of new
business (strain)+
0% annual target
(quarterly range from -5% to 10%)
Q4
$2.35 to
$2.50
Solvency
ratio+
110% to 116%
2022
$8.70 to
$9.30
Non-core items+
(EPS)
Charges or proceeds related to acquisition
or disposition of a business
1
$0.19
Amortization of intangible assets
$0.59
Non-core pension expense
$0.20
Total
$0.98
Capital generation+
Effective
tax rate
$450M to $525M
21% to 23%
30
Dividend
payout ratio+
25% to 35%
(mid-range, based on core earnings)
Note: The market guidance provided above is a forecast. Please refer to the "Forward-looking statements" section in this document for more information.
1 $0.19 $0.10 IAS acquisition charges + $0.03 Surex acquisition charges + $0.06 increase in book value of Surex minor shareholders' sell option
This item is a non-IFRS measure; see the "Non-IFRS and Additional Financial Measures" section at the end of this document for relevant information about such measures.
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