Power dividend
Power's dividend rose from C$1.84 in 2021 to C$2.45 in 2025. Parent cash flow only modestly exceeded participating dividends in 2025, so coverage depends on subsidiary distributions and cash conversion.
How much does Power pay per share?
The base dividend rises to C$2.65 in October 2027 and C$2.85 in October 2028. It reaches C$3.05 in October 2029. This continues the increase from C$1.84 in 2021 to C$2.45 in 2025, while recognizing that parent cash flow only modestly exceeded participating dividends in 2025. The bear holds DPS at C$2.52 after a small initial increase. The bull reaches C$3.55, requiring stronger subsidiary distributions and cash conversion.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Book value per share | 36.31 | 35.56 | 32.49 | 31.37 | 31.23 |
| Operating earnings per share | 5.31 | 4.58 | 4.04 | 3.31 | |
| − Dividends paid, per share | 2.38 | 2.20 | 2.07 | 1.98 | 1.78 |
| − Share buybacks, per share | 1.10 | 0.66 | 0.88 | 0.62 | 0.22 |
| = Kept, per share | 1.78 | 1.69 | 1.08 | 0.71 |
What this means. The “kept” amount also subtracts share buybacks, so it means money left after dividends and buying back shares, not just profit left in the business.
Does Power's dividend fit its cash flow?
In 2025, the combined parent entities generated C$1,791 million of operating inflows. Cash dividends paid on participating shares were C$1,541 million. Payments on non-participating and perpetual preferred shares added C$191 million, leaving about C$59 million before repurchases and investment activity.
Power also repurchased C$711 million of shares. That payment must be read with asset disposals, financing, and existing liquidity rather than attributed entirely to one year’s recurring inflow. At June 2026, holding-company cash and equivalents were approximately C$2.2 billion, a more relevant measure of parent flexibility than consolidated cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating earnings (company's measure) | 3,400 | 2,971 | 2,671 | 2,221 | |
| − Dividends paid | 1,541 | 1,437 | 1,374 | 1,331 | 1,211 |
| − Share buybacks | 711 | 430 | 583 | 415 | 153 |
| = Kept to grow and build capital | 1,148 | 1,104 | 714 | 475 | |
| Paid out, % of operating earnings | 66.2% | 62.8% | 73.3% | 78.6% |
What this means. The operating earnings are the company's adjusted profit measure, not its full reported profit, and the way it was calculated changed for some earlier years.
What could change Power's dividend?
The weighted case is roughly flat after dividends through October 2029, because operating progress and per-share value growth must overcome a persistent holding-company discount. Great-West targets medium-term base EPS growth of 8.0%–10.0%, base ROE of at least 19.0%, capital generation of at least 80.0%, and a common-dividend payout ratio of 45.0%–55.0%. IGM targets 9.0% adjusted EPS growth over 2023–2028. Power authorized repurchases of up to 20 million subordinate voting shares through February 28, 2027, but that ceiling is not a commitment.
From 2026 through 2029, Milliman participant and asset retention, followed by integration savings, will test the earnings assumptions. Parent liquidity will also show whether dividends and measured repurchases can continue; constrained cash would weaken both the share-count and DPS forecasts.
What is Power's dividend yield against its price?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 91.75 |
| Price to book (calculated) | 2.4x |
| P/E on operating earnings, last 12 months (calculated) | 16.1x |
| Dividend yield (calculated) | 2.9% |
What this means. The next-twelve-month price-to-earnings number uses an analyst’s forecast of profit, so it is an estimate rather than money the company has already earned.