Canadian Life Companies Split Corp. is a portfolio consisting of four publicly traded Canadian Life Insurance Companies.
To view a Split Share Fund overview please click here.
Great-West Lifeco Inc.
iA Financial Corporation Inc.
Manulife Financial Corporation
Sunlife Financial Inc.
Shares held within the Portfolio are expected to range between 10-30% in weight but may vary from time to time. Top holdings by weight may include holdings other than the core holdings and up to 20% of the net asset value may be invested in equity securities of foreign life insurance companies or other Canadian or foreign financial services corporations (per the Prospectus).
(i) to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 6.5% OR Prime Rate plus 2% (max of 8%) annually based on the $10.00 original issue price, and;
(ii) on or about the termination date of December 1, 2024 (subject to further 6 year extensions thereafter), to pay the holders of the Preferred Shares the $10 original issue price of those shares.
Class A Shares:
(i) to provide holders of the Class A Shares with monthly cash dividends as the directors of the Company may from time to time determine, and;
(ii) on or about December 1, 2024 (subject to further 6 year extensions thereafter) to pay the holders of Class A Shares such amounts as remain after paying the holders of the Preferred shares the amounts owing to them.
Fixed cumulative monthly dividends*
Downside protection and asset coverage
Class A Shares:
Targeted monthly cash dividends*
Leverage to performance of high quality stocks
Capital appreciation potential
*For the purposes of the Income Tax Act (Canada) and any similar provincial legislation, the Company designates any and all dividends paid on both its Class A and Preferred shares as “eligible dividends” unless the Company indicates otherwise.
Holdings Sorted by weight as at August 31, 2022:
Manulife Financial Corp
Sun Life Financial Inc
iA Financial Corporation Inc
Great-West Lifeco Inc
September 15, 2022
NAV Pre-Distribution: $12.86
NAV Net of Distribution: $12.86
NAV + Total Distributions Paid to Date: $30.74