Kendrick Lamar Launches Creative Agency
Called Project 3, it's a new arm of his company pgLang, which focuses on video and music production. The new venture will offer services including creative direction, content creation, brand design, strategy, event planning and production to businesses in a wide range of areas, from fashion to sport to art. Its creation is the result of pgLang's acquisition of its longtime collaborator Frosty, a Canada-based creative studio.
The launch comes five years after pgLang's own debut in 2020; the plan for the company, which was co-founded by Lamar and his longtime creative partner Dave Free, was always to offer creative services externally. It's collaborated with brands including Converse, Louis Vuitton and Chanel on short videos and fashion show production.
'We've spent years building the foundation at pgLang. Now, Project 3 Agency represents our commitment to sharing that operating system — transforming how businesses tell their stories and ensuring their message doesn't just reach an audience, but truly moves and inspires culture, all while providing new opportunities for the young creatives inspiring us,' Lamar told The Business of Fashion via email.
In its previous iteration as Frosty, Project 3 has produced campaigns for the likes of Burberry, Prada, Everlane and The Beatles, often grounded in storytelling and narrative. Founded in 2019, it first collaborated with pgLang on a campaign for Calvin Klein. Since then, the two have worked together on campaigns for companies including Jordan Brand, Cash App and Amazon Music. Frosty founders Greg Stogdon and J.D. Ostrow will remain on board as executives of Project 3, which employs a team of 30 globally.
Working with pgLang 'always felt different,' said Stogdon via email. 'Whether we were collaborating openly or in the background, their perspective brought out the most creatively rewarding work. They don't just see things differently, they've built a network of creatives who care deeply about raising the bar. As pgLang brings those strengths to Project 3 Agency, Frosty contributes with a team of brilliant and kind people who know how to run an agency with the same high standards, ambition, and originality.'
To introduce Project 3, pgLang has released a short film, directed by Jack Begert. The author has shared a YouTube video. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future.
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Analysts' EstimatesThe average estimate of earnings per share and base earnings per share for the quarter among the analysts who follow the Company was $1.07 and $1.17, respectively. Q2 2025 Conference CallLifeco's second quarter conference call and audio webcast will be held on Wednesday, August 6, 2025 at 8:30 a.m. ET. The live webcast of the call will be available at 2nd Quarter 2025 – Conference Call and Webcast or by calling 1-833-752-3481 (toll-free) or 1-647-846-7232 for International participants. A replay of the call will be available following the event on our website or by calling 1-855-669-9658 (Canada toll-free) or 1-412-317-0088 (U.S. toll-free) and using the access code 6604451. Selected financial information is attached. GREAT-WEST LIFECO Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of June 30, 2025, Great-West Lifeco's total client assets were $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit Basis of presentationThe condensed consolidated interim financial statements for the period ended June 30, 2025 of Lifeco, have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this release, unless otherwise noted. Cautionary note regarding Forward-Looking InformationFrom time to time, Lifeco makes written and/or oral forward-looking statements within the meaning of applicable securities laws, including in this release. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "achieve", "ambition", "anticipate", "believe", "could", "estimate", "expect", "initiatives", "intend", "may", "objective", "opportunity", "plan", "potential", "project", "target", "will" and other similar expressions or negative versions of those words. Forward-looking information includes, without limitation, statements about the Company and its operations, business (including business mix), financial condition, expected financial performance (including revenues, earnings or growth rates, and medium-term financial objectives), strategies and prospects, expected costs and benefits of acquisitions and divestitures (including timing of integration activities and timing and extent of revenue and expense synergies), the timing and extent of expected transformation charges, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities and solutions and investments in strategic partnerships), the timing and completion of the acquisition by IPC of wealth assets of De Thomas Wealth Management, value creation and realization and growth opportunities, product and service innovation, expected dividend levels, expected cost reductions and savings, expected capital management activities and use of capital, the timing and extent of possible share repurchases, market position, estimates of risk sensitivities affecting capital adequacy ratios, estimates of financial risk sensitivities (including as a result of current market conditions), expected net plan inflows, anticipated global economic conditions, potential impacts of catastrophe events, potential impacts of geopolitical events and conflicts and the impact of regulatory developments on the Company's business strategy, growth objectives and capital. Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, wealth and retirement solutions industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. With respect to possible share repurchases, the amount and timing of actual repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, our ability to effect the repurchases on a prudent basis, capital requirements, applicable law and regulations (including applicable securities laws), and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions. With respect to expected net plan inflows of Empower's Retirement business in the second half of 2025, management's estimate is based on the sum of anticipated sales (excluding stock plan services) plus anticipated institutional net flows, net of estimated plan terminations. Management has also assumed that performance of Empower's Retirement business during the second half of 2025 is consistent with its expectations, which take into account current market information, and that actual sales, the ability to maintain or improve client retention and capture rates per management's estimates, and customer behaviour (including contributions, redemptions, withdrawals and lapse rates) are consistent with management's estimates. Statements about historical credit experience are not intended to be indicators of future credit experience. 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Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. 2 Refer to the "Glossary" section of the Company's second quarter of 2025 interim MD&A for additional details on the composition of this measure. 3 This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. 4 The calculation for financial leverage ratio includes the after-tax non-participating contractual service margin (CSM) balance in the denominator, excluding CSM associated with segregated fund guarantees. This reflects that the CSM represents future profit and is considered available capital under LICAT. These ratios are estimates based on available data. 5 The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company, Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test. Refer to the "Capital Management and Adequacy" section of the Company's second quarter of 2025 interim MD&A for additional details. BASE AND NET EARNINGS Consolidated base earnings and net earnings of Lifeco include the base earnings and net earnings of Empower, Canada Life (and its operating subsidiaries) and the Company's Corporate operating results (including PanAgora Asset Management). Net earnings for the six months ended June 30, 2024 also include the earnings from Putnam Investments reported as discontinued operations. For a further description of base earnings, refer to the "Non-GAAP Financial Measures and Ratios" section of this document and the Company's second quarter of 2025 interim Management's Discussion and Analysis. For further details on restated earnings for the first and second quarters of 2024, refer to the "Summary of Earnings Reclassification" section of the Company's second quarter of 2025 interim Management's Discussion and Analysis. Base earnings1 and net earnings - common shareholders by segment For the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings (loss)1 United States $ 341 $ 365 $ 335$ 706 $ 637 Canada 375 316 360691 700 Europe 262 239 236501 462 Capital and Risk Solutions 229 213 199442 404 Corporate (58) (103) (92)(161) (187) Lifeco base earnings1 $ 1,149 $ 1,030 $ 1,038$ 2,179 $ 2,016Items excluded from base earnings Market experience relative to expectations2 $ (104) $ (91) $ 28$ (195) $ 135 Assumption changes and management actions2 (3) (32) 39(35) 38 Business transformation impacts (121) (10) (29)(131) (78) Amortization of acquisition-related finite life intangibles (38) (37) (37)(75) (75) Tax legislative changes 11 — (34)11 — Items excluded from Lifeco base earnings $ (255) $ (170) $ (33)$ (425) $ 20Net earnings (loss) from continuing operations2 United States $ 305 $ 338 $ 281$ 643 $ 523 Canada 255 301 373556 764 Europe 126 167 231293 447 Capital and Risk Solutions 194 184 164378 434 Corporate 14 (130) (44)(116) (132) Lifeco net earnings from continuing operations2 $ 894 $ 860 $ 1,005$ 1,754 $ 2,036 Net earnings (loss) from discontinued operations — — —— (115) Net gain from disposal of discontinued operations — — —— 44 Lifeco net earnings - common shareholders $ 894 $ 860 $ 1,005$ 1,754 $ 1,9651 This metric is a non-GAAP financial measure. 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Investors may find these financial measures useful in understanding how management views the underlying business performance of the Company. Base earnings (loss)Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to IFRS net earnings. Base earnings (loss) exclude the following items from IFRS reported net earnings: Market-related impacts, where actual market returns in the current period are different than longer-term expected returns; Assumption changes and management actions that impact the measurement of assets and liabilities; Business transformation impacts which include acquisition and divestiture costs and restructuring and integration costs; Material legal settlements, material impairment charges related to goodwill and intangible assets, impacts of income tax rate changes on the remeasurement of deferred tax assets and liabilities and other tax impairments, net gains, losses or costs related to the disposition or acquisition of a business; net earnings (loss) from discontinued operations; The direct equity and interest rate impacts on the measurement of surplus assets and liabilities; Amortization of acquisition related finite life intangible assets; and Other items that, when removed, assist in explaining the Company's underlying business performance. LifecoFor the three months endedFor the six months endedJune 302025 Mar. 312025 June 302024June 302025 June 302024 Base earnings $ 1,149 $ 1,030 $ 1,038$ 2,179 $ 2,016Items excluded from Lifeco base earnings Market experience relative to expectations (pre-tax) $ (116) $ (113) $ 45$ (229) $ 181 Income tax (expense) benefit 12 22 (17)34 (46) Assumption changes and management actions (pre-tax) (5) (42) 1(47) 4 Income tax (expense) benefit 2 10 3812 34 Business transformation impacts (pre-tax) (181) (13) (35)(194) (102) Income tax (expense) benefit 60 3 663 24 Amortization of acquisition-related finite life intangibles (pre-tax) (51) (51) (52)(102) (102) Income tax (expense) benefit 13 14 1527 27 Tax legislative changes and other tax impacts (pre-tax) — — —— — Income tax (expense) benefit 11 — (34)11 — Total pre-tax items excluded from base earnings $ (353) $ (219) $ (41)$ (572) $ (19) Impact of items excluded from base earnings on income taxes 98 49 8147 39 Net earnings from continuing operations $ 894 $ 860 $ 1,005$ 1,754 $ 2,036 Net earnings (loss) from discontinued operations (post-tax) — — —— (115) Net gain from disposal of discontinued operations (post-tax) — — —— 44 Net earnings - common shareholders $ 894 $ 860 $ 1,005$ 1,754 $ 1,965 United StatesFor the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings $ 341 $ 365 $ 335$ 706 $ 637Items excluded from base earnings Market experience relative to expectations (pre-tax) $ (3) $ 2 $ (7)$ (1) $ (10) Income tax (expense) benefit — — 1— 2 Business transformation impacts (pre-tax) (9) (1) (26)(10) (70) Income tax (expense) benefit 3 — 43 16 Amortization of acquisition-related finite life intangibles (pre-tax) (36) (38) (37)(74) (71) Income tax (expense) benefit 9 10 1119 19 Net earnings from continuing operations $ 305 $ 338 $ 281$ 643 $ 523 Net earnings (loss) from discontinued operations (post-tax) — — —— (115) Net gain from disposal of discontinued operations (post-tax) — — —— 44 Net earnings - common shareholders $ 305 $ 338 $ 281$ 643 $ 452 CanadaFor the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings $ 375 $ 316 $ 360$ 691 $ 700Items excluded from base earnings Market experience relative to expectations (pre-tax) $ 44 $ (9) $ 35$ 35 $ 128 Income tax (expense) benefit (19) (1) (10)(20) (36) Assumption changes and management actions (pre-tax) (1) — 1(1) 10 Income tax (expense) benefit — — —— (3) Business transformation impacts (pre-tax) (192) (2) (9)(194) (32) Income tax (expense) benefit 53 1 254 8 Amortization of acquisition-related finite life intangibles (pre-tax) (7) (6) (8)(13) (15) Income tax (expense) benefit 2 2 24 4 Net earnings - common shareholders $ 255 $ 301 $ 373$ 556 $ 764 EuropeFor the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings $ 262 $ 239 $ 236$ 501 $ 462Items excluded from base earnings Market experience relative to expectations (pre-tax) $ (139) $ (47) $ 13$ (186) $ (2) Income tax (expense) benefit 29 11 (5)40 (2) Assumption changes and management actions (pre-tax) (1) (32) (2)(33) (2) Income tax (expense) benefit 1 8 —9 — Business transformation impacts (pre-tax) (42) (10) —(52) — Income tax (expense) benefit 10 2 —12 — Amortization of acquisition-related finite life intangibles (pre-tax) (6) (5) (5)(11) (11) Income tax (expense) benefit 1 1 12 2 Tax legislative changes impact (pre-tax) — — —— — Income tax (expense) benefit 11 — (7)11 — Net earnings - common shareholders $ 126 $ 167 $ 231$ 293 $ 447 Capital and Risk SolutionsFor the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings $ 229 $ 213 $ 199$ 442 $ 404Items excluded from base earnings Market experience relative to expectations (pre-tax) $ (31) $ (35) $ (6)$ (66) $ 43 Income tax (expense) benefit 4 7 (2)11 (6) Assumption changes and management actions (pre-tax) (3) (1) (1)(4) (7) Income tax (expense) benefit 1 — 11 — Business transformation impacts (9) — —(9) — Income tax expense (benefit) 3 — —3 — Tax legislative changes impact (pre-tax) — — —— — Income tax (expense) benefit — — (27)— — Net earnings - common shareholders $ 194 $ 184 $ 164$ 378 $ 434 CorporateFor the three months endedFor the six months endedJune 302025 Mar. 31 2025 June 30 2024 (Restated)June 302025 June 30 2024 (Restated) Base earnings (loss) $ (58) $ (103) $ (92)$ (161) $ (187)Items excluded from base earnings (loss) Market experience relative to expectations (pre-tax) $ 13 $ (24) $ 10$ (11) $ 22 Income tax (expense) benefit (2) 5 (1)3 (4) Assumption changes and management actions (pre-tax) — (9) 3(9) 3 Income tax (expense) benefit — 2 372 37 Business transformation impacts (pre-tax) 71 — —71 — Income tax (expense) benefit (9) — —(9) — Amortization of acquisition-related finite life intangibles (pre-tax) (2) (2) (2)(4) (5) Income tax (expense) benefit 1 1 12 2 Net earnings (loss) - common shareholders $ 14 $ (130) $ (44)$ (116) $ (132) Assets under administration (AUA), assets under management or advisement (AUMA), and client assetsAssets under administration, assets under management or advisement and client assets are non-GAAP financial measures. These measures provide an indication of the size and volume of the Company's overall business. Administrative services are an important aspect of the overall business of the Company and should be considered when comparing volumes, size and trends. Total assets under administration includes assets under management or advisement (AUMA), assets under administration only (AUAO), the total of which is total client assets, and other balance sheet assets. Client assets represents the total client assets under management or advisement plus assets under administration only for the Company's Retirement and Wealth lines of business. Client assets are classified as AUMA where the Company earns a fee for one or more of the following services: investment management services for proprietary funds or institutional assets, discretionary portfolio management on behalf of clients, and/or the provision of financial advice. AUMA relate to the Company's Retirement and Wealth lines of business only. Refer to the "Glossary" section of the Company's second quarter of 2025 interim MD&A for the definition of AUAO. Other balance sheet assets include insurance contract assets, reinsurance contract assets, goodwill and intangible assets, other assets, as well as the portion of invested assets and investments on account of segregated fund policyholders not included within total client assets. Lifeco1 June 302025 Mar. 312025 June 30 2024 (Restated) Assets under administrationAssets under management or advisement $ 1,036,167 $ 1,013,530 $ 941,272 Assets under administration only2 2,007,290 1,993,588 1,786,711 Total client assets $ 3,043,457 $ 3,007,118 $ 2,727,983 Other assets on balance sheet 231,841 230,983 201,059 Total assets under administration $ 3,275,298 $ 3,238,101 $ 2,929,042 of which: Total balance sheet assets 814,842 804,144 749,562 of which: Invested assets 244,501 247,807 228,616 1 Total Lifeco assets under administration includes assets under management related to PanAgora Asset Management included in the Corporate segment. 2 Refer to the "Glossary" section of the Company's second quarter of 2025 interim MD&A for additional details on the composition of this measure. NON-GAAP RATIOS A non-GAAP ratio is a financial measure in the form of a ratio, fraction, percentage or similar representation that is not disclosed in the financial statements of the Company and has a non-GAAP financial measure as one or more of its components. These financial measures do not have a standardized definition under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The non-GAAP ratios disclosed by the Company each use base earnings (loss) as the non-GAAP component. Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to IFRS net earnings. Base dividend payout ratio - Dividends paid to common shareholders are divided by base earnings (loss). Base earnings per share - Base earnings (loss) for the period is divided by the number of average common shares outstanding for the period. Base return on equity - Base earnings (loss) for the trailing four quarters are divided by the average common shareholders' equity over the trailing four quarters. This measure provides an indicator of business unit profitability. Efficiency ratio - Calculated on a trailing four quarter basis as pre-tax non-par base operating and administrative expenses divided by the sum of pre-tax base earnings and pre-tax non-par base operating and administrative expenses. SOURCE Great-West Lifeco Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
