Power Financial Corp. says third quarter earnings rise to $584 million

MONTREAL — Power Financial Corp. says earnings were up in the third quarter on higher retirement service sales in the U.S. and an increase in group customer sales in Canada.

The Montreal-based management and holding company says it had a net income of $584 million, or 88 cents per share, up from $523 million or 74 cents per share last year.

The company, focused on the financial services sector, says adjusted net earnings were 89 cents per share, up from 81 cents per share last year.

Analysts had expected earnings of 84 cents per share, according to financial markets data firm Refinitiv.

Power Financial says sales at Great-West Lifeco Inc. were $41.9 billion, up 22 per cent from the third quarter last year, as sales increased in the U.S. at Empower Retirement and in Canada with higher group sales in insurance and wealth.

Earnings also rose at IGM Financial Inc. and Pargesa Holding SA’s, in which Power Financial also holds stakes.

This report by The Canadian Press was first published Nov. 7, 2019.

Companies in this story: (TSX:PWF).




The Canadian Press