Montreal-based Power Financial Corporation, the majority owner of Great-West Lifeco Inc. and IGM Financial Inc., reported net earnings of $523 million for the third quarter, up 13% from the same period in 2017.
Net earnings per share were $0.74 for the period ended Sept. 30, compared to $0.65 in 2017, the company said Thursday.
Great-West Lifeco’s (GWL) net earnings in the third quarter were $689 million, up from $581 million the previous year. GWL’s $34.4 billion in third-quarter sales marked a 17% year-over-year increase, driven by strong performance in the U.S. and Europe, the company said.
IGM Financial Inc.
IGM reported a profit of $198 million, compared to $173 million in Q3 2017. The company’s adjusted net earnings of $222.7 million were its highest ever in a quarter, a Thursday release said, as were quarter-end assets under management of $159.7 billion.
IGM recently rebranded Investors Group as IG Wealth Management. IG saw investment fund net redemptions of $64 million in Q3, compared to net sales of $287 million during that period in 2017.
IGM’s Mackenzie Investments saw Q3 investment fund net sales of $258 million, down from $539 million a year ago. Its mutual fund net redemptions were $57 million in the quarter, compared to net sales of $305 million in 2017.
ETF net creations were $377 million, including Mackenzie mutual fund investments in ETFs of $62 million, the company said.
Power Financial is also the majority owner of robo-advisor Wealthsimple Financial Corp.