Power Financial Corp. saw a decline in Q4 net earnings, the Montreal-based corporation reported on Wednesday.
Net earnings fell to $401 million or 60¢ a share, down from $478 million or 67¢ per share in Q4 2018. On the year, net earnings were $1.9 billion, down from $2.2 billion in 2018.
Great-West Lifeco’s (GWL) Q4 net earnings fell to $513 million or 55¢ per share, down from $710 million or 72¢ per share a year earlier. (GWL sold its U.S. individual life insurance and annuity business in the second quarter of 2019, which contributed $36 million to GWL’s fourth quarter earnings in 2018.)
GWL reported $1.6 trillion in consolidated assets under administration, a 16% increase from the year prior.
IGM Financial Inc. (IGM) reported net earnings of $192 million or or 80¢ per share, up from $180 million or 75¢ per share in 2018.
For the period ending Dec. 31, 2019, IGM held $166.8 billion in assets under management, up 2.6% from the previous quarter and 11.9% year-over-year.
Power Financial holds majority stakes in GWL, IGM and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.