Skip to main content

Power Financial Corp. says its net earnings decreased 33 per cent in the second quarter on lower revenue and a substantial charge resulting from the sale of its U.S. individual life insurance and annuity business.

The Montreal-based company says it earned $443-million, or 66 cents a share, down from $658-million, or 92 cents a share a year earlier.

The result included a $146-million charge, 92 per cent of which related to the June sale by Great-West Life & Annuity Insurance Co. to Protective Life Insurance Co. of the U.S. operations for $1.6-million.

Excluding the one-time items, adjusted earnings were down 10.5 per cent to $589-million from $658-million in the prior year.

That equalled 88 cents a share, 1 cent a share better than forecast by analysts and down from 92 cents a share in the second quarter of 2018.

Revenue was $3.5-billion, compared with $11.4-billion a year earlier, which included the U.S. business.

Power Financial holds majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 23/05/24 4:00pm EDT.

SymbolName% changeLast
Igm Financial Inc
Great-West Lifeco Inc

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe