Power Corp. beat expectations with its net profit attributable to shareholders surging in the final quarter of 2020 as its life-insurance business benefited from acquisitions.
The Montreal-based holding company says it earned $623-million, or 92 cents a share, up from $179-million, or 42 cents, a year earlier.
Adjusted profits for the three months ended Dec. 31 increased to $627-million, or 93 cents a share, compared with $357-million, or 84 cents, in the fourth quarter of 2019.
Power was expected to report 82 cents a share in adjusted profits, according to financial data firm Refinitiv.
For the full-year, its net income reached $1.99-billion, or $3.08 a share, up from $1.11-billion, or $2.53 in 2019. Adjusted profits increased 2.7 per cent to $3 a share from $2.92 in the prior year.
Power holds full control of Power Financial and with that majority stakes in Great-West Life Co., IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.
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