TORONTO — Power Financial Corp. reported better-than-expected second-quarter net income, the highest in the company’s history.
The Power Corporation of Canada subsidiary reported net earnings of $658 million, and earnings per share of 92 cents, compared to $622 million, or 87 cents per share in the second quarter of 2017.
The earnings beat analysts estimates for the quarter of $618 million, or 82 cents per share.
Power Financial cited strong performance from subsidiaries Great-West Lifeco, Putnam Investments and IGM Financial, which reported record assets under management of $159.1 billion, up 7.1 per cent from the year prior.
The strong results at Power Corp.’s main financial services division were offset by declines in its other divisions including Sagard Investment Funds and China AMC as well as other investments and subsidiaries.
Power Corp. reported net earnings of $347 million, or 75 cents per share, largely in line with those in the year-earlier quarter.