Power Co. of Canada posts CAD 905 million in adjusted Q1 net earnings, driven by growth at Great-West Lifeco and IGM Financial.
Power Co. of Canada reported a 15% year-over-year increase in first-quarter adjusted net earnings to CAD 905 million, with earnings per share up 17% to CAD 1.43. The company attributed the gains to strong performance at its financial units, Great-West Lifeco and IGM Financial.
Net asset value per share climbed 23% to CAD 84.54, while cash reserves rose to CAD 2.1 billion. The company returned CAD 650 million to shareholders through buybacks and dividends. Operating momentum was supported by record assets under management at IGM and expansion in alternative platforms.
CEO R. Jeffrey Orr highlighted supportive market conditions, including rising stock markets and favorable interest rates, despite global risks. The company also noted a shift toward private assets in its investment strategy.