(Montreal) Power Corp. The company said first-quarter profit nearly tripled from a year ago as it made significant profits in its life insurance business.
The Montreal-based holding company earned $ 556 million or 82 cents a share a year ago, $ 200 million or 36 cents a share.
Adjusted earnings for the quarter ended March 31 rose to 785 million in the first quarter of 2020, or 16 1.16 per share from 345 million or 62 cents.
The company surpassed the expectations of analysts polled by Refinitive, which averaged 71 cents per adjusted earnings.
Great-West Lifeco’s net profit rose to $ 707 million from $ 342 million in the same period last year.
Power said it had achieved two-thirds of the planned $ 50 million cut in the two years since the reorganization, which was completed in February 2020, including minority interests in power finance.
Power has full control over Power Financial and thus controls interests in Great-West Lifeco, IGM Financial and WealthSimple, as well as a minority interest in Pargesa.