Power Co. of Canada Reports Record Q2 Earnings
Power Co. of Canada (TSE:POW) reported record second-quarter adjusted earnings per share of C$1.55, a 12% increase year over year. The results were driven by strong performance at Great-West Lifeco and IGM Financial, along with higher portfolio valuations and reduced shares outstanding. Great-West contributed C$871 million to Power's adjusted net earnings, up 10%, while IGM added C$211 million, a jump of 34%. Both subsidiaries reported significant growth in client assets and operations. Great-West’s Empower division surpassed C$2 trillion in retirement business client assets during the quarter. Power returned C$1.5 billion to shareholders in the first half through dividends and buybacks. The company plans continued capital returns, emphasizing its shares trade at a 20% discount to net asset value (NAV). CEO James O'Sullivan confirmed no major strategic changes are anticipated.
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Topics: capital returns corporate structure financial performance