Power Financial Corp. posted first-quarter net earnings of $536 million on Monday, down from $586 million during the same period a year earlier and missing expectations.
The Montreal-based company’s profit during the three-month period ended March 31 amounted to 75¢ per share, a drop from 82¢ during the same quarter in 2018.
Analysts on average had expected earnings per share of 78¢ per share, according to Thomson Reuters Eikon.
Power Financial holds majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding.
The company’s quarterly earnings from its life insurance companies, which includes the Canada Life Assurance Co., amounted to $444 million, down from $495 million a year earlier.
Power Financial’s profits from IGM and Pargesa during the quarter rose slightly to $110 million and $46 million, respectively, from $107 million and $44 million in 2018.