The financial services holding company posted net income of $1.07 billion, or $1.48 a diluted share, for the second quarter ended June 30. That’s up $573 million, or 78¢ a share, in the year-ago period.
Subsidiary Great-West Lifeco yesterday posted sharply higher second-quarter profit thanks to a $649 million gain on the April sale of its U.S. healthcare business.
Power Financial said its operating earnings rose 3.5% to $590 million, or 82¢ a share, from $570 million, or 78¢, a year earlier.
Revenues and fee income in the quarter totaled $6.06 billion, up from $4.79 billion a year earlier.
Power Financial controls Great-West as well as the mutual fund manager IGM Financial Inc. It also owns half of Partjointco NV, a company that controls Swiss company Pargesa Holding SA.
Power Financial profit doubles on Great-West earnings
Power Financial Corp. today reported a higher quarterly profit thanks in part to sharply higher earnings at its life insurance subsidiary.
- By: IE Staff
- July 31, 2008 July 31, 2008
- 14:30
IE Staff