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Power Corp. of Canada says its second quarter earnings came in at $994 million or $1.47 per share, compared with $666 million or 99 cents per share last year.聽

The Montreal-based holding company says adjusted net earnings were $1.02 billion or $1.51 per share for the quarter ending June 30, compared with $533 million or 79 cents per share last year.聽

Power Corp. says its net asset value per share increased 12.3 per cent to $51.60 as of June 30, compared with $45.94 at the end of March.

Great-West Lifeco Inc., which Power owns 66.7 per cent of, had net earnings of $784 million or 84 cents per share, down from $863 million or 93 cents per share last year.聽

In July, Lifeco's U.S. subsidiary said it was buying Prudential Financial's retirement business for roughly $4.45 billion, while Lifeco subsidiary Irish Life Group Ltd. said it was buying Ark Life Assurance Co for 230 million euros, and Canada Life Assurance Company said it was buying claims management firm ClaimSecure Inc. for an unspecified amount.

Power holds full control of Power Financial, through which it holds majority stakes in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp., and a minority stake in GBL Investment Holding.聽

This report by The Canadian Press was first published Aug. 6, 2021.

Companies in this story: (TSX:POW)

The Canadian Press