Power Financial says second-quarter results increase to $475 million

WINNIPEG – Power Financial Corp. (TSX:PWF) says its second-quarter net earnings increased by nearly 11 per cent to $475 million.

The international management and holding company and parent of Great-West Lifeco. (TSX:GWO) and IGM Financial (TSX:IGM), said Friday that’s equal to 67 cents per share, from $429 million or 61 cents per share a year earlier.

Operating earnings rose to $464 million, or 65 cents per share, from $444 million or 63 cents per share.

In addition to its holdings in Great-West and IGM — two of Canada’s largest non-bank financial services companies — Power Financial also has a 50 per cent increase in Parjointco N.V., which in turn has about a 55.6 per cent equity interest in Pargesa Holding SA.