Home Breadcrumb caret Industry News Breadcrumb caret Industry Q4 profit down for Power Financial Net earnings and AUM both increased for IGM Financial By Maddie Johnson | March 18, 2020 | Last updated on March 18, 2020 1 min read Power Financial Corp. saw a decline in Q4 net earnings, the Montreal-based corporation reported on Wednesday. Net earnings fell to $401 million or 60¢ a share, down from $478 million or 67¢ per share in Q4 2018. On the year, net earnings were $1.9 billion, down from $2.2 billion in 2018. Great-West Lifeco’s (GWL) Q4 net earnings fell to $513 million or 55¢ per share, down from $710 million or 72¢ per share a year earlier. (GWL sold its U.S. individual life insurance and annuity business in the second quarter of 2019, which contributed $36 million to GWL’s fourth quarter earnings in 2018.) GWL reported $1.6 trillion in consolidated assets under administration, a 16% increase from the year prior. IGM Financial Inc. (IGM) reported net earnings of $192 million or or 80¢ per share, up from $180 million or 75¢ per share in 2018. For the period ending Dec. 31, 2019, IGM held $166.8 billion in assets under management, up 2.6% from the previous quarter and 11.9% year-over-year. Power Financial holds majority stakes in GWL, IGM and Wealthsimple Financial Corp., as well as a minority stake in Pargesa Holding. Maddie Johnson Maddie is a freelance writer and editor who has been reporting for Advisor.ca since 2019. Save Stroke 1 Print Group 8 Share LI logo