Power Corporation of Canada posted record net earnings of $974 million for the second quarter of 2026. The financial results, released following the period ending June 30, 2026, highlight significant growth across its diverse holdings, including IGM Financial and Great-West Lifeco.

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A $974 million leap in quarterly net earnings

Power Corporation of Canada achieved a significant financial milestone this quarter, with net earnings reaching $974 million, or $1.55 per share. This represents a notable increase from the $883 million,or $1.38 per share, reported during the same period in 2025, as reported by the Corporation. Such growth reflects a broader trend of large financial conglomerates leveraging diversified asset management to combat market volatility and drive value through multiple sectors.

The company's net asset value (NAV) rose by 31.7% to $112.94 per share, while the adjusted net asset value saw a more modest increase of 3.9% to $37.74 per share. These gains were largely fueled by the performance of publicly traded operating companies and a strategic focus on portfolio simplification and alternative asset platforms.

IGM Financial's $343.3 billion asset milestone

IGM Financial, a major subsidiary of Power Corporation, reached a significant scale by June 30, 2026, with assets under administration climbing to $343.3 billion. This figure marks a 20.9% surge year-over-year, demonstrating the company's aggressive expansion in the wealth and asset management space.. The surge in IGM Financial's assets mirrors a wider industry shift toward consolidated, high-scale wealth management platforms that can capture increasing retail and institutional interest.

The corporation's interest in the fintech sector also provided a boost, as the value of its stake in Wealthsimple—held jointly with IGM Financial and Portage Ventures I—increased by 15% to reach $4.7 billion. this indicates that Power Corporation is successfully bridging the gap between traditional wealth management and modern digital platforms .

Empower's US$340 million bet on Milliman, Inc.

Empower, a key segment under Great-West Lifeco, has significantly expanded its footprint in the United States through strategic acquisitions. Most notably, Empower acquired Milliman, Inc.'s retirement plan and benefits administration business for US$340 million. This acquisition bolsters the company's Workplace Solutions platform by adding approximately US$130 billion in client assets and 1.5 million plan participants.

Great-West Lifeco's overall performance remained strong, reporting a 19.3% return on assets and a 17.2% return on equity. These figures surpassed the company's medium-term adjusted return on equity (ROE) objectives for the second consecutive quarter, supported by disciplined capital deployment and effective share buybacks.

The mystery behind GBL's €13.1 billion portfolio dip

While much of the report highlights growth, the European arm of the corporation, GBL, showed a slight contraction in its total portfolio value. At June 30, 2026, GBL's portfolio stood at €13.1 billion, a decrease from the €14.0 billion reported at the end of 2025. This contraction occurred despite GBL announcing €2.3 billion worth of investtments throughout 2026, including a voluntary tender offer for Recordati S.p.A. alongside CVC Capital Partners.

The report leaves several questions unanswered regarding this shift in GBL's total value. Specifically, it remains unclear whether the €900 million decline was the result of:

  • Strategic divestments of older holdings to make room for new investments like BUKO Group and Rayner.
  • Market-driven fluctuations in the valuation of existing European assets.
  • The specific timing of the €2.3 billion investment cycle relative to the June 30 reporting date.