The Montreal-based holding company said its earnings attributable to shareholders were $2.92 billion for the year, up from $1.99 billion in 2020, while adjusted earnings rose 55 percent to $4.77 per diluted share.

During the three months ended December 31, Power Corp. Earnings of 626 million, or 93 cents per share, compared to 623 million, or 92 cents per share, in the year-ago quarter.

Adjusted earnings for the quarter were 676 million, or $1 per share, in line with analyst expectations and up from 627 million, or 93 cents per share, in the fourth quarter of 2020.

The company says it achieved targeted cost reductions of 50 million after the reorganization completed in February 2020 in which it acquired minority stakes in Power Financial.

energy company. He has full control of Power Financial and therefore majority interests in Great-West Lifeco, IGM Financial and Wealthsimple Financial Corp. , plus a minority stake in Pargesa Holding.