Insurance Business Company that claims to have “reshaped” insurance industry looks abroad for acquisitions

Company that claims to have “reshaped” insurance industry looks abroad for acquisitions Power Financial has revealed its intent to expand its business through acquisitions, especially by purchasing assets outside the Canadian market in areas where it already has significant share.

Jeffrey Orr, CEO of Power Financial, said that the company’s overseas businesses, like US-based global asset manager Putnam Investments, could use more assets. He also said that the company has its “eyes wide open” to opportunities in all of its businesses throughout the world.

The Canadian Press reported that Orr shared his comments about the foreseeable future of Power Financial during a media briefing at the company annual meeting.

Despite headwinds in the insurance and asset management spaces, Orr remains optimistic about Power Financial’s growth prospects.

“We may be entering a post-crisis phase where interest rates start to come up and where the value of active management is more highly rewarded,” he said. “It’s still too early to make that call, but we’ve certainly seen evidence of that over the past 12 months.”

The company also revealed its results for the first quarter during the meeting, reporting net earnings of $484 million (68 cents per share) for Q1 2017, up from $259 million (36 cents per share) for the same period last year.

Power Financial’s shares were down 1.6% at $33.00 on the Toronto stock exchange, The Canadian Press noted.

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