The wealthy Desmarais family’s Montreal-based holding company reported $408 million in earnings in the fourth quarter, down from $933 million a year earlier. The company announced a nine per cent dividend increase to 66.75 cents per participating share. (The Logic)

Talking point: Losses from some of Power’s more market-sensitive holdings drove the drop in profit. They include its stake in Belgian holding company Groupe Bruxelles Lambert, which swung to a loss due to write-downs and asset sales, and Power’s alternative investment platforms, which also reported negative results. By contrast, its core businesses—insurance and wealth management, including Great-West Lifeco and IGM Financial—remained stable and continued to generate steady earnings. The company, meanwhile, logged a $51-million accounting charge tied to the rising value of its Wealthsimple stake, which jumped from $2.1 billion to $3.8 billion year-over-year.