The Canada Pension Plan Investment Board says it earned a return of 3.1 per cent after expenses during the financial year ended March 31.
Net assets for the Toronto-based fund manager totalled $409.6 billion, up from $392.0 billion at the end of the previous financial year.
The $17.6-billion year-over-year increase included $12.1 billion in net income from investments, after all CPPIB costs.
CPPIB is an independent fund manager for the national pension system.
It invests excess contributions from employers and employees in most parts of Canada except for Quebec, which has its own provincial plan.
Its base account had $407.3 billion in net assets as of March 31, up from $391.6 billion a year earlier, and a new account for extended CPP benefits had $2.3 billion in assets, up from $400 million at the end of March 2019.
This report by The Canadian Press was first published May 26, 2020.