Power Financial Corp. is reporting higher profit for the third-quarter ended September 30, helped by increased profit from its insurance and mutual fund subsidiaries.

The holding company said net earnings were $210 million, or 56¢ per diluted share, in the third quarter, compared with $206 million, or 56¢ per diluted share, in the year-earlier period. This represents a 15.5% increase on a per share basis.

Insurance subsidiary Great-West Lifeco Inc. generated the bulk of the profit as its contribution to consolidated net earnings grew to $186 million from $96 million.

Mutual fund unit Investors Group contributed $73 million, up from $52 million in the year-earlier period.

Power Financial said it was increasing its quarterly dividend by 2¢ to 28¢.