Power Financial Corp. today reported an 18% rise in first-quarter earnings on due mainly to stronger results from its insurance business.

The financial services holding company reported net income of $482 million, or 65¢ a diluted share, for the three months ended March 31. That compared with $408 million, or 55¢ a share, in the same period the year before.

The company raised its quarterly dividend by 8.4% to 29¢ a share.

Power Financial controls insurance company, Great-West Lifeco Inc., and mutual fund manager, IGM Financial Inc.

Revenue for the quarter rose 29% to $8.1 billion, due largely to a 51% rise in premiums earned.

Great-West’s earnings rose 21% during the quarter, while IGM’s profit climbed 14%.