Power Financial Corp. is reporting a 30% increase in profit for the fourth quarter ended Dec. 31.

The financial services holding company said it earned $318 million, or 85¢ a diluted share, in the quarter, compared with $244 million, or 66¢ a share, a year ago.

The company said operating earnings were $337 million in the quarter, or 96¢, compared with $255 million, or 74¢ per share for the same period in 2002.

Revenues were $6.2 billion, up from $4.7 billion.

The bulk of Power Financial’s profit came from Great-West, which lifted consolidated net income by $249, up from $182 million in the year ago quarter.

Great-West became the largest insurer in Canada last year when it closed a friendly takeover of Canada Life Financial Corp. The deal started contributing to Great-West’s results in the third quarter.

Profit at Investors Group, Canada’s largest mutual fund company and also part of Power Financial, added $81 million, up from $70 million a year ago.