Power Financial Corp. today reported that earnings doubled in the third quarter ended Sept. 30, 2006, due to a one time $356 million gain from selling an indirect stake in German media group Bertelsmann AG, and to higher profits at its insurance and mutual fund units.

The financial holding company reported net income of $795 million, or $1.10 a share, compared with $390 million, or 54¢ a share, in the same period last year.

Operating earnings were $439 million, or 60¢ a share, compared with $414 million, or 57¢ per share, it said.

Power Financial said operating earnings excluded $351 million, or 50¢ a share, primarily reflecting its share of the gain on the sale of a 25.1% interest in Bertelsmann earlier this year.

The company also raised its quarterly common-share dividend to 26.75¢ from 25¢.

Power Financial, a unit of Power Corp. of Canada, controls insurance company Great-West Lifeco Inc. and fund manager IGM Financial Inc, both of which reported third-quarter results last week.