Diversified management and holding company Power Financial Corp. saw its operating earnings for the year ended Dec. 31, 2005 increase to $1.694 million, or $2.33 per share, from $1,538 million, or $2.11 per share in 2004 — an increase of 10.1% on a per-share basis.

Growth in operating earnings reflects a substantial increase in the contribution from Power Financial’s subsidiaries and affiliates, which include Great-West Lifeco Inc., London Life Co., Canada Life Assurance Co., IGM Financial Inc., Investors Group Inc. and Mackenzie Financial Corp.

Other income was a charge of $2 million in 2005, compared with a gain of $5 million in the preceding year. Results for 2005 also include Power Financial’s share, in the amount of $31 million, of a specific charge recorded by Lifeco.

Net earnings, after taking into account other income and the share of the specific charge recorded by Lifeco, were $1.661 million in 2005, compared with $1.543 million the previous year.

Power Financial’s operating earnings for the fourth quarter of fiscal 2005, ended Dec. 31, were $450 million, or 61¢ per share, compared with $406 million, or 56¢ per share, in 2004, for an increase of 10.1% on a per-share basis.

In the fourth quarter, Power Financial’s share of a specific charge recorded by Lifeco was $9 million or $0.01 per share. Other income in the fourth quarter of 2004 was a charge $6 million or $0.01 per share.

Net earnings for the fourth quarter of 2005 were $441 million or $0.60 per share, compared with $400 million or $0.55 per share for the same period in 2004.