Power Financial Corp. is reporting increased profit for the fourth quarter ended Dec. 31, 2002, despite a slight decrease in total revenues.

The financial services holding company said profits were $244 million, or 66¢ a share on a diluted basis, compared with $179 million, or 48¢, in the year-before period.

Revenues fell to $4.7 billion from $4.8 billion

Operating earnings for the year ended Dec. 31, 2002 were $1,074 million or $2.97 per share, compared with $906 million or $2.53 per share for the same period in 2001.

Net earnings including other items, for 2002, were $988 million or $2.72 per share. For 2001, net earnings included goodwill amortization of $107 million and Power Financial’s share of specific charges recorded by a subsidiary of $189 million, and amounted to $879 million or $2.44 per share.

Great-West Lifeco reported net income attributable to common shareholders of $931 million or $2.53 per common share for the 12 months ended Dec. 31, 2002, compared with $1.39 per common share reported a year ago.

Investors Group reported net income attributable to common shareholders of $491 million in 2002, compared with $388 million in 2001.

The firm declared a quarterly dividend of 28¢ per share on its common shares.