Strong growth from its mutual fund and insurance units helped Power Financial Corp. post a 34% increase in earnings in the second quarter.

The company said net earnings were $434 million ($1.18 per share) for the quarter ended June 30 vs $325 million (88¢) in 2003, an increase of 34.1% on a per-share basis.

Revenues jumped 44% to $6.4 billion for the quarter.

For the six months, net earnings were up 34% to $773 million ($2.10) from $578 million ($1.56) a year earlier, while revenue was $12.2 billion, up from $9.2 billion.

Great-West Lifeco Inc. and IGM Financial Inc. are part of the Power Financial family and their strong performances this year have helped boost Power’s bottom line.