Power Financial Corp. said Friday its third-quarter profit rose 3.4%, as stronger performances at its Canadian insurance and mutual fund subsidiaries were pinched by a one-time charge.

Net income for the three months ended September 30 was $390 million, or 53¢ a share, up from $377 million, or 52¢ a share, in the year-earlier period.

Earnings were trimmed by a $22 million charge stemming from hurricane-related reinsurance claim provisions at Power’s Great-West Lifeco insurance subsidiary.

Stripping out that charge and one other small item, operating earnings were $414 million, or 57¢ per share.

Revenue rose 5% to $5.7 billion, driven by a 9% profit increase at Great-West and a 15% improvement at mutual fund unit IGM Financial.

The financial services holding company also raised its quarterly dividend 7% to 23.25¢ per share.