Power Financial Corp. today announced its fourth-quarter profit rose 27%, due to lower taxes paid and a stronger contribution from its insurance and mutual fund subsidiaries.

The financial services holding company earned $404 million, or 55¢ a share, in the quarter ended December 31, up from $318 million, or 43¢ per share, in the year-earlier period.

Helping earnings were a 15% jump in earnings at its Great-West Lifeco insurance unit, while its mutual fund arm, IGM Financial Inc., boasted a 6% profit increase.

Revenue for Power Financial rose 1.3% to $6.3 billion.

The company’s shares closed up 21¢, or 0.65%, at $32.41 on the Toronto Stock Exchange.