Financial services holding company ower Financial Corp. is reporting higher profit for the third quarter ended September 30.

The company says higher earnings from its Great-West Lifeco Inc.unit and a huge gain on dilution following Great-West’s acquisition of insurer Canada Life helped to boost its profit.

Power Financial says profit for the quarter was $1.1 billion, or $3.19 a share, compared with $210 million, or 57¢ share, in the year-earlier period.

Earnings for the latest quarter included one-time gains of $808 million, coming mainly from a dilution gain following Great-West’s $7.3 billion takeover of Canada Life earlier this year.

The company says Great-West increased its contribution to Power Financial profits to $228 million from $186 million.

The share of profit from mutual fund firm Investors Group rose to $89 million from $73 million.

The company also announced that it is increasing its dividend to 32.5¢ a share from 30¢ a share.

http://www.newswire.ca/en/releases/archive/November2003/26/c6671.html