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Power Financial profit rises on insurance gain
March 14, 2012 / 2:57 PM / 6 years ago

Power Financial profit rises on insurance gain

TORONTO, March 14 (Reuters) - Power Financial’s quarterly profit rose 37 percent, helped by the release of a litigation provision at its Great-West Lifeco insurance subsidiary, the company said on Wednesday.

Power Financial, a unit of Canadian conglomerate Power Corp , earned C$533 million ($538 million), or 75 Canadian cents a share, in the fourth quarter, up from C$389 million, or 55 Canadian cents a share, in the year-before period.

Excluding items, operating profit was 60 Canadian cents a share. Analysts had expected, on average, a profit of 59 Canadian cents per share, according to Thomson Reuters I/B/E/S.

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