Power Financial Corporation’s operating earnings, before amortization of goodwill and other items of a non-recurring nature, were $906 million in 2001. That’s or $2.53 per share. That compares with 2000 results of $789 million or $2.18 per share. The 2001 results represents an increase of 16.1 per cent on a per share basis.

Goodwill amortization, which primarily consists of Power Financial’s share of goodwill amortization recorded by its subsidiaries, was $107 million or $0.31 per share in 2001, compared with $63 million or $0.18 per share in 2000. This increase results from goodwill recorded by Investors Group Inc. on the acquisition of Mackenzie Financial Corporation during the second quarter of the year.

As previously reported, Power Financial’s share of specific charges recorded in 2001 by Great-West Lifeco Inc., relating to Alta Health & Life Insurance Company and to a claims provision resulting from the events of September 11, 2001, amounted to $189 million or $0.55 per share.

Net earnings, including amortization of goodwill and other items of a non-recurring nature, were $879 million or $2.44 per share in 2001 as against $786 million or $2.18 per share in 2000.

For the three months ended December 31, 2001, Power Financial’s operating earnings, before goodwill amortization and other income, were $212 million, compared with $207 million in 2000. An increase in the share of operating earnings from subsidiaries, Lifeco and Investors Group, has been partly offset by a decrease in the share of earnings from the European affiliate and by lower results from corporate activities.

Great-West Lifeco reported net income attributable to common shareholders on an adjusted basis of $753 million for the twelve months ended December 31, 2001, an increase per share of 18% over 2000.

Investors Group reported net income attributable to common shareholders of $388 million, representing an increase per share of 16%, prior to goodwill amortization and a restructuring charge related to the acquisition of Mackenzie Financial Corporation, compared with $284 million in 2000.