Source: The Canadian Press

Insurance and mutual funds giant Power Financial Corp. (TSX:PWF) reported Friday a second-quarter profit of $429 million, down 5% from a year earlier.

Power Financial’s earnings amounted to 57 cents per share, compared with $452 million or 61 per share in the same period of 2009.

Revenue declines to $7.96 billion from $9.78 billion.

The company, a Montreal-based holding company that owns major stakes in Great West Lifeco (TSX:GWO), Investors Group and other major companies, maintained its quarterly dividend maintained at 35 cents per share.

Great West contributed $297 million to Power’s operating earnings during the second quarter, compared with $284 million in 2009. The IGM Financial Inc. (TSX:IGM) subsidiary contributed $101 million, up from $85 million in 2009 and Power’s interest in Parjointco NV — a Dutch holding company — produced $57 million in earnings, down from $88 million in 2009.

The company’s earnings for the first half of the year grew to $818 million, $1.09 per share, from $647 million, 86 cents per share in the comparable period a year before.

Shares in Power Financial were up 10 cents at $28.40 in midday trading on the Toronto Stock Exchange.