(May 18 – 13:50 ET) – Power Financial Corporation reported operating earnings from its subsidiaries and affiliate for the quarter ended March 31, 2000 increased to $153 million from $131 million during the same period in 1999. The increase is due to improvements in the operating earnings of Great-West Lifeco Inc. and Investors Group Inc.
Power Financial’s consolidated net earnings for the quarter were $180 million or 50¢ a share, versus $327 million or 92¢ a share in the same quarter in 1999.
Net income of Great-West Lifeco Inc. for the first quarter was $148 million or 38¢ per share, compared with $128 million or 32¢ a share for the same period last year. Net income of Investors Group Inc. for the first quarter was $54 million or 26¢ a share, compared with $45 million or 22¢ a share a year ago.
Power Financial declared dividends on series A, B, C and D of its first preferred shares. Dividends on common shares jumped to 18¢ a share, up from 16.5¢.