Power Financial Corp. is reporting improved operating earnings for the six months ended June 30.

Operating earnings before goodwill, special charges and other income were $451 million or $1.25 per share, compared with $376 million or $1.04 per share during the same period in 2000, for an increase of 20% on a per share basis.

Goodwill amortization expense, which includes Power Financial’s share of goodwill amortization recorded by its subsidiaries was $39 million in 2001, as compared with $26 million in 2000. The increase in goodwill amortization expense results from goodwill recorded by Investors Group Inc. on the acquisition of Mackenzie Financial Corp.

Power Financial’s share of special charges recorded by Great-West Lifeco related to Alta Health & Life Insurance Company (a subsidiary of Great-West Life & Annuity Insurance Company of Denver, Colorado) totalled $131 million or 38¢ per share.

Including goodwill, the special charges and other income of a non recurring nature, the company’s consolidated net earnings for the six- month period ended June 30, were $495 million or $1.38 per share, compared with $379 million or $1.05 per share in 2000.

Great-West Lifeco Inc. reported total net income attributable to common shareholders, including the Alta-related charges, of $202 million or 54.3¢ per share, compared with $305 million or 81.4¢ per share in 2000.

Investors Group Inc. reported net income after goodwill and the restructuring charge of $90 million or 39¢ per share as against $128 million or 60.7¢ per share in 2000.