The Canadian Press

Power Financial Corp., whose subsidiaries include Great-West Lifeco Inc. (TSX:GWO) and IGM Financial Inc. (TSX:IGM), reported a big improvement in fourth-quarter earnings Thursday despite an overall decline in revenue.

The Montreal-based holding company said net profits were $340 million or 45 cents a share for the three months ended Dec. 31. That compared with a net loss of $773 million or $1.12 per share for the same period in 2008.

Revenues for the quarter were $6.5 billion, including some $4.3 billion in premium income, $1.4 billion in investment income and $800 million in fee income, offset by a decline of $556 million in trading assets.

That compared with $7.1 billion in revenue in the 2008 quarter, when premium income was $4.8 billion, investment income $1.5 billion and fee income $1.1 billion, offset by a loss of $368 million in trading assets.

Power Financial (TSX:FWP), a subsidiary of Power Corp. of Canada (TSX:POW), said net income for the full year was $1.4 billion or $1.91 a basic and diluted share, up from $1.3 billion or $1.78 in 2008.

Power Financial shares were up three cents at $32.27 in morning trading Thursday on the Toronto Stock Exchange.