August 3, 2012 / 3:03 PM / 5 years ago

Power Financial profit drops in line with expectations

Aug 3 (Reuters) - Canadian financial services company Power Financial said on Friday profit fell in the second quarter, in line with expectations, as mutual fund sales at its IGM Financial unit slumped but life insurance remained steady.

The Montreal-based company said it had operating earnings of C$448 million, or 63 Canadian cents a share, down from C$507 million, or 72 Canadian cents a share, in the same quarter a year earlier.

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