March 10, 2011 / 4:08 PM / in 7 years

UPDATE 2-Power Financial up on mutual funds, insurance

* Adj Q4 EPS C$0.60 vs est C$0.61

* Stronger mutual funds, insurance profits

* Part of Desmarais family empire (Adds details)

TORONTO, March 10 (Reuters) - Power Financial Corp (PWF.TO) said on Thursday its fourth-quarter profit rose 30.3 percent, due to stronger profits at its insurance and mutual fund subsidiaries.

The company, a unit of Power Corp POW.TO, earned a net C$443 million ($454 million), or 59 Canadian cents a share, in the quarter ended Dec. 31. That was up from a year-before profit of C$340 million, or 45 Canadian cents a share.

Excluding items, Power Financial earned 60 Canadian cents a share. Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 61 Canadian cents a share.

Power Financial, part of the Montreal-based Desmarais family empire, owns majority stakes in insurer Great-West Lifeco (GWO.TO) and mutual fund company IGM Financial (IGM.TO).

Its shares were down 25 Canadian cents at C$30.76 on the Toronto Stock Exchange amid a broad decline.

$1=$0.97 Canadian Reporting by Cameron French; editing by Peter Galloway

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