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Power Financial Q2 profit takes hit from sale of U.S. insurance business - 660 NEWS

Power Financial Q2 profit takes hit from sale of U.S. insurance business MONTREAL — Power Financial Corp. says its net earnings decreased 33 per cent in the second quarter on lower revenues and a substantial charge resulting from the sale of its U.S. individual life insurance and annuity business. The Montreal-based company says it earned $443 million or 66 cents per share, down from $658 million or 92 cents per share a year earlier. The result included a $146-million charge, 92 per cent of which related to the June sale by Great-West Life and Annuity to Protective Life Insurance Company of the U.S. operations for $1.6 million. Excluding the one-time items, adjusted earnings were down 10.5...

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