TORONTO (Reuters) - Canada's Power Financial Corp said on Wednesday profit fell in the fourth quarter as earnings at its IGM Financial (>> IGM Financial Inc.) mutual funds unit dipped and operating earnings at its Great-West Lifeco (>> Great-West Lifeco Inc.) insurance unit were little changed.

The Montreal-based company said it had operating earnings of C$406 million ($396 million), or 57 Canadian cents a share, down from C$422 million, or 60 Canadian cents, in the same quarter a year earlier.

(This story was fixed to correct year-earlier adjusted earnings per share in second paragraph, and add "operating earnings" in lead for Great-West)

(Reporting by Andrea Hopkins; Editing by Frank McGurty and Bob Burgdorfer)