General insurance premiums up 2.6% for Industrial Alliance

Industrial Alliance Insurance and Financial Services Inc. of Quebec City released Thursday its financial results for the second quarter, reporting a 2.6% increase, year-to-year, in premiums from general insurance and a 21% increase in net earnings.

In general insurance, Industrial Alliance reported net premiums, premium equivalents and deposits of $73.1 million in Q2 2015, up 2.6% from $70.5 million during the same period in 2014. 

For the first six months of the year, the company reported net premiums, premium equivalents and deposits, in general insurance, of $147.6 million, up 8.2% from $139.4 million in the first six months of 2014.

Industrial Alliance provides general insurance both through its dealer services division and through its Industrial Alliance Auto and Home Insurance Inc. subsidiary. In auto insurance, Industrial Alliance offers Mobiliz, a telematics-based product aimed primarily at drivers 24 and under in Quebec.

Company-wide, Industrial Alliance reported net premiums (including life and health) were $1.492 billion in Q2 2015, up 18% from $1.259 billion in Q2 2014. For the first six months of the year, net premiums increased 9%, from $2.724 billion in 2014 to $2.968 billion this year.

Of the net premiums in the latest quarter, $389 million was from individual insurance and $313 million was from group insurance.

Net income attributable to shareholders was $146.1 million in the latest quarter, up 21% from $120.7 million in the second quarter of 2014. For the first six months of the year, net income increased 24%, from $210.7 million in 2014 to $260.5 million this year.