Industrial Alliance reports 2007 Q1 profit increase of 20%

Industrial Alliance Insurance and Financial Services Inc. has reported an increase in net income of 20% for 2007 Q1, rising above its 2006 Q1 profit of Cdn$57.9 million.
The company notes the increase is mainly attributed to an increase in growth over the first quarter, a decrease in tax charges due to a change in corporate tax rates and a strong focus on new business in the individual insurance sector.
The year is starting off on the right foot, Industrial Alliance president and CEO Yvon Charest noted in a press release.
While all sectors added to the companys increase in income, the company attributes part of the increase in income to two major factors:
a decrease of Cdn$7.6 million in the new business strain in the individual sector, which was mainly the result of price adjustments made in 2006 in the individual life insurance product line and lower individual life insurance sales.
the changes in the corporate tax rate, which led to a decreased tax charge for the company.
The value of new business increased to Cdn$34.9 million an increase of Cdn$6 million from 2006 Q1.