Net income up in second quarter for Industrial Alliance

Industrial Alliance Insurance and Financial Services Inc. has reported net income attributed to common shareholders of $113.6 million for the second quarter of the year, up from $73.3 million in the same period last year.

The company’s Dealer Services reported sales of property and casualty products of $46.5 million ( up 23%), while creditor insurance sales of $105.6 million were comparable to the previous year, its statement notes.

The company also reported a solvency ratio of 215% as of June 30, compared with 212% as of March 31.

“Our second quarter profit was strong and had the benefit of a 15 cent tax gain,” René Chabot, Industrial Alliance’s executive vice president and appointed actuary noted in a statement on its earnings.

“The two main drivers were our retail insurance and wealth management businesses,” Chabot said.

“In Individual Insurance, strain on new business and mortality both made a favourable contribution. In addition, the rise in equity markets benefited our retail insurance as well as our wealth management results. Equity markets are an important driver of our fee-earnings assets, up 3% for the quarter and 21% over the last year.”

Industrial Alliance operates throughout Canada and in the United States, offering life and health insurance, mutual and segregated funds, savings and retirement plans, securities, auto and home insurance, mortgage and car loans and other financial products and services for individuals and groups.