Industrial Alliance Q2 grows 10% in profitability

Industrial-Alliance Insurance and Financial Services Inc. today reported its second-quarter profit rose 10%.Industrial Alliance Insurance and Financial Services, based in Quebec, has boosted profits by 10% as it experienced Q2 higher premium incomes. Net income was $44.5 million or $0.56 per share, diluted, compared with $40.4 million or $0.51 per share a year ago. Increased business is based on strong performance by the individual wealth management sector. The second quarter follows a strong first quarter with premiums and deposits totaling $837.4 million, up 27% from the second quarter of 2004. General fund, segregated fund and mutual fund sales rose 52% compared to the second quarter of last year.Return on equity on an annualized quarterly basis was 14%, compared with 14.2% last year.