Industrial Alliance reports net income of $105.8 million for Q3

Industrial Alliance Insurance and Financial Services has reported a net income of $105.8 million for the third quarter of the year.

Excluding the gain on the sale of the United States annuity business a year ago, net income increased by 61%, the company reported.

Premiums and deposits amounted to $1.6 billion in the third quarter, which is comparable to the same quarter last year, Industrial Alliance also reported.

“This is clearly one of our best quarters ever and very satisfying on a number of levels,” Yvon Charest, the company’s president and CEO commented in a statement on the earnings.

“Over the past year, we have successfully executed on a number of initiatives to reduce strain on new business and to strengthen our balance sheet, while continuing to grow our business organically and through acquisition. Together with the improvement in the overall macroeconomic environment, we are encouraged by our results this quarter and the year thus far.”

“We are particularly pleased to see the excellent results from Individual Insurance,” René Chabot, senior vice president and appointed actuary added in the statement. Individual Insurance reported an experience gain of $13.6 million.

“Strain on new business came in lower than expected and mortality experience was favourable, which allowed us to exceed our plan for the quarter. Looking forward, we feel confident based on the year to date that we are in line to meet our expectations for 2013.”

For the first nine months of the year, the company has reported a net income of $284.7 million, up from $253 million for the first three quarters of 2012.