Profit Up, Revenue Down for Industrial Alliance
First-quarter profit rose 6.6 percent at Industrial Alliance Insurance and Financial Services Inc as lower expenses and tax gains made up for a drop in premiums and deposits, according to the insurer.
Industrial Alliance, which sells life insurance and manages mutual funds, said net income available to common shareholders was C$61.7 million, or 76 Canadian cents a share, in the three months ended March 31. That compared with C$57.9 million, or 72 Canadian cents a share, in the same 2007 period.
Adjusted earnings per share were 78 Canadian cents, just shy of the 79 Canadian cents expected by analysts.
"Overall, a reasonable quarter in the context of the operating environment," said BMO Capital Markets analyst John Reucassel, who noted that good results in individual insurance were offset by weaker results in wealth management.
Published on May 8, 2008
Are you a retail Agent Looking for a Quote?