This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Industrial Alliance Insurance earns $63-million in Q3 2009-11-04 10:57 ET - News Release
Mr. Yvon Charest reports INDUSTRIAL ALLIANCE ANNOUNCES A 17% INCREASE IN NET INCOME TO COMMON SHAREHOLDERS IN THE THIRD QUARTER OF 2009 Industrial Alliance Insurance and Financial Services Inc. ended the third quarter of 2009 with net income to common shareholders of $60.1-million, a 17-per-cent increase compared with the same period in 2008. This result translates into diluted earnings per common share of 74 cents (63 cents in the third quarter of 2008) and a 13.7-per-cent return on equity to common shareholders on an annualized basis (11.5 per cent in the third quarter of 2008). This return is in the upper end of the 12-per-cent-to-14-per-cent range targeted by the company for 2009.
Profitability for the quarter was stimulated by the stock market upswing, which improved the profit by $6.5-million after taxes (eight cents per common share) compared with the expected result and by a $1.1-million gain after taxes (one cent per common share) resulting from the favourable evolution of the difference between the market value of the debt instruments and that of the underlying assets. The profit was also affected by a $1.2-million after-tax shortfall (one cent per common share) resulting from lower sales in the creditor insurance sector. The company did not post any credit losses during the quarter and did not have to strengthen its provisions for future policy benefits, thanks to prudent risk management. The remainder is available to Stockwatch subscribers.
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