Industrial Alliance Reports its 2011 Financial Results - Robust Results Dampened by Low Interest Rates

QUEBEC CITY, Feb. 17, 2012 /CNW Telbec/ - Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) announces its results for the fourth quarter and year ended December 31, 2011. All results are reported in accordance with International Financial Reporting Standards (IFRS). A detailed discussion of the fourth quarter and year-end results is available at www.inalco.com under Investor Relations / Financial Reports.

2011 Highlights and Reserve Strengthening

  • Net income to common shareholders of $103.3 million ($1.18 per share, diluted)
  • Reserves strengthened by $152.3 million after tax ($1.68 per share)
  • Premiums and deposits of $7.0 billion (up 4% year over year)
  • Assets under management and administration of $73.4 billion (up 6% year over year)
  • Solvency ratio of 189%, including subordinated debt of $250 million issued in fourth quarter

"Our year-end results reflect the extremely challenging environment in 2011, both for equity markets and especially long-term interest rates," commented Yvon Charest, President and Chief Executive Officer. "As we indicated to investors at the end of the third quarter and following our year-end review, we updated our actuarial assumptions to reflect interest rates at our valuation date on December 31, 2011.  We strengthened our reserves to recognize the drop in interest rates in 2011 and, as it has been our practice over the last six years, took an additional step to stay ahead of the curve for long-term rates.  Despite the impact of these changes on our earnings, we still finished the year with positive results which speaks to the strength of our operations.  In fact, excluding the reserve strengthening, our earnings compare favourably with those of last year, which was our best year on record."

 
Highlights
  Fourth quarter Year ended December 31
(In millions of dollars, unless otherwise indicated) 2011
IFRS
2010
IFRS
Variation 2011
IFRS
2010
IFRS
Variation
Net income to common shareholders (81.2) 74.1 (155.3) 103.3 253.4 (150.1)
Earnings per common share (diluted and adjusted)1,2 ($0.90) $0.87 ($1.77) $1.19 $3.01 ($1.82)
Earnings per common share (diluted)2 ($0.90) $0.84 ($1.74) $1.18 $2.93 ($1.75)
Return on common shareholders' equity
(annualized)
(13.8%) 13.1% -- 4.7%3 12.8%3 --
Premiums and deposits 1,747.7 1,821.0 (4%) 7,008.5 6,751.2 4%
Effective tax rate (%) 41.7% 14.8% -- 4.6% 23.5% --
Earnings adjusted for reserve strengthening 2011
NON-IFRS
2010
NON-IFRS
Variation 2011
NON-IFRS
2010
NON-IFRS
Variation
Net income to common shareholders 71.1 82.5 (11.4) 255.6 261.8 (6.2)
Earnings per common share (diluted and adjusted)1,2 $0.78 $0.97 ($0.19) $2.95 $3.11 ($0.16)
Earnings per common share (diluted)2 $0.78 $0.94 ($0.16) $2.83 $3.03 ($0.20)
Return on common shareholders' equity (annualized) 11.7% 14.7% -- 11.3%3 13.2%3 --
  December 31, 2011
IFRS
September 30, 2011
IFRS
December 31, 2010
IFRS
Solvency ratio 189% 197% 202%
Book value per share $25.54 $26.74 $24.75
Assets under management and administration 73,350.7 70,393.4 68,908.7

1 Adjusted for innovative Tier 1 debt instruments (IATS).
2 Per-share results reflect issue of 6,000,000 common shares on September 15, 2011.
3 Trailing 12 months.

"As for our topline, we are pleased to note year-over-year growth in virtually all our business lines including Individual Insurance, Employee Plans, Creditor Insurance, Group Savings and Retirement and our general insurance operations. Sales of Individual Wealth Management products slowed as a result of the pullback in equity markets during 2011 but continued to compare satisfactorily with our record year in 2010. As for our balance sheet, it continues to be solid. We added $250 million in subordinated debt to our capital structure in the fourth quarter and ended the year with a solvency ratio of 189% which is in line with our guidance. Our investment portfolio remains of the highest quality and our financial strength was confirmed by all our rating agencies in 2011."

Fourth Quarter Highlights

Year-end review of assumptions - Following the completion of its year-end review, the Company changed certain valuation assumptions used in the calculation of its reserves and strengthened its reserves by $152.3 million after taxes ($1.68 per share), which resulted in a loss of $81.2 million in the fourth quarter.

  • The Company reduced its initial re-investment rate (IRR) to reflect the drop in the long-term Québec bond during  2011.
  • The Company dropped its ultimate re-investment rate (URR) by 30 basis points to 3.4%, which will be the maximum prescribed rate at the end of 2012 if long-term interest rates remain at 2011 year-end levels.
  • As usual, the Company updated its mortality assumption to reflect improvement based on a moving average of mortality experience in its in-force over the last five years. In addition, for the first time this year and in accordance with actuarial standards, the Company elected to include some future mortality improvement in its assumptions for the Individual Insurance sector.
  • The Company implemented investment initiatives totalling more than $1 billion in 2011 to alleviate the impact of low long-term interest rates.  These included further development of its intersegment note program and the execution of other strategies focused on the purchase of longer-duration assets so as to improve overall returns and improve asset-liability matching.

Income taxes - The year-end review of income taxes resulted in a tax reduction of $8.5 million or $0.09 per share attributed mostly to the decrease in the future tax liability and a number of tax recoveries.

Market-related experience - During the fourth quarter, the TSX average finished 16% below budget at 11,944 points, resulting in a negative impact of $0.09 per share mainly in Individual Wealth Management. Of this amount, $0.05 per share is related to lower than expected management fees on assets under management. The remaining $0.04 per share is attributed to the residual inefficiency of the dynamic hedging program for the Company's guaranteed annuity product.  Given the volatility in the fourth quarter, the hedging program achieved an extremely satisfactory result comparable to that of the third quarter.   The negative impact of the equity markets was offset by a gain of $0.06 per share related to the termination of the distribution agreement with the Laurentian Bank in the third quarter of 2011.

Policyholder experience - The Individual Insurance sector generated a gain of $0.03 per share mainly as a result of better than expected mortality experience during the fourth quarter.  Group Insurance (Employee Plans) realized a loss of $0.04 per share resulting principally from a higher number of long-term disability claims.

Other items - Income on capital amounted to $27.2 million pre-tax versus $25.8 million in the third quarter. Investment income reflects a higher contribution from IA Auto and Home, which had an after-tax gain of $4.5 million in the fourth quarter compared with a loss of $0.5 million in the third quarter. The gain on assets available for sale (AFS) amounted to $8.5 million pre-tax in the fourth quarter.

Net income to common shareholders - The Company recorded a net loss to common shareholders of $81.2 million in the fourth quarter of 2011 representing a diluted loss per share of $0.90. This compares with net income of $74.1 million in the fourth quarter of 2010, or diluted earnings per share of $0.84. The per-share results for 2011 reflect the issue of 6,000,000 shares completed on September 15, 2011.

Business growth - Virtually all lines of business contributed a solid performance in the fourth quarter of 2011. While total premiums and deposits decreased in the fourth quarter to $1.7 billion as a result of lower fund entries in Individual Wealth Management, strong results were reported in Individual Insurance (+9%), Group Insurance (+15%), Group Savings and Retirement (+41%) and IA Auto and Home (+17%). For the full year, premiums and deposits increased by 4% to $7.0 billion. At December 31, 2011, assets under management and administration reached a new high of $73.4 billion, up 4% for the quarter and 6% for the year.

In Individual Insurance, total sales increased 11% to $64.2 million in the fourth quarter, reflecting growth in minimum and excess premiums. Growth by American-Amicable was in line with expectations. Full-year sales were up by 12%.

In Group Insurance, Employee Plan sales increased 58% to $20.9 million in the fourth quarter as a result of higher sales in all regions of Canada. Full-year sales increased by 83% to $131.9 million. Creditor Insurance sales grew by 44% to $64.4 million, reflecting the added contribution from VAG acquired in February 2011 as well as strong organic growth in Alberta, Western Canada and the Atlantic provinces. Full-year sales were up by 45% to $265.9 million. Special Markets Group sales of $39.6 million for the fourth quarter and $133.0 million for the full year were comparable to the previous year.

In Group Savings and Retirement, sales increased 39% to $245.2 million in the fourth quarter. Full-year sales of $728.7 million were comparable to the previous year.

In Individual Wealth Management, Industrial Alliance continued to rank number one for net sales of segregated funds in Canada and 11th for mutual fund sales. In spite of the market decline during the year, net sales of investment funds totalled $1.5 billion in 2011 compared with $1.7 billion in 2010 that was a record year.

The value of new business (VNB) was $36.0 million compared with $53.8 million a year ago. The principal factor underlying the change in VNB was the increased cost of the guarantee for the minimum withdrawal benefit product (GMWB) as a result of the drop in long-term interest rates during the fourth quarter.

Solvency - At December 31, 2011, the solvency ratio was 189% compared with 197% at September 30, 2011. During the fourth quarter, the Company completed an issue of $250 million in subordinated debentures that added 17 percentage points to the solvency ratio. This was offset by the decrease in net earnings during the quarter (10 points), higher capital requirements related to the increase in market value of equities and bonds as well as the increase in actuarial reserves (13 points), increased capital requirements for segregated funds (1 point) and the transition to IFRS accounting standards to be completed by December 31, 2012 (1 point).

Quality of investments - At December 31, 2011, our investment portfolio continues to be of the highest quality:

  • impaired loans remained unchanged at 0.06% of total investments versus the previous quarter-end;
  • the delinquency rate of the mortgage loan portfolio decreased to 0.25% from 0.27% at September 30, 2011;
  • the occupancy rate on the real estate portfolio increased to 94.6% from 93.2% at September 30, 2011;
  • the proportion of bonds rated BB and lower in our bond portfolio dropped to 0.12% from 0.14% at September 30, 2011.

Embedded Value - As at December 31, 2011, Industrial Alliance's embedded value was $3.6 billion or $40.23 per common share, a year-over-year increase of 6.7% before the payment of dividends to common shareholders and 4.3% after the payment of these dividends. The embedded value/book value ratio was 1.57x compared with 1.63x as at December 31, 2010.

Recurring items, that is normal growth of the in-force business block and the value of new business, accounted for 10.9% of the increase in embedded value in 2011.  This was offset by a decrease in non-recurring items, including the year-end assumption changes, together with the lower discount rate and the decrease in return on shareholders' equity. (Refer to "Embedded Value" in the Management's Discussion and Analysis for full discussion.)

Dividend - The Board of Directors declared a quarterly dividend of $0.2450 per common share for the quarter ended December 31, 2011.

Updated Sensitivity Analysis - As at December 31, 2011, the Company can absorb a decrease of about 12% in the S&P/TSX index before having to strengthen stocks matching long-term liabilities. This means that the index would have to drop to 10,500 points from its level of 11,955 at the end of the fourth quarter.  (Refer to "Sensitivity Analysis" in the Management's Discussion and Analysis for full disclosure.)

Market Guidance for 2012 - Updated guidance for 2012 is as follows:

  • Return on common shareholders' equity (ROE):  new target range of 9% to 11%.
  • Earnings per common share: new target range of $2.50 to $3.10.
  • Solvency ratio: maintain the 175% to 200% target range
  • Dividend payout ratio: maintain the 25% to 35% medium-term payout range.
  • Effective tax rate: new target range of 22% to 24%.

Guidance for ROE and and earnings per common share exclude any potential reserve strengthening in 2012.

GENERAL INFORMATION

Subordinated Debt Issue
On December 14, 2011, the Company announced the closing of an offering of $250 million principal amount of 4.75% fixed/floating subordinated debentures due December 14, 2021. The Debentures were rated "A" with a stable trend by DBRS and "A" by Standard and Poor's. The proceeds were added to the Company's capital to be used for general corporate purposes, including the funding of potential future acquisitions.

Credit Ratings
On February 3, 2012, A.M. Best confirmed the A (Excellent) rating with a stable outlook that it grants to Industrial Alliance for its financial strength. The Standard & Poor's (S&P) credit rating of A+ (Strong) with a stable outlook and the DBRS credit rating of IC-2  with a stable outlook were both unchanged during the quarter.

Transition to IFRS
The Company adopted Internationational Financial Reporting Standards (IFRS) in the first quarter of 2011. A detailed description of the impact of the transition to IFRS is provided in Note 4 Transition to International Financial Reporting Standards (IFRS) accompanying the audited condensed financial statements for the year ended December 31, 2011.

Internal Control over Financial Reporting
No changes were made in the Company's internal control over financial reporting during the period ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Non-IFRS Financial Information
The Company reports its financial results in accordance with International Financial Reporting Standards(IFRS). It also publishes certain non-IFRS financial measures that do not have an IFRS equivalent, including sales, value of new business, embedded value and solvency ratio, or which have an IFRS equivalent such as data on operating profit and income taxes on earnings presented in the sources of earnings table. The Company also uses non-IFRS adjusted data in relation to net income, earnings per share and return on equity. These non-IFRS financial measures are always accompanied by and reconciled with IFRS financial measures. The Company believes that these non-IFRS financial measures provide investors and analysts with additional information to better understand the Company's financial results as well as assess its growth and earnings potential. Since non-IFRS financial measures do not have a standardized definition, they may differ from the non-IFRS financial measures used by other institutions. The Company strongly encourages investors to review its financial statements and other publicly-filed reports in their entirety and not to rely on any single financial measure.

Conference Call
Management will hold a conference call to present the Company's results on Friday, February 17, 2012 at 2:00 p.m. (ET). To listen in on the conference call, dial 1 888 754-4437 (toll-free). A replay of the conference call will also be available for a one-week period, starting at 4:30 p.m. on Friday, February 17, 2012. To listen to the conference call replay, dial 1 800 558-5253 (toll-free) and enter access code 21558777. A webcast of the conference call (in listen only mode) will also be available on the Industrial Alliance website at www.inalco.com.

Documents Related to the Financial Results
For a detailed discussion of the Company's fourth quarter results, investors are invited to consult the MD&A, financial statements and accompanying notes as well as our supplemental information package, all of which are available on the Industrial Alliance website at www.inalco.com under Investor Relations / Financial Reports and on SEDAR at www.sedar.com.

Forward-looking Statements
This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. Forward-looking statements include, but are not limited to, information concerning the Company's possible or assumed future operating results. These statements are not historical facts; they represent only the Company's expectations, estimates and projections regarding future events.

Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of Industrial Alliance including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by Industrial Alliance; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts of terrorism.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risk Management" section of the Management's Discussion and Analysis and in the "Management of Risks Associated with Financial Instruments" note to Industrial Alliance's consolidated financial statements, and elsewhere in Industrial Alliance's filings with Canadian securities regulators, which are available for review at www.sedar.com.

The forward-looking statements in this news release reflect the Company's expectations as of the date of this document. Industrial Alliance does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial security of over three million Canadians, employs more than 4,100 people and manages and administers more than $73 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.

CONSOLIDATED INCOME STATEMENTS
 
(in millions of dollars, unless otherwise indicated) Quarters ended
December 31
Twelve months ended
December 31
  2011 2010 2011 2010
  $ $ $ $
Revenues        
Gross premiums 1,429 1,431 5,309 5,165
Premiums ceded (81) (92) (317) (383)
Net premiums 1,348 1,339 4,992 4,782
Investment income 775 186 2,251 1,519
Fees and other revenues 193 188 794 704
  2,316 1,713 8,037 7,005
         
Policy benefits and expenses        
Benefits to policyholders and beneficiaries 617 576 2,360 2,195
Ceded benefits (43) (43) (180) (177)
Net benefits to policyholders and beneficiaries 574 533 2,180 2,018
Net transfer to segregated funds 410 543 1,626 1,795
Dividends, experience rating refunds and interest on amounts on deposit 16 10 95 78
Change in provisions for future policy benefits 860 271 2,169 1,474
Change in reinsurance assets 145 (166) 107 (252)
  2,005 1,191 6,177 5,113
Commissions 240 248 947 825
Premium and other taxes 25 16 84 71
General expenses 168 167 663 612
Interest expenses 9 7 32 30
  2,447 1,629 7,903 6,651
         
Income before income taxes (131) 84 134 354
Less: income taxes (68) 5 (7) 77
         
Net income (63) 79 141 277
         
Net income attributed to shareholders (75) 79 127 276
         
Net income attributed to participating policyholders 12 0 14 1
         
Earnings per common share (in Canadian dollars)        
  Basic (0.90) 0.88 1.20 3.04
  Diluted (0.90) 0.84 1.18 2.93
Weighted average number of shares outstanding (in units)        
  Basic    90,240,059    83,726,114   85,885,831   83,126,815
  Diluted 90,542,829 88,883,797 92,533,101 88,339,639
Dividends per common share (in Canadian dollars) 0.245 0.245 0.245 0.245

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
 
(in millions of dollars) As at December 31 As at December 31 As at January 1
  2011 2010 2010
  $ $ $
Assets      
Invested assets      
Bonds 13,677 11,122 9,411
Mortgages 3,251 3,334 3,405
Stocks 2,396 2,186 1,775
Real estate held for investment 789 716 666
Policy loans 521 469 381
Short-term investments 288 122 88
Cash and cash equivalents 308 452 369
Other invested assets 264 292 325
  21,494 18,693 16,420
       
Other assets 955 602 555
Reinsurance assets 465 561 288
Own-use properties 82 82 74
Deferred income tax assets 84 35 15
Intangible assets 463 422 377
Goodwill 163 141 116
Segregated fund assets 13,735 13,572 11,450
Total assets 37,441 34,108 29,295
       
Liabilities      
Insurance contract liabilities      
Provisions for future policy benefits 17,554 15,347 13,300
Provisions for dividends to policyholders and experience rating refunds 35 37 36
Benefits payable and provision for unreported claims 184 160 146
Policyholders' amounts on deposit 251 229 201
  18,024 15,773 13,683
       
Other liabilities 1,254 968 854
Investment contract liabilities 577 535 488
Deferred income tax liabilities 340 364 315
Debentures 748 499 499
Segregated fund liabilities 13,723 13,441 11,332
  34,666 31,580 27,171
       
Equity      
Participating policyholders' account 41 27 26
Share capital 1,286 1,078 871
Contributed surplus - Stock option plan 24 23 22
Retained earnings and accumulated other comprehensive income 1,424 1,400 1,205
  2,775 2,528 2,124
       
Total liabilities and equity 37,441 34,108 29,295

SEGMENTED INCOME STATEMENTS
 
 The following tables provide a summary of the Income Statements by segment:
 
  As at December 31, 2011
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Savings and
Retirement
Other
activities
Total
  $ $ $ $ $ $
Revenues            
Net Premiums 324 436 299 237 52 1 348
Investment income 588 63 27 99 -2 775
Fees and other revenues 10 170 7 12 -6 193
  922 669 333 348 44 2 316
             
Operating expenses            
Cost of commitments to policyholders 896 125 241 310 23 1 595
Net transfer to segregated funds --- 390 --- 20 --- 410
Commissions, general and other expenses 163 147 97 14 12 433
Interest expenses 8 1 --- --- --- 9
  1 067 663 338 344 35 2 447
Income before income taxes (145) 6 (5) 4 9 (131)
Less: income taxes (64) (4) (4) (1) 5 (68)
Net income before allocation of other activities (81) 10 (1) 5 4 (63)
Allocation of other activities 4 --- --- --- (4) ---
             
Net income (77) 10 (1) 5 --- (63)
             
Attributed to shareholders (89) 10 (1) 5 --- (75)
Attributed to participating policyholders 12 --- --- --- --- 12
             
  As at December 31, 2010
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Life and
Health
Other
activities
Total
  $ $ $ $ $ $
Revenues            
Net Premiums 316 576 242 160 45 1 339
Investment income 148 -6 11 32 1 186
Fees and other revenues 5 169 4 10 --- 188
  469 739 257 202 46 1 713
             
Operating expenses            
Cost of commitments to policyholders 255 24 177 166 26 648
Net transfer to segregated funds --- 526 --- 17 --- 543
Commissions, general and other expenses 173 163 69 12 14 431
Interest expenses 3 1 (1) 1 3 7
  431 714 245 196 43 1 629
             
Income before income taxes 38 25 12 6 3 84
Less: income taxes --- 4 1 --- 0 5
Net income before allocation of other activities 38 21 11 6 3 79
Allocation of other activities 2 0 1 --- (3) 0
             
Net income 40 21 12 6 --- 79
             
Attributed to shareholders 40 21 12 6 --- 79
Attributed to participating policyholders --- --- --- --- --- ---
             
  2011
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Savings and
Retirement
Other
activities
Total
  $ $ $ $ $ $
             
Revenues            
Net premiums 1,247 1,766 1,139 637 203 4,992
Investment income 1,539 272 108 325 7 2,251
Fees and other revenues 24 697 25 48 --- 794
  2,810 2,735 1,272 1,010 210 8,037
             
Operating expenses            
Cost of commitments to policyholders 2,218 489 871 860 113 4,551
Net transfer to segregated funds --- 1,550 --- 76 --- 1,626
Commissions, general and other expenses 582 607 370 50 85 1,694
Interest expenses 26 2 2 1 1 32
  2,826 2,648 1,243 987 199 7,903
             
Income before income taxes (16) 87 29 23 11 134
Less: income taxes (38) 16 5 4 6 (7)
Net income before allocation of other activities 22 71 24 19 5 141
Allocation of other activities 5 --- --- --- (5) ---
             
Net income 27 71 24 19 --- 141
             
Attributed to shareholders 14 71 24 18 --- 127
Attributed to participating policyholders 13 --- --- 1 --- 14
             
  2010
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Savings and
Retirement
Other
activities
Total
  $ $ $ $ $ $
             
Revenues            
Net premiums 1,130 1,926 969 602 155 4,782
Investment income 1,068 96 90 256 9 1,519
Fees and other revenues 30 615 18 41 --- 704
  2,228 2,637 1,077 899 164 7,005
             
Operating expenses            
Cost of commitments to policyholders 1,505 318 731 670 94 3,318
Net transfer to segregated funds --- 1,633 --- 162 --- 1,795
Commissions, general and other expenses 544 587 289 41 47 1,508
Interest expenses 16 3 2 2 7 30
  2,065 2,541 1,022 875 148 6,651
             
Income before income taxes 163 96 55 24 16 354
Less: income taxes 32 23 12 5 5 77
Net income before allocation of other activities 131 73 43 19 11 277
Allocation of other activities 9 --- 1 1 (11) ---
             
Net income 140 73 44 20 --- 277
             
Attributed to shareholders 139 73 44 20 --- 276
Attributed to participating policyholders 1 --- --- --- --- 1
             
  December 31, 2011
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Saving and
Retirement
Other
activities
Total
  $ $ $ $ $ $
Assets            
Invested assets and segregated fund assets 13,187 11,204 1,675 7,970 1,193 35,229
Reinsurance assets 148 --- 194 123 --- 465
Intangible assets 96 324 3 2 44 469
Goodwill 73 38 20 --- 26 157
Other --- --- --- --- 1,121 1,121
Total assets 13,504 11,566 1,892 8,095 2,384 37,441
Liabilities            
Insurance contract liabilities,
investment contract liabilities and
segregated fund liabilities
11,555 11,095 1,702 7,972 --- 32,324
Debentures 517 42 55 33 101 748
Other 18 --- --- --- 1,576 1,594
Equity 1,917 451 228 138 41 2,775
Total liabilities and equity 14,007 11,588 1,985 8,143 1,718 37,441
             
  December 31, 2010
  Individual Group  
  Life and
Health
Wealth
Management
Life and
Health
Saving and
Retirement
Other
activities
Total
  $ $ $ $ $ $
             
Assets            
Invested assets and segregated fund assets 10,740 11,061 1,564 7,804 1,096 32,265
Reinsurance assets 251 --- 181 129 --- 561
Intangible assets 89 321 2 2 14 428
Goodwill 71 39 20 --- 5 135
Other --- --- --- --- 719 719
Total assets 11,151 11,421 1,767 7,935 1,834 34,108
             
Liabilities            
Insurance contract liabilities,
investment contract liabilities and
segregated fund liabilities
9,976 10,468 1,524 7,781 --- 29,749
Debentures 290 54 33 22 100 499
Other 18 --- --- --- 1,314 1,332
Equity 1,757 399 198 145 29 2,528
             
Total liabilities and equity 12,041 10,921 1,755 7,948 1,443 34,108

 

 

 

SOURCE CENTRE DE DEVELOPPEMENT EN ASSURANCES ET SERVICES FINANCIERS

For further information:

Investor Relations
Grace Pollock
Office: 418 780-5945
Email: grace.pollock@inalco.com
Website: www.inalco.com

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