Industrial Alliance Reports Fourth Quarter and Year-end Results for 2014

Strong Q4 pushes EPS above 2014 guidance

  • Q4 earnings up 23% to $112.4M ($1.11 EPS)
  • 2014 earnings up 14% to $400.4M ($3.97 EPS)
  • Return on shareholders' equity of 13.4% in Q4 (12.4% for 2014)
  • Solvency ratio of 209%
  • Book value per share up 10% YoY to $33.83

A full discussion of our results is available at www.inalco.com under Investor Relations/Financial Reports.

QUEBEC CITY, Feb. 12, 2015 /CNW Telbec/ - For the fourth quarter ended December 31, 2014, Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) reports net income attributed to common shareholders of $112.4 million, up 23% over the previous year. After accounting for the premium of $0.04 per share related to the redemption of the Series E preferred shares on December 31st, diluted earnings per common share (EPS) rose to $1.11 from $0.91 a year ago. The annualized return on shareholders' equity (ROE) was 13.4%.

For the twelve-month period, net income attributed to common shareholders was $400.4 million, a year‑over‑year increase of 14%. Diluted EPS, after payment of the previously mentioned premium, amounted to $3.97 compared with guidance of $3.40–$3.80, and ROE was 12.4% compared with guidance of 11.0%–12.5%. This represents the third consecutive year that the Company has exceeded its annual earnings guidance.

At December 31, 2014, the Company's solvency ratio of 209% was above its target range of 175%–200%. Book value per share closed at $33.83, representing a gain of 10% in 2014.

Yvon Charest, President and Chief Executive Officer commented, "Q4 was definitely a strong ending to the year. In terms of business growth, the highlights were the pick-up in Individual Insurance sales and the continued improvement in seg funds, which together make up more than half of our net income. Policyholder experience improved quarter over quarter, particularly in Individual Insurance. Despite the decline in interest rates this year, our balance sheet is still robust with good protection to weather short-term turbulence and room to fund growth opportunities."

René Chabot, Executive Vice-President and Chief Actuary added, "Earnings in the quarter were strong, which pushed our earnings above the range we provided for the full year. Items of note include a significant tax recovery and a hedging loss. For the second quarter in a row, IA Auto and Home delivered a good contribution to our income on capital. Our year-end assumption review, which was in line with the indications given at our Investor Day in June, also took into account the subsequent decline in interest rates in the last quarter of 2014. Turning to 2015, we are introducing our new EPS guidance of $3.80–$4.20."

 



Highlights


Fourth quarter

Year-to-date as at December 31

(In millions of dollars, unless otherwise indicated)

2014

2013

Variation

2014

2013

Variation

Net income attributed to shareholders

123.7

99.8

24%

432.9

384.5

13%

Less: preferred share dividends

7.3

8.7

(16%)

28.5

34.6

(18%)

Less: premium on preferred share redemption

4.0

--

--

4.0

--

--

Net income attributed to common shareholders

112.4

91.1

23%

400.4

349.9

14%

Earnings per common share (diluted)

$1.11

$0.91

$0.20

$3.97

$3.57

$0.40

Return on common shareholders' equity [1]

13.4%

12.2%

120 bps

12.4%

12.6%

(20 bps)



December 31,
2014


September 30,
2014


December 31,
2013

Solvency ratio


209%


215%


217%

Book value per share


$33.83


$33.00


$30.67

Assets under management and administration


109,481


106,943


98,780

Net impaired investments as a % of total investments


0.07%


0.07%


0.06%








1 Annualized for the quarter. Trailing twelve months for the year to date.

 

FOURTH QUARTER HIGHLIGHTS
Profitability For the fourth quarter ended December 31, 2014, Industrial Alliance reports net income attributed to common shareholders of $112.4 million, up 23% year over year. Diluted EPS of $1.11 compares with $0.91 in the same quarter a year ago. The annualized ROE was 13.4%.

The key elements that explain profitability follow. All figures are after taxes unless otherwise indicated.

Expected Profit on In-force increased by 15% to $116.7 million pre-tax over the last year, mainly attributed to growth in assets under management in the wealth management businesses. Expected profit on in-force for the wealth management businesses is updated on a quarterly basis to reflect market growth and net fund sales.

Year-end Assumption Changes Under the new actuarial standards published by the Canadian Institute of Actuaries in October 2014, the Company increased its ultimate reinvestment rate from 3.1% to 4.0% at year-end, which contributed positively to reserves. However, additional reserves were required to reflect the significant drop in long‑term interest rates during the year, to strengthen the lapse assumption, and to increase the protection against a drop in equity markets. Overall actuarial reserves were strengthened by a net amount of $3.2 million, a loss of $0.03 per share.

Individual Insurance reported an experience gain of $0.07 per share ($6.5 million). Favourable developments included equity markets ($0.02), mortality ($0.02) as well as lower expenses ($0.03).

Individual Wealth Management had an experience loss of $0.17 per share ($16.6 million). Of this amount, $0.12 per share relates to a hedging loss in the quarter. (This is the first hedging loss in the last three years.) Other items of note in the quarter were adverse longevity and higher expenses ($0.05).

Group Insurance reported an experience loss of $0.01 per share ($1.2 million). Dealer Services and Special Markets Solutions both reported higher than expected claims representing $0.02 per share and $0.01 per share, respectively, while Employee Plans had a gain of $0.02 per share.

Group Savings and Retirement reported a loss of $0.01 per share ($0.7 million) related to lower growth in assets under management.

Strain – In the Individual Insurance sector, the strain-to-new business ratio of 26% was higher than the target of 20% for the fourth quarter. Management estimates that the higher strain represented a loss of $0.02 per share ($1.7 million).

Income on Capital – Total income on capital of $28.1 million pre-tax is similar to the previous quarter ($27.3 million) attributed to the seasonally higher contribution from IA Auto and Home for the second quarter in a row.

Income Taxes – The Company realized an extraordinary tax recovery in the fourth quarter of $0.32 per share ($32.7 million). Of this amount, $0.17 per share is related to tax-exempt investment income since 2006 under the Company's status as a multinational insurer, and the remaining $0.15 is related to a tax-loss recovery in our US operations.

Business GrowthTotal fee‑earning assets under management and administration rose 2% in the quarter and ended the period at $109.5 billion. Premiums and deposits of $1.8 billion were down by 2% in the quarter, reflecting lower wealth management inflows.

In the retail sectors, insurance sales rose to $62.1 million (+9%) in the fourth quarter, reflecting favourable results in our Canadian and US life operations, as well as in our adjustable disability business (Excellence). Net investment fund inflows were $20.7 million, representing net sales of segregated funds ($88.7 million) offset by negative mutual fund sales (-$68.0 million).

For the three Group Insurance divisions, sales grew by a total of 5% in the fourth quarter. In Dealer Services, sales of P&C products amounted to $37.6 million (+15%) while creditor insurance sales were stable at $90.5 million. Special Markets Solutions delivered $53.5 million in sales (+10%). Finally, Employee Plans sales of $7.5 million were down by 7% in the fourth quarter.

In Group Savings and Retirement, where the top line can fluctuate widely because of the size of mandates awarded, sales of $229.1 million were down by 10% in the quarter.

CapitalAt December 31, 2014, the solvency ratio was 209% versus 215% at the previous quarter-end. The decrease in the quarter is related primarily to the redemption of the Series E preferred shares and the decline in interest rates, offset by the fourth quarter earnings contribution.

Quality of Investments At December 31, 2014, net impaired investments stood at 0.07% of total investments, the proportion of bonds rated BB and lower was 0.74% and the real estate occupancy rate was 91.0%. With respect to "in the news" items, the Company's direct exposure to the oil and gas sector is limited to 0.5% of the total bond portfolio.

DividendThe Board of Directors approved today a dividend of 28 cents per share on the Company's outstanding common shares. This dividend is payable on March 16, 2015 to shareholders of record at February 27, 2015.

Dividend Reinvestment and Share Purchase Plan – Registered shareholders wishing to enrol in the Company's Dividend Reinvestment and Share Purchase Plan so as to be eligible to reinvest the next dividend payable on March 16, 2015 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on February 20, 2015. Enrolment information is provided on the Company's website at www.inalco.com under Investor Relations/Dividends.

Macroeconomic Sensitivity at December 31, 2014

  • The Company can absorb a sudden decrease of about 32% in the S&P/TSX index before having to strengthen reserves for future policyholder benefits (26% at September 30, 2014).
  • The Company can absorb a sudden decrease of 39% in the S&P/TSX index before the solvency ratio drops below 175% (41% at September 30, 2014) and a decrease of 51% before the solvency ratio drops below 150% (54% at September 30, 2014).
  • The full-year impact on net income attributed to common shareholders of a sudden 10% decrease in the stock markets is $28 million ($28 million also at September 30, 2014). This does not take into consideration any potential reserve strengthening.
  • The impact on net income attributed to common shareholders of a 10 basis point decrease in the initial and ultimate reinvestment rates totals $94 million ($91 million at September 30, 2014).

Market Guidance for 2015

  • Earnings per common share: new target range of $3.80 to $4.20
  • Return on common shareholders' equity (ROE): target range remains at 11.0% to 12.5%
  • Solvency ratio: target range remains at 175% to 200%
  • Dividend payout ratio: payout range remains at 25% to 35% with the target being the mid-point
  • Effective tax rate: new target range of 18% to 20%
  • Strain on new business: new target of 30% (±5%) of sales in Individual Insurance

Guidance for ROE and earnings per common share excludes any potential reserve strengthening in 2015.

Redemption of Preferred Shares

On December 31, 2014, Industrial Alliance redeemed all of its Non-Cumulative Class A Preferred Shares Series E then outstanding. The redemption price was $26.00 per share plus an amount equal to all declared and unpaid dividends, less any tax required to be deducted and withheld by Industrial Alliance.

GENERAL INFORMATION

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 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 Thursday, February 12, 2015 at 12:00 p.m. (noon) (ET). To listen on the conference call, dial 1-800-735-5968 (toll-free). A replay of the conference call will also be available for a one-week period, starting at 2:30 p.m. on February 12, 2015. To listen to the conference call replay, dial 1-800-558-5253 (toll-free) and enter access code 21755351. 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 and year-end results, investors are invited to consult the MD&A for the period ended December 31, 2014, related consolidated 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 2014 Management's Discussion and Analysis, 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 press release. 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. operates throughout Canada as well as in the United States. The Company offers life and health insurance, mutual and segregated funds, savings and retirement plans, securities, auto and home insurance, mortgage and car loans and other financial products and services for both individuals and groups. Ranked among the top four life and health insurance companies in Canada, Industrial Alliance is one of Canada's largest public companies and trades on the Toronto Stock Exchange under the ticker symbol IAG.

 

CONSOLIDATED INCOME STATEMENTS





Quarters ended

December 31

Twelve months ended

December 31

(in millions of dollars, unless otherwise indicated)

2014

2013

2014

2013


$

$

$

$

Revenues





Premiums





Gross premiums

1,461

1,364

5,872

5,431

Premiums ceded

(115)

(108)

(446)

(424)

Net premiums

1,346

1,256

5,426

5,007

Investment Income





Interest and other investment income

282

229

1,007

924

Change in fair value of financial assets classified at fair value through profit or loss

658

113

2,163

(839)


940

342

3,170

85

Other revenues

270

252

1,084

931


2,556

1,850

9,680

6,023

Policy benefits and expenses





Gross benefits on contracts

1,151

969

4,156

3,845

Ceded benefits on contracts

(171)

(75)

(415)

(318)

Net transfer to segregated funds

69

73

425

208

Increase (decrease) in insurance contract liabilities

660

16

2,572

(678)

Increase (decrease) in investment contract liabilities

7

4

38

9

Decrease (increase) in reinsurance assets

184

216

317

466


1,900

1,203

7,093

3,532

Commissions

284

260

1,119

1,038

General expenses

233

233

898

816

Premium and other taxes

18

19

85

86

Financing charges

14

11

50

60


2,449

1,726

9,245

5,532

Income before income taxes

107

124

435

491

Income taxes

(18)

23

---

103

Net income

125

101

435

388

Net income attributed to participating policyholders

1

1

2

3

Net income attributed to shareholders

124

100

433

385

Dividends attributed to preferred shares

8

9

29

35

Redemption premium on preferred shares

4

---

4

---

Net income attributed to common shareholders

112

91

400

350

Earnings per common share (in dollars)






Basic

1.12

0.92

4.01

3.60


Diluted

1.11

0.91

3.97

3.57

Weighted average number of shares outstanding (in millions of units)






Basic

100.4

99.1

99.9

97.2


Diluted

101.2

100.1

100.8

97.9

Dividends per common share (in dollars)

0.28

0.245

1.06

0.98

 


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION



(in millions of dollars)

As at December 31


2014

2013


$

$

Assets



Cash and short-term investments

498

523

Bonds

18,575

15,107

Stocks

3,242

3,120

Mortgages

2,886

2,597

Derivative financial instruments

225

72

Policy loans

713

612

Other invested assets

80

80

Investment properties

1,190

1,079

Total investments

27,409

23,190

Other assets

1,772

1,432

Reinsurance assets

1,368

1,591

Fixed assets

153

145

Deferred income tax assets

59

40

Intangible assets

560

530

Goodwill

270

268

General fund assets

31,591

27,196

Segregated funds net assets

18,748

16,921

Total assets

50,339

44,117




Liabilities



Insurance contract liabilities

22,021

19,288

Investment contract liabilities

693

647

Derivative financial instruments

217

288

Other liabilities

3,893

2,520

Deferred income tax liabilities

235

286

Debentures

597

499

General fund liabilities

27,656

23,528

Segregated funds liabilities

18,748

16,921

Total liabilities

46,404

40,449

Equity



Share capital and contributed surplus

1,740

1,779

Retained earnings and accumulated other comprehensive income

2,146

1,842

Participating policyholders' account

49

47


3,935

3,668

Total liabilities and equity

50,339

44,117

 



Segmented Income Statements


The following tables present a summary of income by sector of activities:


(in millions of dollars)

Quarter ended December 31, 2014


Individual

Group




Insurance

Wealth

Management

Insurance

Savings and

Retirement

Other

Total


$

$

$

$

$

$

Revenues







Net premiums

382

363

313

217

71

1,346

Investment income

851

87

42

92

(132)

940

Other revenues

29

244

6

16

(25)

270


1,262

694

361

325

(86)

2,556

Operating expenses







Gross benefits on contracts

263

319

222

317

30

1,151

Ceded benefits on contracts

(142)

(13)

(23)

(6)

13

(171)

Net transfer to segregated funds

---

95

---

(26)

---

69

Increase (decrease) in insurance contract liabilities

568

19

34

46

(7)

660

Increase (decrease) in investment contract liabilities

---

---

7

---

---

7

Decrease (increase) in reinsurance assets

166

50

(3)

(30)

1

184

Commissions, general and other expenses

199

205

111

18

2

535

Financing charges

87

2

1

1

(77)

14


1,141

677

349

320

(38)

2,449

Income before income taxes

121

17

12

5

(48)

107

Income taxes

(17)

(4)

(1)

(1)

5

(18)

Net income before allocation of other activities

138

21

13

6

(53)

125

Allocation of other activities

(47)

(3)

(2)

(1)

53

---

Net income

91

18

11

5

---

125

Net income attributed to participating policyholders

2

---

---

1

---

1

Net income attributed to shareholders

89

18

11

6

---

124



(in millions of dollars)

Quarter ended December 31, 2013


Individual

Group




 

Insurance

Wealth

Management

 

Insurance

Savings and

Retirement

 

Other

 

Total


$

$

$

$

$

$

Revenues







Net premiums

362

273

315

238

68

1,256

Investment income

427

(30)

30

39

(124)

342

Other revenues

28

218

6

20

(20)

252


817

461

351

297

(76)

1,850

Operating expenses







Gross benefits on contracts

208

323

211

188

39

969

Ceded benefits on contracts

(49)

(8)

(15)

(6)

3

(75)

Net transfer to segregated funds

---

(22)

---

95

---

73

Increase (decrease) in insurance contract liabilities

66

(64)

12

(6)

8

16

Increase (decrease) in investment contract liabilities

1

---

3

---

---

4

Decrease (increase) in reinsurance assets

221

4

8

(8)

(9)

216

Commissions, general and other expenses

181

189

117

17

8

512

Financing charges

73

3

---

1

(66)

11


701

425

336

281

(17)

1,726

Income before income taxes

116

36

15

16

(59)

124

Income taxes

5

11

2

3

2

23

Net income before allocation of other activities

111

25

13

13

(61)

101

Allocation of other activities

(50)

(3)

(5)

(3)

61

---

Net income

61

22

8

10

---

101

Net income attributed to participating policyholders

1

---

---

---

---

1

Net income attributed to shareholders

60

22

8

10

---

100



(in millions of dollars)

Twelve months ended December 31, 2014


Individual

Group




Insurance

Wealth

Management

Insurance

Savings and

Retirement

Other

Total


$

$

$

$

$

$

Revenues







Net premiums

1,495

1,464

1,262

920

285

5,426

Investment income

2,624

243

136

329

(162)

3,170

Other revenues

117

965

33

62

(93)

1,084


4,236

2,672

1,431

1,311

30

9,680

Operating expenses







Gross benefits on contracts

841

1,314

871

963

167

4,156

Ceded benefits on contracts

(302)

(40)

(60)

(25)

12

(415)

Net transfer to segregated funds

---

315

---

110

---

425

Increase (decrease) in insurance contract liabilities

2,245

36

91

200

---

2,572

Increase (decrease) in investment contract liabilities

1

---

37

---

---

38

Decrease (increase) in reinsurance assets

271

93

(4)

(31)

(12)

317

Commissions, general and other expenses

763

793

464

69

13

2,102

Financing charges

117

11

3

2

(83)

50


3,936

2,522

1,402

1,288

97

9,245

Income before income taxes

300

150

29

23

(67)

435

Income taxes

(37)

32

2

3

---

---

Net income before allocation of other activities

337

118

27

20

(67)

435

Allocation of other activities

(62)

(6)

3

(2)

67

---

Net income

275

112

30

18

---

435

Net income attributed to participating policyholders

3

---

---

(1)

---

2

Net income attributed to shareholders

272

112

30

19

---

433



(in millions of dollars)

Twelve months ended December 31, 2013


Individual

Group




 

Insurance

Wealth

Management

 

Insurance

Savings and

Retirement

 

Other

 

Total


$

$

$

$

$

$

Revenues







Net premiums

1,425

1,107

1,273

944

258

5,007

Investment income

297

(145)

64

58

(189)

85

Other revenues

61

810

35

60

(35)

931


1,783

1,772

1,372

1,062

34

6,023

Operating expenses







Gross benefits on contracts

720

1,291

848

836

150

3,845

Ceded benefits on contracts

(209)

(36)

(59)

(25)

11

(318)

Net transfer to segregated funds

---

(61)

---

269

---

208

Increase (decrease) in insurance contract liabilities

(88)

(511)

31

(116)

6

(678)

Increase (decrease) in investment contract liabilities

1

---

8

---

---

9

Decrease (increase) in reinsurance assets

210

260

9

(4)

(9)

466

Commissions, general and other expenses

681

666

478

63

52

1,940

Financing charges

111

12

5

3

(71)

60


1,426

1,621

1,320

1,026

139

5,532

Income before income taxes

357

151

52

36

(105)

491

Income taxes

39

41

9

7

7

103

Net income before allocation of other activities

318

110

43

29

(112)

388

Allocation of other activities

(99)

(3)

(4)

(6)

112

---

Net income

219

107

39

23

---

388

Net income attributed to participating policyholders

3

---

---

---

---

3

Net income attributed to shareholders

216

107

39

23

---

385

 

Segmented Statements of Financial Position



The following tables present a summray of the financial position by sector of activites:



(in millions of dollars)

As at December 31, 2014


Individual

Group



Insurance

Wealth

Management

Insurance

Savings and

Retirement

Other

Total


$

$

$

$

$

$

Assets







Invested assets and segregated fund assets

22,804

14,030

2,183

10,361

(3,221)

46,157

Reinsurance assets

551

291

354

162

10

1,368

Intangible assets

115

394

18

8

25

560

Goodwill

59

146

54

---

11

270

Other

---

---

---

---

1,984

1,984

Total assets

23,529

14,861

2,609

10,531

(1,191)

50,339

Liabilities







Insurance contract liabilities, investment contract liabilities and segregated fund liabilities

15,548

13,421

2,175

10,342

(24)

41,462

Debentures

4,267

187

44

12

(3,913)

597

Other

13

---

---

---

4,332

4,345

Equity

2,672

789

332

93

49

3,935

Total liabilities and equity

22,500

14,397

2,551

10,447

444

50,339



(in millions of dollars)

As at December 31, 2013


Individual

Group



 

Insurance

Wealth

Management

 

Insurance

Savings and

Retirement

 

Other

 

Total


$

$

$

$

$

$

Assets







Invested assets and segregated fund assets

17,511

12,645

2,045

9,349

(1,439)

40,111

Reinsurance assets

764

356

335

131

5

1,591

Intangible assets

99

383

19

5

24

530

Goodwill

60

145

54

---

9

268

Other

---

---

---

---

1,617

1,617

Total assets

18,434

13,529

2,453

9,485

216

44,117

Liabilities







Insurance contract liabilities, investment contract liabilities and segregated fund liabilities

13,185

12,336

2,027

9,322

(14)

36,856

Debentures

2,490

161

37

18

(2,207)

499

Other

13

---

---

---

3,081

3,094

Equity

2,424

698

336

163

47

3,668

Total liabilities and equity

18,112

13,195

2,400

9,503

907

44,117

 

SOURCE Industrial Alliance Insurance and Financial Services Inc.

For further information: Investor Relations: Grace Pollock, Office: 418-780-5945, Email: grace.pollock@inalco.com; Media Relations: Pierre Picard, Office: 418-684-5000, ext. 1660, Email: pierre.picard@inalco.com

RELATED LINKS
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