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 Growth – Total 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.

Capital – At 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.

Dividend – The 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.

Investor Relations: Grace Pollock, Office: 418-780-5945, Email: [email protected]; Media Relations: Pierre Picard, Office: 418-684-5000, ext. 1660, Email: [email protected]