Industrial Alliance profit tops estimates, shares rise

Thu Aug 1, 2013 12:16pm EDT
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TORONTO (Reuters) - Industrial Alliance Insurance and Financial Services IAG.TO, Canada's fourth-largest life insurer, said on Thursday its second-quarter profit rose 11 percent, beating the analysts' estimate and pushing its shares higher.

The company said net income attributed to common shareholders was C$73.3 million ($70.97 million), or 74 Canadian cents a share, for the quarter ended June 30. That compared with a year-earlier profit of C$66.0 million, or 70 Canadian cents a share.

Excluding a one-time debt buyback fee, the company earned 81 Canadian cents a share. Analysts had expected, on average, a profit of 72 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Premiums and deposits rose 17 percent to C$1.9 billion, the Quebec City-based company said.

Industrial Alliance shares, which were already up about 2.5 percent before the results were released, pushed higher on the news. Around midday, the stock was up 3.8 percent at C$42.89 on the Toronto Stock Exchange.

($1=$1.03 Canadian)

(Reporting by Cameron French; Editing by Peter Galloway)