TORONTO, May 10 (Reuters) - Industrial Alliance Insurance and Financial Services profit slipped 2.4 percent, hurt by higher claims for long-term disability benefits, Canada’s No. 4 life insurer said on Thursday.
Earnings dropped to C$70.4 million ($70 million), or 67 Canadian cents a share, in the quarter ended March 31. That compared with a profit of C$72.1 million, or 76 Canadian cents a share, in the year-before period.
Stripping out certain items, the insurer earned 71 Canadian cents a share. Analysts had expected a profit of 74 Canadian cents, according to Thomson Reuters I/B/E/S.