May 10, 2012 / 12:58 PM / 6 years ago

Industrial Alliance profit slips 2.4 pct

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.

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