August 9, 2011 / 9:09 PM / 6 years ago

UPDATE 1-Westaim Q2 profit up on higher net premiums earned

* Net premiums earned rise 12 pct to C$88.4 mln

* Qrtrly profit up 33 pct (Follows alerts)

Aug 9 (Reuters) - Canada's Westaim Corp's second-quarter profit rose by a third helped by an increase in premiums earned.

Westaim is a financial holding company focused on the property and casualty insurance industry.

Net premiums earned increased 12 percent to C$88.4 million.

Quarterly net income rose to $6.5 million, or 1 cent per share, from $4.9 million, or 1 cent per share, a year ago.

Shares of the Toronto-based company closed at C$0.49 on Tuesday on the Toronto Stock Exchange. (Reporting by Swetha Gopinath in Bangalore)

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