November 3, 2010 / 3:43 PM / in 7 years

UPDATE 1-Industrial Alliance profit rises on premiums

* Q3 adj EPS C$0.77 vs avg estimate C$0.73

* Return on equity 12.6 percent

* Stock down 1.7 pct at C$31.16

TORONTO, Nov 3 (Reuters) - Industrial Alliance Insurance and Financial Services IAG.TO, Canada’s No. 4 insurer, said on Wednesday its third-quarter profit rose 10.8 percent, driven by a 15 percent rise in premiums and deposits.

The Quebec City-based company said net income on regular operations was C$65.4 million ($64.8 million), or 77 Canadian cents a share, in the three months ended Sept. 30. That compared with a profit of C$59 million, or 73 Canadian cents a share, in the year-before period.

Analysts had expected a profit of 73 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Return on equity was 12.6 percent. The company has a target range of 12 to 14 percent for that key measure of profitability.

Industrial Alliance shares were down 54 Canadian cents, or 1.7 percent, at C$31.16 on the Toronto Stock Exchange.

$1=$1.01 Canadian Reporting by Cameron French; editing by Rob Wilson

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