Reuters: Global Markets: Industrial Alliance shares rise on stronger profit

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Industrial Alliance shares rise on stronger profit Nov 6th 2013, 17:22 Share this Email Print Reprints TORONTO | Wed Nov 6, 2013 12:22pm EST TORONTO (Reuters) - Shares of Industrial Alliance Insurance and Financial Services (IAG.TO) rallied as much as 6 percent on Wednesday after the life insurer, Canada's fourth largest, reported a stronger than expected quarterly profit. The company, the first of Canada's large life insurers to report third-quarter results, said net income attributed to common shareholders was C$105.8 million ($101.28 million), or C$1.07 a share, for the quarter ended September 30. That compared with a year-earlier profit of C$103.3 million, or C$1.09 a share, when Industrial Alliance's results were boosted by an after-tax gain of C$37.4 million on the sale of the company's U.S. annuities business. The profit beat analysts' estimates of 85 Canadian cents a share, according to Thomson Reuters I/B/E/S. "(The results) were materially ahead of expectations," RBC Capital Markets analyst Andre-Philippe Hardy said in a note, pointing to the impact of stronger equity markets, hedging results and individual insurance gains. The shares jumped by as much as 6 percent to a record high of C$49.99 in early trading, before paring gains to a 2.1 percent rise to C$48.15 late in the morning. Premiums and deposits were C$1.6 billion, about even from the year-earlier period, while assets under management and administration climbed 7 percent to C$89 billion, the company said. Larger competitor Sun Life Financial (SLF.TO) will report results after the market close on Wednesday, while Manulife Financial (MFC.TO) and Great-West Lifeco (GWO.TO) release their results on Thursday. ($1=$1.04 Canadian) (Reporting by Cameron French; Editing by Peter Galloway) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions