Source: The Canadian Press

Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) says an overall improvement in Canada’s economy and the stock market over the past year drove its second-profit profit higher to $57.7 million.

The company, based in Quebec’s provincial capital, said its net income equalled 68 cents per share and compared with 40 cents per share or $32.1 million in the second quarter of 2009.

Premiums and deposits amounted to $1.6 billion, a record for the second quarter and up 33 per cent from the second quarter of 2009.

All lines of business except individual insurance obtained a higher operating profit year over year, the company said.

Industrial Alliance shares traded Tuesday afternoon at $34.60, down four cents from Monday’s close.