Industrial-Alliance Life is reporting improved profit for the second quarter ended June 30. The life insurer said profit climbed 19%, because of better insurance sales and premiums.

Net income rose to $31.8 million, or 84¢ a share. That compares with $26.0 million, or 71¢ a share, for the same period last year.

The firm also increased its dividend by 2¢ per share to 17¢.

The company said sales were up in all lines of business –individual insurance, group insurance, individual annuities, group pensions — for the quarter ended June 30.

Revenues or premiums grew 2% to $533.7 million from $441.0 million, excluding the premiums for the Canadian Medical Association. Assets under management were $16 billion.

“We are very pleased to present such solid results while the markets are in complete turmoil,” said Yvon Charest, president and CEO, in a news release.

Shareholder net income has totalled $40.4 million since the beginning of the year, including a provision taken in the first quarter to cover Teleglobe bonds, and $59.8 million excluding this provision.

The return on common shareholders’ equity was 14.7% for the twelve months ending June 30, 2002, excluding the effects of the Teleglobe provision.