Industrial-Alliance Life Insurance Co. is reporting an increase in profit for the third quarter ended September 30. The insurer says the stronger results were due to an upturn in equity markets.

Net profit rose 27% to $36.3 million, or 92¢ a share. That compares with $28.6 million, or 75¢, for the same quarter in 2002.

Insurance and annuity premiums reached $549.8 million, up from $493.7 million last year.

Industrial-Alliance says it is increasing its quarterly dividend to 19¢ a common share, up 2¢ or 12%.

“We are very satisfied with these results, which show how successful we have been in balancing growth and profitability requirements, in an extremely competitive market,” said Yvon Charest, president and CEO, in a news release.