Industrial Alliance Insurance and Financial Services is reporting a 29% jump in profit for the first quarter ended March 31.

The insurer said stronger stock markets and a solid performance from its group insurance and annuities units led to growth in profit. Profits more than doubled in those sectors during the quarter compared to the same period last year.

Industrial Alliance said it earned $36.6 million, or 92¢ a share, in the first quarter, up from $28.4 million, or 73¢ a share a year ago.

It said insurance and annuity premiums slipped 6% to $801.4 million. The company attributed the decline to a transfer of business from another firm that fattened the year-before figures.

Assets under administration climbed 20% to $20.5 billion from $17.1 billion, while return on equity was 13.9% in the quarter, up from 13% on year ago.

“We’re starting the year strongly, riding the momentum that we gained at the end of last year,” said Yvon Charest, president and CEO, in a news release. “We continue to consistently meet our profit objectives, and business growth has continued in all lines of business. We had an exceptional RRSP campaign and the year got off to a good start for the Individual Insurance sector, where sales were once again higher than last year.