Industrial-Alliance Life Insurance Co is reporting a small increase in profit for the fourth quarter ended December 31.

The insurance company said quarterly profit rose 4% thanks to stronger sales and premiums.

Net profit was $30.8 million, or 82¢. That compares with $29.5 million, or 78¢ a share, for the same quarter in 2001.

Quarterly revenues rose $525.1 million from $438.0 million.

The company recorded a 20% increase in premium income in the fourth quarter, with higher sales in all lines of business, including Individual Insurance, and an annualized return on equity of 14.5%.

“We had one of our best years ever in terms of business growth, with higher sales than the industry in most lines of business, and we achieved strong profitability in spite of a sometimes difficult economic and financial environment,” declared Yvon Charest, president and CEO.

With respect to business growth, premium income totalled $525.1 million for the fourth quarter, a 20% increase over the same period in 2001, excluding the Canadian Medical Association (CMA) business. Strong sales in the fourth quarter enabled the Company to finish the year with $2.3 billion in premium income, up by 24% compared to 2001, once again excluding the CMA business. The Group Insurance and Group Pensions sectors obtained the best results in 2002, generating record sales through the signing of major contracts with Bombardier in Group Insurance and National Bank Trust in Group Pensions.

For the year, profit was $100.7 million ($2.66 per share) in 2002, compared to $107.3 million ($2.84 per share) in 2001 on a comparable basis.