Industrial Alliance Insurance and Financial Services Inc. today reported that its fourth-quarter profit rose because of strong growth in mutual and seg fund sales.

The insurance and investment management firm said it earned $46.7 million, or 58¢ per share, compared with $34.3 million, or 43¢ a share, in the prior-year period.

Excluding restructuring charges for National Life, Industrial Alliance earned 60¢ per adjusted share, up from year-ago 50¢ per adjusted share.

Premiums and deposits rose 19% to $872.5 million, from strong mutual fund and seg fund sales.

Return on equity was 14.1% for the quarter annualized, compared with 11.4% a year ago.

For the year, the company earned $184.2 million, or $1.65 per share, compared with $161.2 million, or $1.95 a share.

“The fourth quarter was profitable on all fronts,” said Yvon Charest,
president and CEO, in a release.

“From a financial standpoint, we reached our return target; in terms of business growth, we continued our momentum in all lines of business, both inside and outside Quebec; and from a strategic standpoint, we made significant strides in our growth strategy in the wealth management sector with the acquisition of Clarington, just one year after we acquired another major company in this sector, BLC-Edmond de Rothschild Asset Management.”