Industrial-Alliance Life Insurance Co. is reporting a 13% jump in earnings for the third-quarter ended September 30.

The insurer says the increase stems from stronger sales and premiums in individual life insurance.

The company said net income rose to $29.5 million, or 78¢ a share, from $25.1 million, or 69¢ a share, in the same quarter last year.

Revenues rose 6% to $493.4 million from $464 million, and assets under management were $16 billion.

“The higher income in the third quarter is mainly explained by positive claims experience in individual life insurance and a $3 million tax refund,” the company said in a news release.

The company estimated that the stock market downturn reduced the earnings for the quarter by $4.1 million.

Return on equity for the past 12 was 14.7% return on equity excluding a provision for Teleglobe provision. The Teleglobe provision has reduced this return by 2.3 percentage points.

Insurance and annuity premium income for the third quarter grew by 6% over the same period last year to reach $493.4 million, and by 25% since the beginning of the year to total $1,810.6 million.

Assets under management and under administration total $16.3 billion, an increase of 11% over the last twelve months.

“We are very pleased to present consistently growing results, in spite of the stock markets turmoil,” said Yvon Charest, president and CEO, in a news release. “The volume of premiums is growing steadily and we are continuing to reach our profitability objectives.”