Industrial-Alliance Life Insurance Co. today reported a stronger third-quarter profit, boosted by stronger sales.

The insurer said net income for the quarter ended September 30 was $42.8 million, or $1.07 a share, up from $36.3 million, or 92¢ a share, a year ago.

Revenue increased to $835.4 million from $750.9 million, while return on equity rose to 15.3% from 14.8%.

The company said all sectors obtained good profits, particularly group insurance, which recorded exceptional experience gains.

It added that sales for the quarter were higher than the same period last year in individual insurance, individual annuities, group insurance employee plans, and group pensions. The growth of sales and a good persistency rate on in-force business pushed total premiums to $659.1 million for the third quarter, a 20% increase over the same period in 2003.

“These results once again confirm the company’s ability to outdo itself in an increasingly competitive environment,” said Yvon Charest, president and CEO, in a news release.

Industrial-Alliance shares were up $1.46, or 2.95%, at $50.96 in late morning trading.