(September 19 – 09:30 ET) – The Industrial-Alliance Life Insurance Co. is touting its inclusion in the TSE 300, TSE 200 and S&P/TSE Canadian Mid Cap indices following the close of trading today.
Industrial-Alliance joined the Toronto Stock Exchange after its demutualization in February 2000. Since then, the price of the insurance company’s shares has doubled, increasing from the $15.75 IPO price to $33.50 following the close of trading yesterday. The company’s market capitalization is currently $1.3 billion, ranking it about 115th among the companies listed on the TSE 300. The firm currently has 37.6 million common shares outstanding.
“We are very pleased that Industrial-Alliance is being added to these three indices,” said Yvon Charest, president and CEO. “Our inclusion on these indices shows the size and importance of Industrial-Alliance on the Canadian stock market as well as in the life and health insurance and financial services sectors. Joining the ranks of the top share issuers in Canada will also allow us to raise our profile, which should add to the liquidity of IAG shares.”
The firm attributes its success to a combination of factors: its performance in individual life insurance sales, ranked second in Canada in terms of new sales; the size and diversity of its distribution networks; its high and consistent profitability; the vitality of its network of subsidiaries; the quality of its investments; and its growth-based development strategy.
“With such solid bases, our growth potential over the next few years is most promising,” concluded Charest.
Also today Industrial-Alliance says it has compeleted the acquisition of Mecagroup Inc., through its subsidiary Industrial-Alliance Pacific Life Insurance Co. Mecagroup is one of
the main providers of credit insurance to automotive dealers in Quebec. The purchase was announced on May 15, 2000.
The company also announced a normal course issuer bid for up to 1.875 million of its common shares, representing approximately 5% of the issued and outstanding common shares. Purchases will begin on October 2, and will terminate on October 1, 2001.
-IE Staff