Dear Pat: I’ve held Industrial Alliance Insurance & Financial Services for roughly four years, through some ups and downs, and I’m currently up 44%, plus dividends. Would you recommend continuing to hold this company, or are more profitable opportunities available in the insurance sector that you would recommend? Thank you for your input.
Industrial Alliance Insurance & Financial Services, $42.51, symbol IAG on Toronto (Shares outstanding: 100.1 million; Market cap: $4.3 billion; www.inalco.com), offers a range of financial products, including life and health insurance, savings and retirement plans, RRSPs, mutual and segregated funds, mortgage loans and auto and home insurance.
In the quarter ended June 30, 2014, Industrial’s earnings jumped 52.7%, to $1.13 a share from $0.74. That was due to rising stock markets, a benefit from its hedging program, tax gains and lower life insurance payouts, offset by a loss in group insurance benefits.
The company’s outlook remains positive. It is also raising prices in its group insurance area, although most of the benefit won’t come until renewals take place next year.
The stock yields 2.5%, and Industrial is likely to gradually raise its dividend payout.
Industrial Alliance Insurance & Financial Services is okay to hold.
Note that our top recommendation in the Canadian insurance industry is Great-West Lifeco, $30.45, symbol GWO on Toronto (Shares outstanding: 998.7…
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