Industrial Alliance slipped as much as 5.7 percent to C$25, its biggest one-day drop since Nov. 3. It declined 2.7 percent to C$25.79 as of 1 p.m. in Toronto trading.
The insurer reported today a net loss of C$81.2 million ($81.4 million), or 90 cents a share, compared with year-earlier profit of C$74.1 million, or 84 cents. The Quebec City, Quebec- based company boosted reserves by C$152.3 million to protect against a drop in interest rates.
“Our year-end results reflect the extremely challenging environment in 2011,” Chief Executive Officer Yvon Charest said in a statement.
Industrial Alliance said it expects earn C$2.50 to C$3.10 a share in 2012. That compares with a C$3.09 average estimate of 10 analysts surveyed by Bloomberg News.
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