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Industrial Alliance Falls After Quarterly Loss: Toronto Mover

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Feb. 17 (Bloomberg) -- Industrial Alliance Insurance and Financial Services Inc., Canada’s fourth-largest life insurer, fell the most in three months after reporting a fourth-quarter loss.

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.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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