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First Annual Meeting of the Shareholders of Industrial-Alliance Life Insurance Company

Raymond Garneau Retires, Yvon Charest is Appointed President and Chief Executive Officer

Quebec City,

News Release

During the first annual meeting of the shareholders of Industrial-Alliance Life Insurance Company, Raymond Garneau announced that he was retiring as chief executive officer, after over ten years at the Company´s helm. Following this announcement, the Company´s board of directors appointed Yvon Charest as president and chief executive officer.

At 43, Yvon Charest has vast knowledge of the Company´s operations and the insurance and financial services industry. An actuary, he joined Industrial-Alliance in 1979, where he has held various management positions, including that of president and chief operating officer. He also knows a great deal about the Company´s subsidiaries, having worked for two years as vice-president at National Life in Toronto. He also sits on the boards of directors of the other Industrial-Alliance subsidiaries.

A warm, open and receptive man, Mr. Charest is recognized for his very great abilities and leadership. He has become very involved in the world of insurance, particularly with the Canadian Institute of Actuaries, where he was vice-president from 1992 to 1994, and the Canadian Life and Health Insurance Association, where he has sat on a number of committees.

Mr. Garneau will continue to act as chairman of the board of directors. "I must say that it is with a certain nostalgia that I am leaving the Company´s management," declared Mr. Garneau. "A newcomer in the field of insurance when I joined Industrial-Alliance, I learned to know and love this sometimes complex, but ever so humane world. I have always been impressed by the technical knowledge of our personnel and the professionalism of our financial security advisors. These are the people who have made Industrial-Alliance a success," he added.

Mr. Garneau´s major achievements
Mr. Garneau joined Industrial-Alliance in December 1988. His achievements are numerous. During his mandate, the Company refocused its operations in the life and health insurance and savings and retirement plans sectors, which became a veritable theme for the Company throughout the 1990s. Under his leadership, the insurance and annuities activities developed considerably, thanks to the merger with the Solidarity and the purchase of the Canadian Union´s life insurance portfolio in 1996 and the acquisition of Seaboard, a Vancouver-based company, in 1998. With over $13 billion in assets under management, almost 2,000 employees and over 14,000 financial security advisors, the Industrial-Alliance Group has become the seventh largest life and health insurance organization in Canada. 

Mr. Garneau´s final, and probably most important project, was Industrial-Alliance´s conversion to a capital stock company. This change in the ownership structure, which became necessary to allow the Company to pursue its development, was finalized on February 10, 2000 through an initial public offering of $340 million.

A new era for Industrial-Alliance
"The Company is entering a new era, an era of continuity and, to a certain degree, one in which the Company must evolve to adjust to meet the challenges of the new competitive environment," Mr. Garneau added. "But I think Industrial-Alliance is ready to meet all challenges. Its profitability is high and consistent, its growth is remarkable, its distribution networks are among the largest and most diversified in Canada, its financial solidity is incontestable, its management team is competent and experienced and its personnel is more dedicated than ever. All the ingredients for success are there."

With the strength of over 100 years of experience, the Industrial-Alliance Group has operations throughout Canada and offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, investment funds, mortgage loans and other financial products

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Information:
Hélène Cloutier
Industrial-Alliance
Tel.: (418) 684-5000, extension 4563