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Industrial Alliance Declares a Quarterly Dividend and Renews its Normal Course Issuer bid

Quebec City,

News Release

Industrial-Alliance Life Insurance Company announced today, at the end of its Board of Directors meeting, the payment of a quarterly dividend, for the third quarter of 2001 and the renewal or its Normal Course Issuer Bid.

Declaration of Dividend
Industrial Alliance declared today the payment of a quaterly dividend, for the third quarter of 2001, of $0.15 per Common Share. This dividend will be payable in cash on December 14, 2001 to shareholders of record on November 15, 2001.

Normal Course Issuer Bid
Subject to approval of the Toronto Stock Exchange, the Board of Directors has authorized Industrial Alliance to purchase, through an affiliated company, in the normal course of activities, from November 9, 2001 to November 8, 2002, up to 1,875,000 of its Common Shares, representing approximately 5% of the public float (37,193,857) or approximately 5% of the 37,648,193 issued and outstanding shares. The purchases will be made at market prices through the Toronto Stock Exchange, in accordance with its rules and policies. The Common Shares thereby purchased will not be cancelled and will remain available for future use. Industrial Alliance believes that the purchase of its Common Shares represents an effective use of its funds and is in the best interests of the Company and its shareholders. Shareholders may obtain without charge a copy of the documents filed with the Exchange concerning this Bid by writing to the Legal Department of the Company.

This is Industrial Alliance’s second Normal Course Issuer Bid. The first one was announced on September 19, 2000 and ended on October 1, 2001.

About the Industrial Alliance Group
The Industrial Alliance Group is among the most solid financial institutions in the country, where it is an industry leader in insurance and financial services. The Group has operations across Canada through Industrial Alliance (Quebec City) and its subsidiaries, including IA Pacific Life (Vancouver) and National Life (Toronto). The seventh largest life and health insurance company in Canada, the Group insures over 1.5 million Canadians and has more than 2,000 employees. It has $14.7 billion in assets under management and under administration. Industrial Alliance´s stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. It is part of the TSE 300 and the TSE 100, making Industrial Alliance one of the 100 largest public companies in Canada.

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Jacques Carrière
Vice-President, Investor Relations
Office:(418) 684-5275
Cellular:(418) 576-3624