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Industrial Alliance Renews its Normal Course Issuer bid

Quebec City,

News Release

With the approval of the Toronto Stock Exchange, the Board of Directors of Industrial-Alliance Life Insurance Company has authorized the Company to purchase, through an affiliated company, in the normal course of its activities, from December 20, 2002 to December 19, 2003, up to 1,875,000 of its Common Shares, representing approximately 5.02% of the public float and 4.98% of the Common Shares issued and outstanding on December 18, 2002. The purchases will be made at market prices through the facility of 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 third Normal Course Issuer Bid. The previous Bid was announced on November 6, 2001 and ended on November 8, 2002. No Common Shares were purchased under that Bid.

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 the field of insurance and financial services. The Group has operations across Canada through Industrial Alliance in Quebec City, Industrial Alliance Pacific in Vancouver and National Life in Toronto. The seventh largest life and health insurance organization in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,000 people and manages $16.3 billion in assets. Industrial Alliance is one of the 100 largest public companies in Canada and its stock is listed on the Toronto Stock Exchange under the ticker symbol "IAG". The address of the Company’s Web site is www.inalco.com.

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