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Appointment of Michel Laurin as President of Industrial Alliance Auto and Home Insurance

Quebec City,

News Release

Yvon Charest, President and CEO of Industrial Alliance Insurance and Financial Services, announced today the appointment of Michel Laurin as president and chief operating officer of Industrial Alliance Auto and Home Insurance. This company is a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services and operates in the general insurance sector.

“We are pleased to welcome such an accomplished administrator to the Industrial Alliance Group,” stated Mr. Charest. “Mr. Laurin is highly respected in the financial services industry, where he rapidly developed his expertise and has enjoyed continued success. Known for his dynamic, hands on approach, Mr. Laurin will be able to put his vast knowledge to work in pursuing the growth objectives set forward by Industrial Alliance Auto and Home Insurance by promoting an even greater co-operation with Career network representatives, thereby perpetuating a strategic partnership that has always served the Group’s interests well.”

Mr. Laurin knows the general insurance industry well since he has been working in this field for 15 years. An actuary by training, he had until this time served as Vice-President, Actuarial and Technical Insurance Services, at Meloche-Monnex, a large general insurance firm. Mr. Laurin is eager to face this new challenge, especially since this constitutes a return for him to the Industrial Alliance Group, where he worked from 1995 to 1998. As president and COO, Mr. Laurin’s principal mandate will be to pursue the development of Industrial Alliance Auto and Home Insurance in order to position it among Quebec’s direct distribution leaders.

Mr. Laurin will replace John Harbour, who is retiring after an extensive career in financial services. Over the last four years, Mr. Harbour, who oversaw Industrial Alliance’s general insurance operations, was able to increase the company’s business volume considerably following the implementation of an ambitious development plan, whose growth strategy was based on direct distribution methods that relied mainly on referrals by representatives working in the parent company’s Career network. This strategy has clearly paid off as sales in 2001 more than doubled and written premiums reached $43 million. The company aims to double the amount of written premiums again within the next two years.

Industrial Alliance Auto and Home Insurance presently employs close to 240 people, which is more than twice the number of personnel from just over two years ago. The company was recently presented with the Job Creation award in the Services and Trade category for the province of Quebec at the annual Gala des 500. It also received the Fidéide award for manpower development (medium and large sized companies) at the Gala des Fidéides 2002, which is organized by the Sainte-Foy Regional Chamber of Commerce.

About Industrial Alliance
Industrial Alliance is a life and health insurance company offering a full line of insurance products and financial services. It is at the head of a large financial group – the Industrial Alliance Group – that has operations across Canada. In the life insurance sector, the Group operates through Industrial Alliance in Quebec City, IA Pacific Life in Vancouver and National Life in Toronto. It also conducts activities in the general insurance sector through Industrial Alliance Auto and Home Insurance. The seventh largest life and health insurance company in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,000 people and manages over $15.1 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. It is also part of the TSE 300 and TSE 100, ranking Industrial Alliance as one of the 100 largest companies in Canada.

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Suzan Michaud
Director, Marketing
Industrial Alliance Auto and Home Insurance
Telephone: (418) 650-4600, ext. 3024

Hélène Cloutier
Manager, Public Relations
Industrial Alliance Insurance and Financial Services
Telephone: (418) 684-5000, ext. 4563