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Industrial Alliance Renews its Normal Course Issuer bid

Quebec City,

News Release

Following the approval of the Toronto Stock Exchange, the Board of Directors of Industrial Alliance Insurance and Financial Services Inc. has authorized the Company to purchase, through an affiliated company, in the normal course of its activities, from December 24, 2003 to December 23, 2004, up to 1,900,000 of its Common Shares, representing approximately 4.83% of the Common Shares issued and outstanding on December 18, 2003. Under this authorization, 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 would represent an effective use of its funds and would be 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.

No common shares were purchased under previous Normal Course Issuer Bids. The previous Bid ended on December 19, 2003.

About Industrial Alliance
Industrial Alliance is a life and health insurance company that offers a full line of insurance products and financial services. Created in 1892, Industrial Alliance is now the parent company of a large financial group – the Industrial Alliance Group – which has operations throughout Canada. The sixth largest life and health insurance company in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,100 people, and manages and administers $18.6 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.

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Information:
Jacques Carrière
Vice-President, Investor Relations
Industrial Alliance Insurance and Financial Services
Office: (418) 684-5275
Cell: (418) 576-3624