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Changes in the Industrial Alliance Group Senior Management Team

Quebec City,

News Release

Industrial Alliance Insurance and Financial Services Inc. (Industrial Alliance) has announced changes to the composition of the Industrial Alliance Group (IAG) senior management team. These changes will impact senior management at the parent company, Industrial Alliance, whose head office is located in Quebec City, and at its subsidiary, The National Life Assurance Company of Canada (National Life), which operates out of Toronto.

Vincent P. Tonna will step down as President and Chief Operating Officer of National Life on March 12 to pursue new professional challenges after a 22-year career with the company. Mr. Tonna played a major role in Industrial Alliance’s acquisition of National Life in 1988 and his leadership contributed significantly to the Industrial Alliance Group’s development activities outside Quebec and in the high-end market. Mr. Tonna has served as President and COO at National Life since 1990.

René E. Trudeau will replace Mr. Tonna as head of National Life in the capacity of Executive Vice-President and Chief Operating Officer. Mr. Trudeau, who has worked at National Life for 35 years, has served as Senior Vice-President and Chief Actuary since 1989. Over the years, Mr. Trudeau has occupied a number of senior management positions in the Actuarial Services sector, including product development and underwriting, as well as in Finance and Taxation. Mr. Trudeau will take office on March 15 and will serve on the IAG Planning Committee that is composed of the top five executives of the Industrial Alliance Group.

Gary J. Coles, who is currently Vice-President, Systems and Services, National Life, has been promoted to Senior Vice-President, Administration. As part of his new duties, Mr. Coles will oversee Information Systems, Individual Insurance and Annuities Administration, Legal, Human Resources and Communications. Since joining National Life in 1975, Mr. Coles has held several positions in a number of departments, including Information Systems, Client Service and Individual Administration.

Michel Sanschagrin, Vice-President and General Manager, Administration, and Chief Actuary of Industrial Alliance, has decided to retire as of May 15. Mr. Sanschagrin, who joined Industrial Alliance in 1997, brought a great deal of insurance and pension plan expertise to the Company, which he mainly acquired while serving as President of Quebec’s Commission administrative des régimes de retraite et d’assurances. While at Industrial Alliance, Mr. Sanschagrin served as Chief Actuary for seven years, during which time he successfully coordinated the Company’s demutualization.

Denis Ricard, who is currently serving as Vice-President, Marketing, Individual Insurance and Annuities, has been promoted to the position of Senior Vice-President and Chief Actuary of Industrial Alliance. Mr. Ricard, who will begin his new duties on March 29, 2004, will be responsible for Actuarial Services, Accounting and Taxation. Since joining the Company in 1985, Mr. Ricard has acquired considerable knowledge of the inner workings of the Industrial Alliance Group through successive work experiences at Actuarial Services in Quebec City and Vancouver, Information Systems, and more recently, in the Individual Insurance and Annuities Marketing sector. Mr. Ricard has been a Fellow of the Canadian Institute of Actuaries since 1988.

David E. Kent, who currently serves as Vice-President, Group Insurance, Employee Plans, and René Chabot, who is currently Vice-President, Group Pensions, have both been promoted to Senior Vice-President in their respective sectors. These two promotions reflect the growing importance of their responsibilities within the Industrial Alliance Group and are effective immediately.

Mr. Kent joined National Life in 1982. As Senior Vice-President, he will continue to coordinate the Industrial Alliance Group’s nationwide Employee Plan Group Insurance activities from the National Life head office in Toronto. Mr. Chabot, who joined Industrial Alliance in 1983, will also continue to oversee IAG’s nationwide Group Pensions activities from the Industrial Alliance head office in Quebec City. The various products and services offered by these two sectors are now being distributed under a single brand name: Industrial Alliance Insurance and Financial Services.

"One of the strengths of the Industrial Alliance Group lies in its ability to draw on its internal human resources in order to build its future workforce," commented Yvon Charest, President and Chief Executive Officer of Industrial Alliance. "The close collaboration that exists between our different sectors and IAG’s three life companies, as well as the entrepreneurial spirit that prevails at the Industrial Alliance Group, allows our managers to take on various responsibilities and acquire essential skills that will in turn enable them to successfully undertake new challenges. I am very pleased to be able to rely on the Company’s vast resources and I am convinced that these new appointments will inject a wave of fresh energy in the Industrial Alliance Group."

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 throughout Canada, through Industrial Alliance (Quebec City), National Life (Toronto) and Industrial Alliance Pacific (Vancouver). The sixth largest life and health insurance company in Canada, the Industrial Alliance Group insures more than 1.7 million Canadians, employs over 2,400 people and manages and administers $19.6 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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Jacques Carrière
Vice-President, Investor Relations
Industrial Alliance Insurance and Financial Services
Office: (418) 684-5275
Cell: (418) 576-3624