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Industrial Alliance Publishes its 2006 Annual Financial Statements and its Management's Discussion and Analysis

Quebec City,

News Release

Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or the "Company") published its 2006 annual consolidated and audited financial statements as well as its management’s discussion and analysis on the SEDAR website at www.sedar.com. The Company has also added these documents to the Investor Relations section of its website at www.inalco.com under Financial Reports.

SEDAR, whose acronym stands for System for Electronic Document Analysis and Retrieval, is the official site that provides access to documents and information filed with the Canadian Securities Authorities by public companies, of which Industrial Alliance is a part.

The 2006 financial statements and management’s discussion and analysis will be integrated into the Company’s annual report at a later date. The annual report will be available starting at the end of March 2007.

About Industrial Alliance

Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fifth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations across Canada as well as in the Northwestern United States. Industrial Alliance contributes to the financial well-being of over 3 million Canadians, employs more than 2,800 people and manages and administers over $46 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
Office phone: 418 684-5275
Cell phone: 418 576-3624