Profitability for the quarter was stimulated by the stock market upswing, which improved the profit by $6.5 million after taxes ($0.08 per common share) compared to the expected result, and by a $1.1 million gain after taxes ($0.01 per common share) resulting from the favourable evolution of the difference between the market value of the debt instruments and that of the underlying assets. The profit was also affected by a $1.2 million after-tax shortfall ($0.01 per common share) resulting from lower sales in the Creditor Insurance sector. The Company did not post any credit losses during the quarter and did not have to strengthen its provisions for future policy benefits, thanks to prudent risk management.

"Our strict management during the crisis and the general improvement in market conditions are paying off," declared Yvon Charest, President and Chief Executive Officer. "Profit was up sharply during the quarter. The return rose to the upper end of our target range. Assets reached a new high. Sales growth has resumed in the retail sectors and even jumped considerably in the Individual Insurance sector. The solvency ratio is above our target range. Financial strength was augmented by a $100 million preferred share issue. The quality of investments remains very high. The leeway that we've developed in the last year to absorb significant potential market downturns remains very good. The dividend was maintained at the same level as the previous quarter. And we continued to build for the future, by signing an agreement to acquire Vancity's socially responsible investing mutual fund business."