Independent rating agencies evaluate the financial solidity and capacity of life and health insurance companies to respect their obligations to their policyholders and creditors.

The ratings assigned to Industrial Alliance are in the upper end of the scale used by the rating agencies, which ranks the company among the most solid institutions in its sector.

These ratings were renewed in 2007 with a stable outlook, except for A.M. Best, which revised its outlook from “stable” to “positive” on May 31, 2007. Consequently, the ratings granted by A.M. Best could be upgraded in the next 12 to 24 months, as long as Industrial Alliance’s financial situation continues to be favourable.

Rating Agency		Type of Evaluation		Rating		Outlook
Standard & Poor's		Financial Strength Rating		A+(Strong)		Stable
		Issuer Credit Rating		A+/Stable/-		Stable
		Subordinated Debentures		A		Stable
		Industrial Alliance Trust Securities (IATS)    Canadian Scale    Global Scale		P-1 (Low) A-		Stable Stable
		Preferred Shares    Canadian Scale    Global Scale		P-1 (Low) A-		Stable Stable
DBRS		Claims Paying Ability		IC-2		Stable
		Subordinated Debentures		A		Stable
		Industrial Alliance Trust Securities (IATS)		A (low)yn		Stable
		Preferred Shares		Pfd-2 (High)n		Stable
A.M. Best		Financial Strength Rating		A (Excellent)		Positive
		Issuer Credit Rating		a+		Positive
		Subordinated Debentures		a-		Positive
		Industrial Alliance Trust Securities (IATS)		bbb+		Positive
		Preferred Shares		bbb+		Positive

See the Industrial Alliance organization chart.