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 2008 and confirmed at the beginning of 2009 with a stable outlook, except for Standard and Poor’s, which revised its outlook from Stable to Negative on March 20, 2009.

Rating Agency		Type of Evaluation		Rating		Outlook
Standard & Poor's		Financial Strength Rating		A+(Strong)		Negative
		Issuer Credit Rating		A+(Strong)		Negative
		Subordinated Debentures		A		---
		Industrial Alliance Trust Securities (IATS)    Canadian Scale    Global Scale		P-1 (Low) A-		--- ---
		Preferred Shares    Canadian Scale    Global Scale		P-1 (Low) A-		--- ---
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)		Stable
		Issuer Credit Rating		a+		Stable
		Subordinated Debentures		a-		Stable
		Industrial Alliance Trust Securities (IATS)		bbb+		Stable
		Preferred Shares		bbb+		Stable

See the Industrial Alliance organization chart.