TORONTO, July 29 (Reuters) - Industrial Alliance Insurance and Financial Services Inc (IAG.TO: Quote, Profile, Research) reported a slightly higher profit in the second quarter, helped in part by an after-tax gain, the company said on Tuesday.

Industrial Alliance, which sells life insurance and manages mutual funds, said net income available to common shareholders was C$63.4 million ($62 million), or 78 Canadian cents a share, in the three months ended June 30.

That compares with C$62.1 million, or 77 Canadian cents a share, in the same quarter of 2007. ($1=$1.03 Canadian) (Reporting by Frank Pingue; Editing by Bernadette Baum)