Industrial Alliance Insurance and Financial Services (OTCPK:IDLLF) - IAG.TO on the TSX - is a diversified Canadian financial company primarily engaged in insurance sales and wealth management through an advisor network system.
Since 2000, the shares have traded below or close to book in four distinct episodes - each time, the shares rallied significantly within a short time frame.
Source: Recent investor presentation.
As of close on October 26th, IA (Industrial Alliance) traded at 0.985 of the last reported book value, so the true ratio is likely lower given continued profit generation