ING Canada Results, Not So Good
Toronto-based ING Canada Inc., the country's largest P/C insurer and a division of ING Groep NV, reported another drop in profit for the sixth straight quarter, due to an increase in automobile claims.
Third-quarter net income fell 41 percent to C$92 million ($101 million), or 74 cents a share, from C$156.8 million, or C$1.17, a year earlier, said ING Canada. Further, underwriting income declined 70 percent to C$28.7 million because on higher claims from car accidents and an increase in Western Canadian storms.
The company said accident benefit and bodily injury claims are increasing in Ontario, which may lead to higher premiums. Direct premiums written climbed 4.2 percent to C$1.08 billion because of increases in personal insurance.
Meanwhile, in other ING news, Malaysia's Public Bank Berhad has agreed via a 10-year agreement to exclusively sell ING insurance products in the region.
According to ING, the agreement also serves to facilitate cooperation between the two companies in the entire Asia Pacific region, in markets where both companies are active.
Continuing in its desire to expand abroad, the Dutch insurer has spent about $4 billion acquiring financial companies in Turkey and Latin America this year, and said it plans to acquire the U.S. online broker ShareBuilder Corp. for $220 million to strengthen its online banking operations.
Published on November 7, 2007
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