ING Canada Inc. (TSX: IIC.LV) reported a net income of Cdn$196.9 million for the quarter ended Dec. 31, 2005 – up 13.7% from Cdn$173.1 million in the same period of the preceding year.
Revenues for the fourth quarter also increased to Cdn$1.1 billion – a 10.6% increase from Cdn$1 billion in the corresponding quarter of 2004.
For the 2005 year, the net income amounted to Cdn$781.8 million – up 25.2% from Cdn$624.2 million in the previous year. Revenues in 2005 increased to Cdn$4.4 billion, up 17.6% from the Cdn$3.8 billion recorded in 2004.
Claude Dussault, the president and CEO of ING Canada, commented: “The fourth quarter capped another year of exceptional results for ING Canada. Revenue growth resulting from our acquisition of Allianz Canada, combined with excellent underwriting and investment performance, allowed us to achieve our best year on record.
“Despite increases in the severity of both personal property and commercial insurance claims, reductions in automobile insurance premiums and a softer pricing environment in commercial insurance, we continued to have strong underwriting results.”
Direct premiums written in 2005 increased by Cdn$241.7 million or, 10%. During the fourth quarter of 2005, they increased by 6.4% to Cdn$35.7 million.