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ING Canada’s 3Q net income down 41%

ING Canada has reported net income of $92 million for the third quarter ended September 30, 2007, down 41.3% compared to $156.8 million posted in the same quarter of 2006.

The company has reported that for the first nine months of the year, net income amounted to $412.6 million or $3.24 per share compared to $548.7 million or $4.10 per share for the same period of 2006, while direct premiums written reached $3,140.3 million, a 3.6% increase after excluding industry pools. The net income for the nine months is down 24.8% from the same period of last year.

On a per share basis, net income of the company has amounted to $0.74 down from $1.17. Growth remained solid during the quarter with direct premiums written amounting to $1,081.2 million, a 3% increase after excluding industry pools.

Underwriting income for the third quarter amounted to $28.7 million down 70.1% from the corresponding quarter of last year. In personal insurance, automobile insurance underwriting income fell 64% to $26.3 million driven by rate decreases, higher frequency and lower favorable development.

Claude Dussault, president and CEO of ING Canada, said: While organic growth remained solid during the quarter our overall financial performance was down significantly as a result of lower underwriting income, reflecting the continuing decline in industry conditions, and losses on invested assets.