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ING Canada reports Q4 net loss of C$64.1 million

ING Canada, provider of automobile, property and liability insurance, reported a net loss of CC$0.53 per share

ING Canada, provider of automobile, property and liability insurance, has reported a net loss of C$64.1 million, or C$0.53 per share, for the fourth quarter ended December 31, 2008, compared to a gain of C$95.8 million, or C$0.77 per share, for the same quarter ended December 31, 2007.

The company said that the decline reflects the impairment of C$185.8 million or C$1.06 per share of common equities as a result of the deep and prolonged drop in value of Canadian common equities.

Net operating income for the fourth quarter of 2008 was C$75.1 million, or C$0.63 per share, down 35.5% from C$116.4 million, or C$0.93 per share, recorded in the same quarter of 2007. The overall combined ratio for the quarter was 98.9%, up 5.7% points from the same quarter of 2007.

Net income for the year 2008 was C$128.2 million, down 74.8% from C$508.3 million posted for the year 2007. The overall combined ratio for the year was 97.1%.

For the year 2008, net operating income was C$360.7 million, down 21.1% from C$457 million, for the year 2007, mainly as a result of the impact of the severe storms that prevailed during the year.