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ING Canada Q1 profit slumps to $23M from $126M, hit by weather, stock markets |
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Written by THE CANADIAN PRESS
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Saturday, 17 May 2008 |
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TORONTO - ING Canada Inc. (TSX:IIC) has reported a sharp drop in first-quarter net income to $23 million, compared with $126.2 million a year earlier, blaming turbulent weather and stock markets.
The Canadian property and casualty subsidiary of Dutch-based ING Groep NV said Wednesday that its January-March operating profit fell to $70.2 million from $112.8 million "as a result of the severe storms that hit Central Canada over the winter months."
The decline in net income to 19 cents per share - down from 95 cents a year ago and far short of analyst expectations of 83 cents per share - came as the slide in operating profit was aggravated by declines in equity-market returns.
ING, the largest provider of property and casualty insurance in the country with 11 per cent of the market, said premiums written increased by 1.7 per cent from a year earlier to $860.3 million.
"Our commercial insurance profitability improved significantly and our current-year automobile insurance results remained stable despite the difficult driving conditions resulting from the weather conditions in Quebec and Ontario," commented ING Canada CEO Charles Brindamour.
"However, numerous storms and near-record snowfalls in Central Canada resulted in a loss on our home insurance activities. While the industry's loss ratios are usually higher during the first quarter, this year's weather conditions had a more severe impact than usual."
Meanwhile ING booked an overall investment portfolio market yield of about five per cent, but "the decline in equity markets in the quarter caused a higher level of recognized investment losses."
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Last Updated ( Sunday, 07 September 2008 )
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