Strong Q1 results at ING Canada

The first quarter of 2006 brought strong results for ING Canada Inc. (TSX: IIC.LV) with a net income to $185.9 million, representing a 17.3% increase from $158.5 million the first quarter of 2005.
Revenue also increased to $1,133.8 million, up 3.2% from $1,098.8 million in the comparable quarter of 2005.
Earnings per share for Q1 2006 amounted to $1.39, compared to $1.19 for the corresponding period in 2005.
ING Canada also declared a quarterly dividend of $0.25 per share on its outstanding common shares, payable on June 30, 2006 to shareholders of record on June 15, 2006.
Claude Dussault, president and CEO of ING says the Company’s investment
results improved as a result of favourable fixed income and equity market gains.
“Our underwriting results benefited from improvements in claims frequency and severity and although prior year claims development was less favourable compared to last year, it was once again strongly positive in the quarter,” Dussault says. “In addition, our total number of insured risks continued to increase, mitigating the impact of reductions in insurance rates.”
Currently ING reports that it anticipates that top line growth for the P & C insurance industry will remain below historical levels for 2006. Additionally depleting ING anticipates is underwriting.
The Company also says commercial insurance will continue to be competitive adding that “while prices are softening, returns are expected to remain above historical levels.”