ING Canada Inc. has reported an 82 percent drop in first-quarter profit, blaming turbulent weather and slumping equity markets.
Canada's biggest property and casualty insurer, ING said it had earned C$23 million, down from C$126.2 million a year earlier.
The Canadian property and casualty subsidiary of Dutch-based ING Groep NV, said net operating income fell 38 percent to C$70.2 million, or 56 Canadian cents a share, from C$112.8 million, or 84 Canadian cents a share.
Harsh winter
“The harsh winter conditions during the first three months of the year adversely impacted an otherwise solid operating performance,” chief executive Charles Brindamour said in a release.
“Numerous storms and near-record snow falls 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,” he said.
May 14, 2008