ING Canada stated in its second quarter earnings release that "industry returns in automobile insurance are likely to exceed historical levels for the coming twelve months." The company notes that potential rate reductions and the positive impact of the reforms adopted by various governments will contribute to these high rates of return.
The December acquisition of Allianz Canada bolstered ING Canada Inc.'s second quarter profits by 30% to reach $223.6 million compared with $172.4 million for the same period last year.
"Our personal automobile insurance business performed strongly during the quarter as a result of continuing low claims frequencies, favourable reserve developments and the positive contribution of industry pools," explained ING Canada's president and CEO, Charles Dussault. He added that consumers have benefited from lower automobile premiums with an average 8.4% rate reduction so far this year.
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