ING Canada profit slips as parent bleeds red ink

Insurer ING Canada Inc. yesterday unveiled a fourth-quarter loss of $64.1-million, or 53 cents a share. The company revealed the red ink shortly after Dutch parent ING Groep NV announced it is changing chief executives, seeking financial aid from the Netherlands government and planning extensive layoffs after losing €1-billion ($1.59-billion Canadian) last year. ING Canada's quarterly performance compared with a year-earlier profit of $95.8-million, or 77 cents a share, and the company attributed the red ink to a $185.8-million impairment to its portfolio of common stocks "as a result of the deep and prolonged drop in value of Canadian equities." Revenue for the quarter was $956-million, down from $1.09-billion. IIC (TSX) rose 5 cents (Canadian) to $31.38.