ING Canada Inc. today reported a 22% increase in third-quarter revenue, with a 24% rise in earnings.

The property and casualty insurer said net income was $202.8 million or $1.52 per share in quarter ended September 30, up from $163.6 million, $1.22 per share, from the year-ago period.

Revenue was $1.12 billion, up from $919.7 million.

The company said year-over-year comparisons were boosted by last year’s acquisition of Allianz Canada.

In a release, the company said profits “were driven by the continued strength of the underwriting results, higher investment income and realized investment gains.”

However, underwriting income was down from a year ago.

“The impact of the Aug. 19 storms in Ontario, heavy rain across Canada, rate reductions in automobile insurance and the higher cost of claims in commercial insurance was partially offset by continued positive development of prior-year reserves,” said Claude Dussault, president and CEO of ING Canada.

Return on equity was 36.5% in the year to Sept. 30, off from 39.6% in the prior year.