ING Canada today reported that its profit for the second quarter ended June 30 rose almost 30%, aided by its acquisition of property and casualty insurer Allianz Canada.

Net profit was $223.6 million, or $1.67 a share, compared with $172.4 million, or $1.84 per share a year ago.

Revenue climbed 23.5% to $1.11 billion.

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

The company “delivered strong growth and solid earnings in the second quarter as a result of the positive contribution of Allianz Canada and our efforts to pursue profitable organic growth,” said CEO Claude Dussault.

“The strength of our underwriting activities has also been supported by solid performance from our investment portfolio.”

He said ING’s personal auto 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.”

He added: “Results of our personal and commercial insurance activities remain strong despite the impact of the June storms that hit many communities across the country, especially in southern Alberta.”

ING Canada is the largest provider of property and casualty insurance in the country, offering automobile, property and liability insurance to individuals and businesses through its subsidiaries.