ING Canada Inc. today reported its profit fell 22.7% in the third quarter because of lower revenue.

The insurance company posted earnings of to $156.8 million, or $1.17 per share, down from $202.8 million, or $1.52 per share a year ago. That reflects lower realized investment gains and a reduction in underwriting income.

Revenue for the three months ended Sept. 30 was $1.08 billion versus $1.1 billion last year.

“Our ability to once again deliver robust underwriting income in an environment characterized by lower personal and commercial insurance rates reflects our disciplined underwriting and pricing capabilities,” said CEO Claude Dussault, in a news release.

“Our investment activities continue to deliver solid returns.”

Looking forward, ING said it expects underwriting results should continue to exceed historical averages, even though top-line growth for the property and casualty insurance industry remains below historical levels.

ING Canada is a provider of property and casualty insurance. It offers automobile, property and liability insurance to individuals and businesses through its insurance subsidiaries.