ING Canada Inc. today reported a drop of 7.9% in its second-quarter profit to $205.9 million from $223.6 million a year ago.

Earnings per share slipped to $1.54 down from $1.67 a year ago.

Revenues for the second quarter were flat at $1.1 billion.

“While we did not achieve the record level of the second quarter of last year, we continued to deliver solid earnings as a result of the sustained strength of our underwriting operations and the robust performance of our investment activities,” said CEO Claude Dussault, in a news relese.

“Both our personal and commercial insurance businesses performed very well during the quarter resulting in a healthy overall combined ratio of 82.7%,” he added.