Property and casualty insurer ING Canada Inc. announced at its annual meeting today that it is looking for more acquisition partners after its 2004 acquisition of Allianz Insurance Co. of Canada improved last year’s results.

“There is considerable room in the industry for further consolidation,” CEO Claude Dussault said at the meeting. “As part of our medium- and long-term growth plan, we intend to be an acquirer and play a role in the consolidation process, to the extent that it creates value for our shareholders.”

Following the Allianz acquisition, ING Canada solidified its leading share of the P&C insurance market. ING’s average premium growth has been 13.5% per year since 1995 — almost twice the industry average of 7%.
The Canadian P&C subsidiary of Dutch financial conglomerate ING Groep offers automobile, property and liability insurance to individuals and businesses through its subsidiaries.

A mix of acquisitions and organic growth, Dussault said, is key to the company’s goal of outpacing the competitive insurance industry’s overall growth.

Dussault stressed the value of the “successful integration of Allianz Canada,” but did not comment on what companies may be future takeover candidates.

The Allianz deal was followed by the purchase of Ontario-based Grey Power Insurance Brokers Inc., the largest company in the Grey Power insurance network. The deal, announced last month, gave ING ownership of four of the eight Grey Power independent brokerages across Canada.

Grey Power insurance products are underwritten by Trafalgar Insurance Co. of Canada, which ING Canada acquired as part of the Allianz deal.

ING Canada previously reported full-year net income of $781.8 million or $5.85 per share, up 25.2% from $624.2 million — or $4.66 per share — in 2004, boosted bya continued strength in underwriting profit and investment results.