The Canadian subsidiary of insurance giant ING made $173.1 million in the fourth quarter, results well ahead of the $24.7 million profit it had in the last three months of 2003.

ING Canada said its earnings per share for the three-month period ended Dec. 31 amounted to $1.67, compared to 26¢ in last year’s fourth quarter.

Revenues for the fourth quarter also increased to $1 billion from $808 million in the corresponding quarter of 2003.

For 2004, net income amounted to $624.2 million, up from $150.5 million the previous year, on revenues of $3.8 billion, an increase of 25 per cent from $3 billion in 2003.

“The results for both the quarter and the year were driven by improved underwriting results, strong realized investment gains and higher investment income,” ING Canada said in a statement.

ING Canada also announced that it has declared a quarterly dividend of 16.25¢ per share

During the last quarter of 2004, ING Canada also launched an initial public offering of its shares which resulted in gross proceeds of $907 million. Following the exercise of the over-allotment option in January 2005 by the underwriters, the total gross proceeds amounted to $1,043 million.