ING Insurance Canada (home and auto insurer) has posted net income of $57.3 million this quarter ($0.47 per share), down from $92 million in the same time last year. Underwriting income for ING more than doubled from $29 million to $61.9 million YoY, but the company underperformed (and bearly beat expectations) because of the direct impact of the financial crisis. The company said it has stopped the repurchase of its own shares, it has decreased its common share portfolio by $260 million, increased diversification, and it is now more heavily invested in Canadian treasury bills. ING International has also announced a significant net loss of 585 euros, again, mainly because of the financial credit crisis. No cost cutting plans in Canada were announced, including job cuts, though ING faces increased competition, increases in claims, and also has to deal with the unfavorable capital markets right now. ING has also announced it is selling its Taiwanese life insurance business to Fubon Financial Holding for $600 million USD.