TORONTO, Feb. 23 /CNW/ - ING Canada (TSX: IIC) announced today that its Board of Directors has decided to increase the company's quarterly dividend by 3.2%, or 1 cent to 32 cents per share on its outstanding common shares. The dividend will be payable on March 31 to shareholders of record on March 16.

According to ING Canada President and CEO, Charles Brindamour, "the decision to increase our quarterly dividend reflects our objective of returning value to shareholders. With today's announcement, we continue increasing our dividend on a yearly basis. The increase is also a reflection of the strength of our financial position, as well as the quality of our operating earnings." ING Canada reported earlier that at the end of the year 2008, it had $427.5 million in excess capital, a minimum capital test ratio of 205% and no debt.

About ING Canada

ING Canada offers automobile, property and liability insurance to individuals and businesses through its insurance subsidiaries. It is the largest provider of property and casualty insurance in the country with more than $4 billion in direct written premiums.