ICBC said its third quarter financial results for 2009 build on a strong first six months and will allow the corporation to continue to invest in road safety initiatives, keep rates low and stable, and begin to plan long-term customer service systems upgrades.

ICBC’s net income for the first nine months of 2009 was $422 million, down $15 million from the same period last year. A continued focus on controlling costs and a rebounding investment portfolio contributed to the financial performance.

Operating costs remain low and consistent with previous years. ICBC says only four cents of every premium dollar is used for administrative costs to operate the insurance business.

ICBC is also planning to invest in customer service systems upgrades. This investment will focus on further improving the customer’s experience and upgrading ICBC’s technology systems to increase efficiency.

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