Close Close

Life Health > Life Insurance

ING Reports Lower Net Income

Your article was successfully shared with the contacts you provided.

NU Online News Service, Nov. 21, 2:05 p.m. – ING Groep N.V., Amsterdam, is reporting the equivalent of $3.2 billion in total net income for the first three quarters on $610 billion in assets, compared with $10.8 billion in total net income on $614 billion in assets for the first three quarters of 2000.

Net operating income, which excludes a variety of charges, fell to $2.9 billion, from $3 billion.

Life insurance operating profits increased 14%, to $2.1 billion

Revenue figures were not immediately available.

ING did not provide much information on third-quarter results, but comparisons between the three-quarter figures and the half-year figures suggest the company generated $804 million in total net income for the third quarter, down from $5 billion for the third quarter of 2000.

ING reports its earnings in euros. The conversions here are based on an exchange rate of $1=1.12 euros for the 2001 figures, and an exchange rate of $1=1.06 euros for the 2000 figures, based on exchange rates from by OANDA Corp., New York.

ING is a large banking, insurance and asset management company with operations around the world.

The latest results for its North American operations are not directly comparable with the results for the first three quarters of 2000, because it completed deals for ReliaStar Financial Corp., Minneapolis, and Aetna Financial Services, Hartford, at the end of 2000.

ING says results for Aetna Financial and ReliaStar have been weaker than expected, because of the effects of the Sept. 11 attacks and the slump in U.S. equity markets.

The North American life insurance operations are reporting the equivalent of $445 million in operating profits for the first three quarters. Comparisons with the half-year results suggest they generated an operating profit of $47 million for the third quarter.