NU Online News Service, Feb. 21, 10:29 a.m. – ING Groep N.V., Amsterdam, is reporting the equivalent of $4.7 billion in net income for 2002 on $80 billion in revenue, up from $4 billion in net income on $66 billion in revenue for 2001.

ING has insurance and banking operations throughout the world.

The insurance operations generated $3.5 billion in net income for 2002 on $68 billion in revenue, up from $2.5 billion in net income on $56 billion in revenue.

When stated in U.S. dollars, ING’s earnings benefit from a sharp increase in the strength of the euro relative to the dollar. At home, ING is reporting 4.5 billion euros in net income for 2002 on 77 billion euros in revenue, compared with 4.6 billion euros in net income on 74 billion euros in revenue for 2001.

ING Americas, the unit that runs ING operations in North America and South America, increased its operating profit 20%, to $1.1 billion.

ING Americas eliminated the equivalent of 1,180 full-time jobs in 2002, and that helped improve profits by lowering expenses, ING says.

Operating profits at the U.S. financial services unit fell to $670 million, from $953 million, because of the effects of lower stock prices on the performance of variable products. But sales of fixed annuities were up, ING says.

The conversions here are based on an exchange rate of $1=1.0481 euros for the 2002 results, and an exchange rate of $1=0.8858 euros for the 2001 results, using figures published by OANDA Corp., New York.