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ING Reports Higher North American Profits

By Staff Writer

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NU Online News Service, Nov. 14, 2003, 7:08 p.m. EST – ING Groep N.V., Amsterdam, is reporting the equivalent of $1.1 billion in net income for the third quarter on $19 billion in revenue, compared with $755 million in net income on $18 billion in revenue for the third quarter of 2002.

At home, the company is reporting 977 million euros in net income for the quarter on 16 billion euros in revenue, compared with 741 million euros in net income on 17 billion euros in revenue for the comparable quarter in 2002.

North American insurance revenue fell to $8.2 billion, from $8.5 billion. But, at the U.S. insurance operations, “investment losses in the third quarter were close to zero, and the rebounded stock markets also had a favorable effect, leading to a 20% profit growth,” according to ING Chairman Ewald Kist.

Total North American operating income for all of ING’s North American businesses increased to $216 million, from a net loss of $61 million.

The conversions here use an exchange rate of $1=0.86252 euros dollars for the 2003 results, and an exchange rate of $1=0.98102 euros for the 2002 results. The exchange rates come from OANDA Corp., New York.

The drop in the value of dollar between Sept. 30, 2002, and Sept. 30, 2003, cut the euro value of the dollar about 12%.