NU Online News Service, Feb. 28, 3:53 p.m. – The ING Groep N.V., Amsterdam, is reporting the equivalent of $840 million in net income for the fourth quarter of 2001 on $66 billion in revenue, compared with $1.1 billion in net income on $47 billion in revenue for the fourth quarter of 2000.
The dollar figures given here use an exchange rate of 1 euro=88.58 U.S. cents for the 2001 results, and an exchange rate of 1 euro=94.16 cents for the 2000 results, based on exchange-rate data from OANDA Corp., New York.
Net results for the fourth quarter of 2000 include gains from the sale of investments used to finance major acquisitions. Operating income, which excludes those gains, fell to $840 million, from $905 million.
ING sells banking services and property-casualty services as well as life insurance and annuities.
The life insurance unit is reporting $554 million in operating profits before taxes for the fourth quarter of 2001, down from $715 million.
Pre-tax operating profits at the ING Americas unit increased to $112 million, from $34 million.
U.S. life sales were slower than expected last year because of stock market volatility and a weak economy, but sales of most products other than worksite benefits began to pick up in the fourth quarter, ING says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.