ING 1st Quarter Profits Up 32 Percent

Holland’s ING Group announced earnings increases in both its banking and insurance sectors for the 1st quarter. Net pretax profit from combined operations rose 32 percent from €775 million ($697.5 million) to €1.023 billion ($920.7 million) as compared to the previous period in 1999.

ING’s insurance business posted pretax operating revenues of €511 million ($460 million) and a net profit of € 432 million ($384 million) . Net assets increased from €492.8 billion ($443.5 billion) to €552.8 billion ($497.5 billion) in the same period.

A statement by Executive Board Chairman Ewald Kist, which accompanied the earnings announcement stressed ING’s continued expansion.

“Besides excellent results, the first quarter saw a number of crucial strategic initiatives to strengthen further ING’s position as a provider of integrated financial services, such as the launching of ING Direct in France and the on-line retail securities broker One Two Trade in Belgium, the partnership with and participation in Mexico’s largest insurance company Seguros Comercial America and the joint venture with Principal Financial Group to enter the Japanese pension market. On 1 May 2000, we reached an agreement to acquire the US life insurance company ReliaStar. Including ReliaStar, ING will shortly be serving over 30 million clients worldwide,” said Kist.