THE HAGUE, May 8
(Xinhua) -- ING had a significantly
higher profit in the first quarter
of 2013 compared to a year earlier,
the Dutch bank and insurer reported
on Wednesday.
Underlying net
profits rose to 800 million euros (1
billion U.S. dollars) from 579 million
euros a year earlier. The total
net profit increased to 1.8 billion
euros, compared to 728 million euros
in the first quarter of
2012.
The result included 940 million
euros in net gains on divestments,
mostly from the sale of the
life insurance business in
Asia.
"ING has demonstrated
steady progress so far this year
on the group's restructuring,
culminating with the successful IPO of
our U.S. insurance business completed
last week," Jan Hommen, CEO of
ING Group, said in a press
release.
"The transaction satisfied
our agreement with the European
Commission to sell 25 percent of the
U.S. business before the year-end
deadline, while raising 0.5 billion euros
of proceeds for the group," added
Hommen.
ING must divest its
insurance and investment management
businesses as part of a restructuring
program agreed with the European
Commission following Dutch state aid
it received in 2008 and 2009. This
process should be finished in 2018.
（Editor：GaoYinan）
