ING records 1Q13 underlying net profit of EUR 800 million

he company is also accelerating preparations for the initial public offering of its European insurance company, with the aim of taking it to market in 2014

May 08, 2013 4:35 IST | India Infoline News Service
Dutch bancassurer ING Group NV on Wednesday reported a surge in the first-quarter profit. Group 1Q13 underlying net profit rose to EUR 800 million from EUR 579 million in 1Q12 and EUR 483 million in 4Q12, ING said in a press release.

“ING has demonstrated steady progress so far this year on the Group’s restructuring, culminating with the successful IPO of our US insurance business, which was completed last week. The transaction satisfied our agreement with the European Commission to sell 25% of the US business before the year-end deadline, while raising EUR 0.5 billion of proceeds for the Group,” Jan Hommen, CEO of ING Group, said.

“We are now accelerating preparations for the base case of an IPO of our European insurance company, with the aim of being ready to go to the market in 2014,” Mr Hommen said further.

“At the same time, the Bank has continued to show strong capital generation, with a Basel III core Tier 1 ratio of 10.9%, well above our 10% target, allowing us to plan another EUR 1.5 billion upstream to the Group in the second quarter. This, combined with the US IPO proceeds, is expected to reduce the double leverage in the holding company from EUR 7 billion to EUR 5 billion, taking us a step closer to completing the financial and governance separation of the banking and insurance businesses,” Mr Hommen added.

Insurance ING U.S. 1Q13 operating result EUR 87 million against EUR 119 million in 1Q12 and EUR 137 million in 4Q12.

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