IndiaInsurance
11th November 2010, 02:54 PM
ING net falls 26% on US insurance writedown; plans 2 IPOs by Dec end ING Groep NV, the biggest Dutch financial-services company, reported a surprise 26% drop in third-quarter profit after a writedown at its US insurance business. Net income fell to 371 million euros ($511 million), from 499 million euros a year earlier, Amsterdam-based ING said in a statement on Wednesday. Earnings missed the 938.4 million-euro average estimate of 14 analysts surveyed by Bloomberg as the company wrote down goodwill at the insurance unit by 513 million euros. ING agreed to split its insurance and banking units by the ...
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More... (http://in.biz.yahoo.com/100730/50/baw1hy.html)