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ING GROUP NET PROFIT UP 2.3 PERCENT FIRST THREE MONTHS OF 1993; BANKING, LIFE INSURANCE RESULTS UP SHARPLY; NON-LIFE DEPRESSED; PROFIT PER SHARE UNCHANGED; ASSETS AND SHAREHOLDERS' EQUITY RISE

 AMSTERDAM, the Netherlands, June 10 /PRNewswire/ -- Internationale Nederlanden Group N.V. (ING Group) reported a net profit of NLG 395 million ($217 million) for the first quarter of 1993, an increase of 2.3 percent over the same period of 1992 when net profit was NLG 386 million ($212 million).
 The results from banking and life insurance operations rose sharply, however, total results were depressed by results of both non-life and non-life reinsurance operations, the Amsterdam-based diversified financial services company reported.
 In connection with a partial payment of the interim dividend for 1992 in ordinary shares, net profit per ordinary share remained at the same level as last year, NLG 1.60 ($0.88) (adjusted for capital movements).
 The results of the first three months of 1993 have been determined in accordance with the new accounting principles which are being applied by ING Group this year. The figures for the first three months of 1992 have been adjusted to the new principles to enable proper comparison.
 Compared with the originally published net profit of NLG 358 million ($197 million) for the first three months of 1992, net profit for the first three months of 1993 increased by NLG 37 million ($20 million) (10.3 percent). This implies an increase in net profit per share by 7.4 percent compared with the originally published net profit of NLG 1.49 ($0.82) (adjusted for capital movements) per share for the first three months of 1992.
 Total assets increased by 4.9 percent from NLG 323.8 billion ($178.3 billion) to NLG 339.5 billion ($187.0 billion) in the first three months of 1993. This was due mainly to an increase in bank lending and growth of investment portfolio of the insurance operations.
 Shareholders' equity rose from NLG 15.6 billion ($8.6 billion) to NLG 16.8 billion ($9.3 billion), an increase of 7.5 percent. This is mainly the result of the retention of 1993 profits and of an appreciation of the insurance investment portfolio. Shareholders' equity per ordinary share rose from NLG 63.32 ($34.87) to NLG 68.05 ($37.47).
 In spite of a 17.6 percent growth in the results of life insurance operations from NLG 125 million ($69 million) in the first quarter of 1992 to NLG 147 million ($81 million) in 1993, total results from insurance operations were NLG 243 million ($134 million) in 1993 vs. NLG 271 ($149 million) during the first quarter of last year.
 The decline was due to several factors such as increased fire and automobile losses in the Netherlands; run-off losses in respect of recent underwriting years relating to discontinued non-life business in the London market and liability claims from a more distant past; and lower results in North America due to claims from natural disasters. In the case of non-life reinsurance results came under extreme pressures due to general negative developments in the market as a whole. As reported earlier, due to lack of positive future prospects, the non-life underwriting of the Netherlands Reinsurance Group (NRG) was discontinued.
 Gross results from banking activities during the first three months of 1993 showed a most satisfactory increase of NLG 67 million ($37 million) (14.5 percent) from NLG 462 million ($254 million) to NLG 529 million ($291 million).
 Bank lending rose by NLG 6.1 billion ($3.4 billion) to NLG 145.4 billion ($80.1 billion) between year-end 1992 and the end of March 1993. In view of the growth in lending volume the addition to the banking provision for general contingencies was increased by NLG 24 million ($13 million)(11.6 percent) to NLG 231 million ($127 million).
 The result of banking operations before taxation for the first three months of 1993 amounted to NLG 298 million ($164 million) compared with NLG 255 million ($140 million) during the same period in 1992. This was an increase of 16.9 percent.
 The executive board of ING Group is of the opinion that it is not yet possible to make a forecast for the results to be expected for the whole of 1993. On the one hand, cost and risk control as well as the improvement of premium rate levels and margins will make a positive contribution to the result. On the other hand, the board must reckon with factors which are difficult to influence such as the run-off of liability claims from the past relating to the (re)insurance activities as well as claims resulting from recent natural disasters. Furthermore, a profit forecast is complicated by national and international economic prospects and the resultant fluctuations in the interest and currency markets.
 ING Group has more than 51,000 employees in 47 countries, offering a full range of financial services for both individual and corporate clients. In North America its operations include 16 life and health and property and casualty insurance companies in the United States and in Canada, and branches of ING Bank in several United States cities.
 NOTE: All profit and loss account figures have been translated at average exchange rates (1 Dutch guilder equals US $0.550) and all balance sheet figures have been translated at the exchange rate ruling on March 31, 1993 (1 Dutch guilder equals US $0.551).
 -0- 6/10/93
 /CONTACT: Internationale Nederlanden Groep N.V., 31-20-541-5411 or, fax, 31-20-541-5451/


CO: Internationale Nederlanden Groep N.V. ST: IN: FIN SU: ERN

RA-HR -- AT001 -- 0475 06/10/93 09:09 EST
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Date:Jun 10, 1993
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