ING expects the loss on results of 2008
28 January 2009The largest public financial group of Netherlands ING Groep NV expects, that pure losses of 2008 will make approximately 0,4 billion euro.
In 2008 pure losses after sale of divisions and sales of expenses will make 1,0 billion euro.
Thus bank activity should bring to group 0,5 billion of net profit - owing to the franchise in retail divisions in the Netherlands. At the same time, insurance activity in 2008 has led to pure losses at a rate of 0,9 billion euro.
In 2009 ING Groep plans to save one billion euro, including due to staff reduction (7.000 people). Besides the company is going to sell some divisions, which are not concerning the basic sort of activity.
According to the forecast, in fourth quarter 2008 ING Groep has incurred pure losses in volume of 3,3 billion euro. Losses in bank divisions will make 1,3 billion euro, in insurance - 2,0 billion euro.
ING and Dutch government have worked out questions concerning long-term assets: money, allocated by authorities, will be used for withdrawal of 80% of the bonds, provided by the mortgage. Owing to the help from the state the volume of risky actives will decrease approximately on 15 billion euro.
- The largest world insurer incurs losses
- Dutch ING has declared about losses
- Romanian insurer Asirom will enter the market of voluntary pension insurance
- Fortis will not face block Netherlands’ actives
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