ING takes first-quarter hit

The firm posted a 19% drop year over year in first-quarter profit due to weaker returns in its real estate and private-equity businesses
MAY 14, 2008
ING Groep NV posted a 19% drop year over year in first-quarter profit due to weaker returns in its real estate and private-equity businesses, and smaller returns from market investments. The Amsterdam, Netherlands-based financial services company posted net income of 1.54 billion euros ($2.4 million), compared with 1.89 billion euros in the year-earlier period. Profit before taxes in ING's insurance division fell 32% to 722 million euros ($1.12 billion), reflecting the effect of lower equity, real estate and private-equity markets. The company recorded a loss of 2.3 billion euros ($3.55 billion) on shareholder equity in the first quarter as a result of the credit crisis. ING was also hurt by a loss of 55 million euros ($85.1 million) due to the credit and liquidity crises.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.