ING Groep NV (INGA), the biggest Dutch financial-services company, reported a 12 percent increase in first-quarter profit that beat analysts’ estimates as earnings at the insurance UNIT almost quadrupled.
Net income rose to 1.38 billion euros ($2.05 billion) from 1.23 billion euros in the first three months of 2010. Profit beat the 1.25 billion-euro average projection of eight analysts surveyed by Bloomberg. Year-earlier figures were restated because of a change in accounting policy related to the U.S. insurance operations.
WATCH TO WATCH: *Pharming (PHARM NA) is amending a late-stage clinical trial with its Rhucin drug. *SBM Offshore (SBMO NA) 1Q sales $683m.
EARNINGS: Preliminary ests, when available, all times CET *Corio (CORA) 5.40 p.m., 1Q net EU75.7m.
CONFERENCES/CORPORATE EVENTS: *AGM: SBMO NA
MARKETS: *The Amsterdam Exchanges Index (AEX) fell 1.3 percent to 355.91. *The Stoxx Europe 600 Index (SXXP) lost 1.4 percent to 278.52. *The Euro was at $1.4865 at 7:46 a.m.
To contact the reporter on this story: Maaike Noordhuis in Amsterdam firstname.lastname@example.org
To contact the editor responsible for this story: Kenneth Wong at email@example.com