ING Group reports surge in Q4 underlying net profit
ING Group has reported that its underlying net profit for the fourth quarter of 2007 increased 23.9% to E2.62 billion, supported by gains on equities.
The group's net profit for the quarter has improved by 18.1% to E2.48 billion, or E1.18 per share. Full-year underlying net profit increased 19.4% to E9.17 billion as compared to 2006. Net profit for the period raised 20.1% to E9.24 billion, or E4.32 per share. ING has realized commercial growth, despite challenging environment with new life insurance sales up 26.8% in the fourth quarter of 2007, driven by central Europe, Asia, the US and Latin America. Volumes in banking continue to grow, with loans and advances to customers up E24.5 billion in the quarter. Michel Tilmant, chairman of ING, said: In 2007 we continued to deliver on our strategic priorities without distraction from the market turmoil. We made significant investments to grow organically, we acquired new platforms for growth in developing markets, such as Oyak Bank in Turkey, and we expanded our pension franchise in Latin America.
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Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
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