ING has profit in first quarter DesMoinesRegister.com
Des Moines is home to about 900 ING employees and is now the co-headquarters, along with West Chester, Pa., of ING Financial Solutions. The unit, created last year, is made up of ING's annuity and other retirement product operations.
Operating profit for the U.S. insurance business, which includes the Des Moines operations, was 148 million euros ($187 million), down from 154 million euros a year ago, reflecting lower investment margins as the company tried to manage its risk.
Profits from continuing life and retirement services business increased 19 percent to 132 million euros ($167 million). Lower sales of variable annuities were mainly responsible for a 19 percent sales decline in the United States, while sales of full service retirement plans increased, the company said.
Overall insurance operations, which are planned to be spun off into their own company by 2013, reported a profit of 269 million euros ($341 million) before taxes, compared with a loss of 954 million euros in the same period a year ago.
