AMSTERDAM, Feb 18 (Reuters) - Dutch financial services group ING (ING.AS) posted a fourth-quarter loss of 3.7 billion euros ($4.7 billion) due to writedowns and said on Wednesday it will focus on fewer businesses and markets.
Two analysts expected ING's quarterly net loss to be around 3.9 billion euros for the period, while ING's full year loss was 729 million euros, better than its forecast last month and the average estimate of 858 million euros from four analysts.
ING gave preliminary figures last month when it got state guarantees for 22 billion euros ($27.8 billion) of risky U.S. credit assets and expected a full year loss of around 1 billion euros.
"Our basic strategy, based on retail savings and investments, is a solid foundation for the future, but we must reduce the complexity of the Group by focusing on fewer businesses and markets", ING Chairman and designated Chief Executive Jan Hommen said in a statement.
The Dutch bank and insurance group, which got a 10 billion euro injection from the Dutch state last October, wants to divest assets to reduce risks, cope with the credit crisis, and focus on savings and investment products.
ING shares have fallen 72 percent in the past year, worse than a 47 percent fall of the DJ Stoxx European insurance index .SXIP, and trading at 5.2 times expected 2009 earnings per share compared to 6.1 for rival Allianz (ALVG.DE) and 4.4 for UK's Prudential Plc (PRU.L). (Reporting by Gilbert Kreijger; Editing by Elaine Hardcastle) ($1=.7908 Euro) |