ING US 3rd-quarter profit falls

ING US 3Q profit falls even as retirement and investment management segments strengthen

Associated Press

NEWS: ING U.S. said Wednesday that its net income fell 5 percent in the third quarter but had strong performances from its retirement and investment management segments.

DETAILS: ING U.S. Inc., which went public in the U.S. in May, is a unit of Dutch financial services company ING Groep NV. ING U.S. provides retirement, investment and insurance services to customers in the United States and plans to rebrand as Voya Financial.

For the ongoing business, operating earnings increased to $484 million from $306 million. Stripping out a gain tied to the Lehman Brothers bankruptcy settlement and other items, operating earnings were $307 million compared with $296 million a year earlier.

The ongoing business includes the retirement, annuities, investment management, individual life and employee benefits segments.

Within the ongoing business, investment management pretax operating earnings climbed 38 percent and rose about 29 percent for the retirement segment.

NUMBERS: For the three months ended Sept. 30, ING U.S. said its net income available to common stockholders was $346.6 million, or $1.32 per share. That's down from $366.5 million, or $1.59 per share, a year earlier.

After-tax operating earnings rose to $283 million, or $1.08 per share, from $176 million, or 76 cents per share.

STOCK: Its shares rose $1.92, or 6.2 percent, to $32.89 in morning trading Wednesday.

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