ING gears up for insurance sale

ING will probably spin-off its insurance arm in two separate stock market listings in Amsterdam and New York, says chief executive Jan Hommen.

ING would have a Europe-focused listing for its Asian insurance business, while a US initial public offering would have a strong position in retirement services. The Europe flotation would probably include its UK general insurance arm, ING Direct.

However, Hommen said the Dutch bankassurance giant was still in talks with many interested parties over the insurance units. Aviva has already cast the slide rule over the business to see if it is worth buying.

Hommen was speaking after the insurance business posted a €656m third quarter loss due to writedowns in the US. ING Group's third-quarter net profits, fell to €371m from €499m last year, reports the Financial Times.