ING’s 10 billion-euro bailout by the Dutch state in 2008 was triggered as subprime mortgage assets held at its U.S. unit plunged. It has repaid 7.8 billion euros of that sum, with 2.4 billion euros in interest and premiums.
Last year, Hommen won more time from European Union regulators to divest the insurance operations due to weak market conditions. The Dutch firm was ordered to sell its global insurance and asset management operations before the end of 2013 as a condition of the bailout. The European Commission said in November that ING has until the end of 2018 to complete the disposal of its European insurance arm.
ING completed the sale of its Malaysian insurance unit to AIA Group Ltd. for 1.3 billion euros in the fourth quarter. The disposal of its Canadian online bank in November resulted in a 1.1 billion-euro gain after tax, while the sale of ING Direct U.K. led to a loss of 244 million euros in the period.