Global insurance giant ING, has posted a 2002 operational net profit of 4.253bn euros (£2.88bn).
The operational profit result was equal to the previous year, it said.
The group, which boosted its solvency by $1.7bn (£1.06bn) last year, was expected to beat its 2002 earnings as it anticipated in the market that it would have used up its remaining reserves.
Shares in the group have fallen by about 50% in the last year according to Reuters, to leave ING valued at 28bn euros (£19.02bn).
