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The company has said that the fall in earnings is mainly due to the equity markets weakness over the last year, which resulted in a significant reduction in investment gains.
Net operating income for the quarter was $109.5 million, down from $132.5 million during the corresponding quarter in the previous year.
Direct premiums written increased marginally in the quarter to $1.22 billion, excluding industry pools. For the first six months of the 2008, direct premium written increased by 1% as a result of rate increases to reflect the increased cost of claims in auto and home insurance.
ING has reported that its net gains on invested assets declined during the quarter and the first six months of the year as a result of the equity market conditions.
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