Fund manager and life insurer ING Australia has reported a 52% increase in net profit to $327 million for 2004. The company – which is 49% owned by ANZ and 51% by the giant Dutch ING Group – said its result was boosted by strong performance in its risk insurance arm.

CEO Paul Bedbrook says the group’s funds management, superannuation and insurance businesses “have started this year with strong momentum”.

“Risk insurance has been a real strength in recent years and we expect this to continue,” he said.