Financial market improvement in the third quarter has turned things around for rescued Dutch bancassurer ING.

A €499 million ($801 million) net profit for the three months to September 30 compares with a net loss of €478 million ($767 million) in the corresponding period last year.

Global insurance brought in €587 million ($942 million) before tax, compared with last year’s €496 million ($796 million) loss.

ING says that while insurance sales improved from the second quarter, investment margins came under pressure following de-risking measures taken earlier this year.

The group plans to sell its insurance operations in order to pay back the Netherlands Government, which stepped in with a €10 billion ($16 billion) capital injection last October in the depths of the global financial crisis.

ING’s Australasian insurance joint venture became wholly owned by ANZ Bank in September.