Dutch group ING reported its first quarterly loss last week, as it wrote down the value of investments impacted by the market crisis.

ING posted a third-quarter net loss of €478 million, ($918 million) compared with a profit of €1.1 billion ($2.11 billion) a year earlier.

ING’s writedowns included €628 million ($1.2 billion) on stocks and €416 million ($799 million) on assets tied to the bankruptcies of Lehman Brothers and Washington Mutual.

Insurance profit from Europe plunged 72% to €101 million, ($194 million) while Asia and Pacific insurance results fell 87%. The loss in the Americas was €214 million ($412 million).

ING CEO Michel Tilmant says its underlying banking and insurance businesses’ were “generally sound” but warned “weakening economic conditions will put pressure on results into 2009”.

ING last month became the first to get a cash injection of €10 billion ($19.3 billion) from the Dutch government to increase its financial strength.

It will use half of the funds to boost shareholders’ equity at the banking unit and €2 billion ($3.8 billion) to boost the insurance business.