Dutch giant ING has recorded an operational profit for 2002 of $7.62 billion, almost equal to its 2001 results, but has refused to make any predictions for this year.

The group’s reluctance to comment has been blamed on the global political and economic instability combined with the recent fall in value of European stocks.

And there is no need to worry about the group’s capital base of the insurance arm, with a whopping $26.3 billion registered at the end of 2002. All reports from the Dutch show the insurance sector doing well, with only slight problems with banking. Overall the group recorded a total income of $136 billion.

ING attributed the results to good performances by all developing markets, including its Asia/Pacific sector.