AMSTERDAM (

TheStreet

) --

ING

(ING) - Get Report

said third-quarter earnings fell 26% after the Dutch financial services company recorded a goodwill writedown related to its U.S. insurance business.

ING said net earnings were €371 million ($512.4 million) vs. €499 million a year earlier. The writedown in the quarter was €513 million.

ING said underlying profit rose to €1.04 billion, up 43% from €727 million a year earlier.

Revenue in the quarter was €12.79 billion compared with €11.81 billion last year.

ING said it continues "to make good progress towards our strategic priorities" as it works to create stand-alone banking and insurance divisions.

"The operational separation is gaining momentum and costs for this year are coming in at the low end of our expectations," said Jan Hommen, ING's CEO, in a statement Wednesday. "While the option of one IPO remains open, we are going to prepare ourselves for a base case of two IPOs for our insurance businesses."

ING said it would record a pretax writedown of about €1 billion in the fourth quarter as it works to bring its U.S. insurance accounting and hedging "more into line with U.S. peers."

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.