Major changes are in the wind for Dutch insurer ING. Not only did it announce today that it has agreed to sell the majority of its real estate investment management business, but Bloomberg reports that ING is considering IPOs in Europe and the United States for its insurance operations.

According to the report, as a precursor to tomorrow's announcement of its fourth quarter earnings, ING is poised to sell its insurance operations as a condition for gaining European Union approval for a bailout. The bank and insurer combined will likely report a net income of EUR 596 million, Bloomberg says, but had a loss of EUR 712 million in the same period last year when it set aside funds for extra payments to the Netherlands after receiving state aid of EUR 10 billion in 2008.

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