ING Groep, the Dutch bank and insurer, reported 793 million Euro – or USD$1.08 billion - net loss for the first quarter, blaming falling asset prices, the weak performance of insurance contracts, and charges for restructuring its business.

The figure compares with net profit 1.54 billion euros in the same period a year ago and with a 3.1 billion euro loss in the fourth quarter.

Losses came from all directions for the financial group, which said it suffered a total of 1.7 billion euros worth of negative impacts stemming from the market turmoil.

ING's insurance arm lost 979 million euros on a mix of bad investments and a 550 million euro charge on insurance contracts that aren't worth as much as the company originally thought.

The company announced 7,000 job cuts in January, representing five per cent of its total work force, and said that nearly 5,400 have been cut so far.