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NETHERLANDS DAYBOOK: Corio, ING Groep, Pharming, SBM Offshore

May 5 (Bloomberg) -- ING Groep NV, the biggest Dutch financial-services company, reported a 12 percent increase in first-quarter profit that beat analysts’ estimates as earnings at the insurance UNIT almost quadrupled.

Net income rose to 1.38 billion euros ($2.05 billion) from 1.23 billion euros in the first three months of 2010. Profit beat the 1.25 billion-euro average projection of eight analysts surveyed by Bloomberg. Year-earlier figures were restated because of a change in accounting policy related to the U.S. insurance operations.

WATCH TO WATCH: *Pharming (PHARM NA) is amending a late-stage clinical trial with its Rhucin drug. *SBM Offshore (SBMO NA) 1Q sales $683m.

EARNINGS: Preliminary ests, when available, all times CET *Corio (CORA) 5.40 p.m., 1Q net EU75.7m.

CONFERENCES/CORPORATE EVENTS: *AGM: SBMO NA

MARKETS: *The Amsterdam Exchanges Index fell 1.3 percent to 355.91. *The Stoxx Europe 600 Index lost 1.4 percent to 278.52. *The Euro was at $1.4865 at 7:46 a.m.

To contact the reporter on this story: Maaike Noordhuis in Amsterdam mnoordhuis@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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