Dutch financial services giant ING Group N.V. posted a 14 percent rise in profits in the fourth quarter as a result of a strong insurance division and lower tax rates, reported the Associated Press.

Net profits set a company record of 2.1 billion euros, compared with 1.84 billion euros in the same period a year earlier. Income from all sources was up 1.1 percent to 18.1 billion euros as strong investment income and commissions overcame decreases in income from insurance premiums and interest.

Pretax insurance profits were up 31 percent to 1.34 billion euros as a result of strong performance from stock markets, which boosted the portfolio of investments the company holds to pay potential claims. Taxes were down more than 40 percent to 287 million euros.