Company: ING Group, N.V.

Manulife Financial and Metlife are among the companies that have submitted first round bids for ING's entire Asia life insurance business, sources said on Saturday, in what could be the largest Asia M&A insurance deal ever.

AMSTERDAM (Reuters) - Dutch financial services group ING <ING.AS> is set to renegotiate a restructuring agreed with the European Commission in return for a 10 billion euro ($13 billion) state bailout, potentially resulting in fewer sales of smaller assets.

Dutch bank and insurer ING Groep NV said Wednesday its first quarter earnings were cut in half due to a myriad of charges and provisions, while its core businesses were modestly weaker.

AMSTERDAM (Reuters) - Dutch bank and insurer ING's <ING.AS> sale and review process of its Asian insurance and investment management business is going well and the group will know more about the outcome at the end of the second quarter, the chief executive said on Wednesday.

AMSTERDAM (Reuters) - Dutch financial services group ING <ING.AS>, which had to sell assets because it received state aid in the 2008 crisis, said it will renegotiate its restructuring with the European Commission, potentially reducing the extent of the ongoing divestments.

Major business events and economic events scheduled for Wednesday:

Australia's Macquarie Group and Japan's Nikko Asset Management are among the companies interested in buying ING's Asian asset management business, sources said, in a deal that could be worth $500-600 million. 

ING has sent out information booklets for the sale of its Asian life insurance business to some potential suitors and asked them to submit first-round bids by the third week of May, sources familiar with the matter told Reuters.