ING Direct 2004 Annual Report Download - page 109

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ING Group Annual Report 2004 107
INCOME
18 PREMIUM INCOME
PREMIUM INCOME
2004 2003 2002
Premium income from life insurance policies 36,975 33,904 38,899
Premium income from non-life insurance policies 6,642 7,288 7,917
43,617 41,192 46,816
Premium income has been included before deduction of reinsurance and retrocession premiums granted.
Premium income includes EUR 18,472 million (2003: EUR 16,259 million; 2002: EUR 21,460 million) relating to investment
type policies of the US, Latin America and Asia-Pacific operations. These policies mainly consist of individual and group
fixed and variable annuities and universal life contracts.
19 INCOME FROM INVESTMENTS OF THE INSURANCE OPERATIONS
INCOME FROM INVESTMENTS OF THE INSURANCE OPERATIONS
2004 2003 2002
Income from disposal of group companies 480 110 518
Income from land and buildings 766 822 872
Income from investments in shares and convertible debentures 1,009 510 1,611
Income from investments in fixed-interest securities:
– debentures 5,537 5,485 6,412
– private loans 329 151 127
– mortgage loans 1,664 1,656 1,781
– policy loans 171 183 208
– deposits with credit institutions 19 31 49
– professional loans 16 17 17
– other 526 757 180
Deposits with insurers 17 19 14
10,534 9,741 11,789
Eliminations 163 218 73
10,371 9,523 11,716
As from 2003, additions to the provision for investment losses are reported on a separate line within Total expenditure.
Previously these additions were reported as an element of Income from investments of the insurance operations.
The comparative figures have been adjusted accordingly.
Income from land and buildings includes an amount in respect of rental income allocated to business units of ING Group
(the same amount is included in Other expenses) of EUR 52 million (2003: EUR 57 million; 2002: EUR 50 million).
Income from investments in land and buildings and shares and convertibles includes realised results on disposal of EUR 1,030
million (2003: EUR 425 million; 2002: EUR 1,357 million).
NOTES TO THE CONSOLIDATED PROFIT
AND LOSS ACCOUNT OF ING GROUP
amounts in millions of euros, unless stated otherwise