ING Direct 2004 Annual Report Download - page 121
Download and view the complete annual report
Please find page 121 of the 2004 ING Direct annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
 |
 |
ING Group Annual Report 2004 119
OPERATING RESULTS BY INSURANCE OPERATIONS AND BANKING OPERATIONS
Insurance Banking
operations operations Total(1)
2004 2003 2002 2004 2003 2002 2004 2003 2002
Premium income 43,617 41,192 46,816 43,617 41,192 46,816
Income from investments of the
insurance operations 9,944 9,721 10,506 9,781 9,503 10,433
Interest result from the
banking operations 8,808 8,115 7,646 8,850 8,166 7,702
Commission 1,201 1,313 1,345 2,581 2,464 2,615 3,782 3,777 3,960
Other income 636 1,007 782 1,148 1,101 940 1,784 2,108 1,722
Total income 55,398 53,233 59,449 12,537 11,680 11,201 67,814 64,746 70,633
Underwriting expenditure 45,384 43,396 49,107 45,384 43,396 49,107
Other interest expenses 1,140 1,291 1,305 1,019 1,124 1,288
Salaries, pension and social
security costs 2,763 2,735 2,764 4,981 4,694 4,787 7,744 7,429 7,551
Additions to the provision
for loan losses 465 1,125 1,435 465 1,125 1,435
Additions to the provision
for investment losses 32 163 664 32 163 664
Other expenses 2,074 2,162 2,439 3,677 3,490 3,511 5,751 5,652 5,950
Total expenditure 51,393 49,747 56,279 9,123 9,309 9,733 60,395 58,889 65,995
Operating profit before tax 4,005 3,486 3,170 3,414 2,371 1,468 7,419 5,857 4,638
Taxation 901 861 540 857 599 333 1,758 1,460 873
Operating profit after tax 3,104 2,625 2,630 2,557 1,772 1,135 5,661 4,397 3,765
Third-party interests 119 117 92 153 227 240 272 344 332
Operating net profit for the period 2,985 2,508 2,538 2,404 1,545 895 5,389 4,053 3,433
(1) The column Total includes eliminations with regard to Income from investments of the insurance operations of EUR 163 million (2003: EUR 218 million; 2002:
EUR 73 million), Interest result from the banking operations of EUR -42 million (2003: EUR -51 million; 2002: EUR -56 million) and Other interest expenses of
EUR 121 million (2003: EUR 167 million; 2002: EUR 17 million).