ING Direct 2004 Annual Report Download - page 122
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120 ING Group Annual Report 2004
SEGMENTED OPERATING NET PROFIT OF THE INSURANCE OPERATIONS
2004 2003 2002
OPERATING RESULT FROM LIFE UNDERWRITING
Premiums for own account: – gross premiums 36,975 33,904 38,899
– outward reinsurance premiums 1,619 1,102 1,093
35,356 32,802 37,806
Allocated income and expenses 8,217 8,285 8,289
Other underwriting income for own account 33 94 223
Benefits for own account : – gross 25,776 24,294 29,322
– reinsurers’ share 929 1,011 995
24,847 23,283 28,327
Changes in other insurance provisions for own account:
Provision for life policy liabilities : – gross 12,608 10,520 10,701
– reinsurers’ share 1,511 -351 251
11,097 10,871 10,450
Profit sharing and rebates 684 755 559
Acquisition costs and other underwriting expenditure 2,037 1,327 1,762
Operating expenses 2,536 2,459 2,601
Other insurance expenses for own account 9816
2,396 2,478 2,603
OPERATING RESULT FROM NON-LIFE UNDERWRITING
Premiums written for own account : – gross premiums 6,642 7,288 7,917
– outward reinsurance premiums 756 930 1,275
5,886 6,358 6,642
Changes in provision for unearned premiums and unexpired
non-life underwriting risks : – gross -100 -209 -420
– reinsurers’ share -27 21 -75
-73 -230 -345
Premiums earned for own account 5,813 6,128 6,297
Allocated income and expenses 1,232 920 732
Other underwriting income for own account 27 962
Claims for own account: – gross 3,620 4,196 4,376
– reinsurers’ share 326 458 611
3,294 3,738 3,765
Changes in the claims provision : – gross 16 76 665
– reinsurers’ share -42 -131 40
58 207 625
3,352 3,945 4,390
Acquisition costs and other underwriting expenditure 919 945 890
Operating expenses 883 849 911
Other insurance expenses for own account 309 310 333
1,609 1,008 567
TOTAL OPERATING RESULT FROM INSURANCE OPERATIONS
Operating result from life underwriting 2,396 2,478 2,603
Operating result from non-life underwriting 1,609 1,008 567
Technical operating result 4,005 3,486 3,170
Income from investments 9,944 9,721 10,506
Investment expenses 2,239 2,557 2,629
Additions to the provision for investment losses 32 163 664
Other income 1,777 2,218 1,842
Other expenses 114 34
Allocated income and expenses transferred to result from underwriting -9,449 -9,205 -9,021
Operating profit before tax 4,005 3,486 3,170
Taxation 901 861 540
Operating profit after tax 3,104 2,625 2,630
Third-party interests 119 117 92
Operating net profit for the period 2,985 2,508 2,538
ADDITIONAL INFORMATION RELATING TO THE
CONSOLIDATED PROFIT AND LOSS ACCOUNT OF
ING GROUP (continued)
2.1
ANNUAL ACCOUNTS