ING Direct 2004 Annual Report Download - page 86

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84 ING Group Annual Report 2004
DEFERRED TAX ASSETS IN CONNECTION WITH UNUSED TAX LOSSES CARRIED FORWARD
2004 2003
Total unused tax losses carried forward 3,470 4,312
Unused tax losses carried forward not recognised
as a deferred tax asset 1,817 1,868
Unused tax losses carried forward recognised
as a deferred tax asset 1,653 2,444
Average tax rate 27.8% 29.7%
Deferred tax asset 459 725
TOTAL UNUSED TAX LOSSES CARRIED FORWARD AS AT 31 DECEMBER ANALYSED BY EXPIRATION TERMS
2004 2003
– up to five years 630 742
– five to ten years 332 360
– ten to twenty years 938 1,677
– unlimited 1,570 1,533
3,470 4,312
8 ACCRUED ASSETS
ACCRUED ASSETS
2004 2003
Accrued interest and rents 8,345 7,945
Deferred acquisition costs of insurance business 10,350 9,760
Other accrued assets 2,453 2,758
21,148 20,463
As at 31 December 2004, Other accrued assets included options held by the group for the account and risk of customers
amounting to EUR 52 million (2003: EUR 64 million). These are customers' options, which are not segregated from the assets
and liabilities of the group and, therefore, included in the balance sheet. The associated liability is included in Other liabilities.
As at 31 December 2004, an amount of EUR 11,535 million (2003: EUR 9,971 million) was expected to be recovered or settled
after more than one year from balance sheet date.
DEFERRED ACQUISITION COSTS OF INSURANCE BUSINESS BY GEOGRAPHICAL AREA
Life Non-life
insurance insurance Total
2004 2003 2004 2003 2004 2003
Netherlands 443 466 60 62 503 528
Belgium 47 52 18 16 65 68
Rest of Europe 209 189 43213 192
North America 5,923 5,890 246 193 6,169 6,083
Latin America 74 74 99 56 173 130
Asia 3,226 2,729 223,228 2,731
Australia 29 29
Other -1 -1 -1 -1
9,921 9,399 429 361 10,350 9,760
NOTES TO THE CONSOLIDATED BALANCE SHEET
OF ING GROUP (continued)
2.1
ANNUAL ACCOUNTS