ING Direct 2006 Annual Report Download - page 16

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Premium income per business line
in EUR million
Insurance Europe 23% 10,552
Insurance Americas 51% 24,118
Insurance Asia/Pacific 26% 12,136
Other 28
Total 100% 46,834
The underlying profi t before tax from
the insurance operations rose 22.9%
to EUR 4,886 million in 2006. Strong
growth in retirement services and life
insurance in developing markets, higher
investment returns and a favourable claims
environment in non-life insurance all
helped boost the overall result.
ING has extensive insurance operations
throughout the world. In the Netherlands
and Belgium, ING is a leading insurance
company. In the rapidly growing countries
of Asia and Central Europe, we are
expanding our market share. ING is one
of the top-10 providers of retirement
services and annuities products in the
United States. The continued focus on
cost control led to an improvement in
the effi ciency ratios for life and investment
products.
Looking ahead
Around the world, more people than
ever before are approaching retirement.
People are also becoming wealthier. This
means there is and will continue to be
strong demand for retirement services and
insurance. ING is very well positioned to
tap into this growth.
The push to increase organisational
effi ciencies in mature markets through
expense reduction, renewed systems
and rationalised product ranges will
continue. Accelerating growth in Central
Europe, where the reform of pension
systems in many countries has opened
up opportunities for diversifi ed fi nancial
services companies such as ING, will be
a key focus in the years ahead.
Insurance
€ 12 billion
Insurance overview
ING continued to record stronger profi ts in
insurance through solid performances in
Central Europe and Asia and by maintaining
a sharp focus on cost control.
Our performance
continued
ING is a leader in the Japanese variable annuity market, with assets under management of
over EUR 12 billion. The variable annuity is particularly well suited to the Japanese retirement
market. Consumers are looking for a better return than a bank deposit, but still want to
protect their capital through the variable annuity’s built-in guarantees. We reach consumers
through our high-quality distribution partners, an extensive network of 34 national and
regional banks and securities houses.
ING Group Annual Review 200614