ING Direct 2007 Annual Report Download - page 17

Insurance Europe 19%
Rest 81%
Netherlands 64% 6,595
Belgium 12% 1,223
Central and Rest
of Europe* 24% 2,435
Total 100% 10,253
operations. Nationale-Nederlanden
substantially improved its cost efficiency
and made continued progress with
improving customer satisfaction.
In terms of distribution, ING is well-
positioned, with access to brokers (NN),
tied agents (RVS) and retail banks (ING
Bank and Postbank). As part of this multi-
channel strategy, NN and RVS have entered
into a partnership showing considerable
promise, which offers personalised financial
advice to individual employees covered by
NN corporate contracts.
Bank distribution is becoming increasingly
important for standardised non-life
products. In Belgium, for example, ING
now sells insurance products exclusively
through retail bank channels ING Bank
and Record Bank.
Growth in Central Europe
Sustained high economic growth, low
life insurance penetration and favourable
demographics make Central Europe a
growth market for life insurance and
pensions. Building on first-mover
advantage, 2007 again showed strong
increases in the value of new business
and new sales.
Looking forward
We will continue our strategy of cost
efficiency and improving customer
satisfaction in the Benelux.
In Central Europe, we will keep on building
on four pillars: broadening our distribution
base, extending our product range,
establishing new greenfields and increasing
operational efficiency. To build scale and
to benefit from Central Europe’s growing
economies, we remain alert for possible
opportunities in the region for new
greenfields, distribution partnerships and
add-on acquisitions.
As countries across Central Europe
introduce pension reforms, ING has shown
Bank distribution is vital for
increasing sales in investment-
driven insurance products.
We’ve made good progress
across Europe, but can achieve
more. We remain committed
to our insurance channels,
intermediaries and tied agents.
But to be a leader, we need
to be truly multi-channel.
Longevity is another major
focus, presenting both a risk and
an opportunity. The risk is clear
for an insurer when people live
longer. But it’s far outweighed
by the opportunities. As one of
Europe’s few specialist providers
of investment and retirement
services, ING is extremely well-
positioned here, with innovative
solutions few can match.
Jacques de
Vaucleroy
time and again its ability to anticipate and
respond to the requirements of regulators
and consumers alike (see business case).
In Spain and Hungary, ING’s launch of
variable annuities was successful and
roll-out will continue across existing and
new markets.
Underlying profit before tax
in percentages
Geographical breakdown
of premium income
in EUR million
* Bulgaria, the Czech Republic, Greece, Hungary,
Poland, Romania, Russia, the Slovak Republic
and Spain
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