ING Direct 2009 Annual Report Download - page 141

Changes in investment contracts liabilities
2009 2008
Opening balance 21,085 23,652
Changes in the composition of the group –8,208 –548
12,877 23,104
Current year liabilities 5,573 8,635
Prior year provisions
– payments to contract holders –9,711 –8,472
– interest accrual 122 268
– valuation changes investments 1,089 –1,535
–8,500 –9,739
Exchange rate differences 981 –1,111
Other changes 371 196
Closing balance 11,302 21,085
Changes in the composition of the group in 2009 relate mainly to the sale of ING Australia. Reference is made to Note 30 ‘Companies
acquired and companies disposed’.
Gross claims development table
Underwriting year
2004 2005 2006 2007 2008 2009 Total
Estimate of cumulative claims:
At the end of underwriting year 1,234 1,126 1,118 1,038 1,088 1,184
1 year later 1,101 1,055 1,085 954 1,078
2 years later 947 953 996 890
3 years later 924 924 984
4 years later 924 909
5 years later 915
Estimate of cumulative claims 915 909 984 890 1,078 1,184 5,960
Cumulative payments –752 –697 –746 –566 –644 –487 –3,892
163 212 238 324 434 697 2,068
Effect of discounting –21 –29 –29 –40 –44 –52 –215
Liability recognised 142 183 209 284 390 645 1,853
Liability relating to prior
underwriting years 1,321
Total amount recognised in the
balance sheet 3,174
The Group applies the exemption provided for in IFRS-EU not to present Gross claims development for annual periods beginning before
1 January 2004 (the date of transition to IFRS-EU) as it is impracticable to obtain such information.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 139
Notes to the consolidated balance sheet of ING Group (continued)