ING Direct 2009 Annual Report Download - page 193

Operating segments
2008
Retail
Banking ING Direct
Commercial
Banking
Insurance
Europe
Insurance
Americas
Insurance
Asia/Pacific Other
Total
segments Eliminations Total
Underlying income
– Gross premium
income 10,194 18,935 8,591 40 37,760 37,760
– Net interest result
– banking operations 5,556 2,517 3,240 –228 11,0 85 –43 11,0 42
– Commission income 1,535 150 1,213 491 1,201 116 34,709 4,709
– Total investment and
other income 308 –1,790 –346 3,804 2,903 2,730 1,028 8,637 –2,861 5,776
Total underlying income 7, 399 877 4,107 14,489 23,039 11, 437 843 62,191 –2,904 59,287
Underlying expenditure
– Underwriting
expenditure 11,559 22,022 10,017 643,604 43,604
– Operating expenses 5,307 1,719 2,840 1,764 1,753 702 73 14,158 14,158
– Other interest
expenses 513 222 719 2,428 3,882 –2,904 978
– Additions to loan
loss provision 401 283 596 1,280 1,280
– Other impairments 62 2134 198 198
Total underlying
expenses 5,708 2,002 3,498 13,838 23,997 11, 438 2,641 63,122 –2,904 60,218
Underlying result
before taxation 1,691 –1,125 609 651 –958 –1 –1,798 –931 –931
Taxation 355 –394 193 159 –240 20 –658 –565 –565
Minority interest 36 2–107 –6 519 –11 –62 –62
Underlying net result 1,300 –733 523 498 –723 –40 –1,129 –304 –304
Reconciliation between IFRS and Underlying income, expenses and net result
2008 Income Expenses Net result
Underlying 59,287 60,218 –304
Divestments 7,00 4 7,167 –97
Special items 393 –328
IFRS as applied by ING Group 66,291 67,778 –729
Divestments in 2008 mainly relate to the sale of Chile Health business (ING Salud), part of the Mexican business (ING Seguros SA) and the
Taiwanese life insurance business (ING Life Taiwan).
Special items in 2008 relate to the nationalisation of the annuity business in Argentina, the combining of ING Bank and Postbank and the
unwinding of Postkantoren.
Impairments on investments are presented within Investment income, which is part of Total income. In 2008, total impairments of
EUR 4,820 million are included in the following segments: EUR 4 million in Retail Banking, EUR 1,891 million in ING Direct and EUR 267
million in Commercial Banking, EUR 241 million in Insurance Europe, EUR 692 million in Insurance Americas, EUR 223 million in Insurance
Asia/Pacific and EUR 1,502 million in Other.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 191
Segment reporting (continued)