ING Direct 2011 Annual Report Download - page 187

Notes to the consolidated annual accounts of ING Group continued
35 INTEREST RESULT BANKING OPERATIONS
Interest result banking operations
2011 2010 2009
Interest income on loans 26,415 24,942 24,983
Interest income on impaired loans 61 40 24
Total interest income on loans 26,476 24,982 25,007
Interest income on available-for-sale securities 3,463 3,532 3,923
Interest income on held-to-maturity securities 400 549 612
Interest income on trading portfolio 27,480 32,692 40,844
Interest income on non-trading derivatives 1,536 1,709 3,936
Other interest income 5,294 4,870 5,528
Interest income banking operations 64,649 68,334 79,850
Interest expense on deposits by banks 902 652 1,266
Interest expense on customer deposits and other
funds on deposit 9,383 8,324 10,976
Interest expense on debt securities 3,435 2,761 2,657
Interest expense on subordinated loans 1,625 1,856 1,784
Interest on trading liabilities 27,209 32,847 40,023
Interest on non-trading derivatives 1,658 2,166 4,483
Other interest expense 6,988 6,405 6,286
Interest expense banking operations 51,200 55,011 6 7, 475
Interest result banking operations 13,449 13,323 12,375
Interest margin
in percentages 2011 2010 2009
Interest margin 1.42 1.44 1.34
In 2011, the growth in average total assets led to an increase of the interest result amounting to EUR 135 million (in 2010 the decline in
average total assets led to a decrease of the interest result of EUR 90 million; in 2009 the decline in average assets led to a decrease of
theinterest result of EUR 929 million). The decrease of the interest margin by 2 basis points led to a decrease of the interest result with
EUR 139 million (in 2010 the increase of the interest margin by 10 basis points led to an increase of the interest result with EUR 915 million;
in 2009 the increase of the interest margin by 25 basis points led to an increase of the interest result with EUR 2,406 million).
36 GROSS PREMIUM INCOME
Gross premium income
2011 2010 2009
Gross premium income from life insurance policies 25,473 26,045 28,476
Gross premium income from non-life insurance policies 1,725 1,741 1,772
27,198 27,786 30,248
Gross premium income has been presented before deduction of reinsurance and retrocession premiums granted. Gross premium income
excludes premium received for investment contracts, for which deposit accounting is applied.
Effect of reinsurance on premiums written
Non-life Life Total
2011 2010 2009 2011 2010 2009 2011 2010 2009
Direct gross premiums written 1,702 1,718 1,746 24,442 24,881 27,177 26,144 26,599 28,923
Reinsurance assumed gross
premiums written 23 23 26 1,031 1,164 1,299 1,054 1,187 1,325
Total gross premiums written 1,725 1,741 1,772 25,473 26,045 28,476 27,198 27,786 30,248
Reinsurance ceded –43 –65 –70 –1,888 –2,008 –1,842 –1,931 –2,073 –1,912
1,682 1,676 1,702 23,585 24,037 26,634 25,267 25,713 28,336
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
185ING Group Annual Report 2011