ING Direct 2002 Annual Report Download - page 78

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Additional information
EFFICIENCY RATIOS
PERFORMANCE INDICATORS
BREAKDOWN OF THE COMBINED RATIO NON-LIFE INSURANCE
in %
CLAIMS RATIO COST RATIO COMBINED RATIO
2002 2001 2002 2001 2002 2001
Total 75.0 73.8 27.1 29.1 102.1 102.9
BREAKDOWN EFFICIENCY RATIOS OF (OPERATIONAL) BANKING ACTIVITIES BY EXECUTIVE CENTRE
in %
2002 2001
ING Europe (excluding ING Direct and
the restructuring provision for
international wholesale banking) 70.6 71.3
ING Asset Management 87.2 88.4
Total banking operations (excluding
ING Direct and the restructuring provision) 71.0 71.7
MAIN CREDIT RATINGS OF ING
STANDARD & POOR’S MOODY’S
ING GROUP A+ (1) Aa2 (2)
ING INSURANCE
— short term A–1 (1) P–1 (2)
— long term A+ Aa2 (2)
ING BANK
— short term A1+ (1) P–1 (1)
— long term AA– (1) Aa2 (1)
— financial strength B+ (1)
(1) Stable outlook.
(2) Under review with a possible downgrade.
Annual Report 2002 · ING Group 75
The claims ratio expresses the claims, including claims handling expenses, as a percentage of net
premiums earned. The cost ratio expresses the costs as a percentage of net premiums written. The
claims ratio and the cost ratio together form the combined ratio, which, if less than 100%, means
that there was an underwriting profit to be added to income from investments.
CREDIT RATINGS
Credit ratings are indicators for the likelihood of timely and complete repayment of interest and
instalment of fixed-income securities as assigned by rating agencies.