ING Direct 2008 Annual Report Download - page 164

2.1 Consolidated annual accounts
34 INTEREST RESULT BANKING OPERATIONS
Interest result banking operations
2008 2007 2006
Interest income on loans 31,174 26,390 21,970
Interest income on impaired loans –24 –26 13
Total interest income on loans 31,150 26,364 21,983
Interest income on available-for-sale securities 7, 449 7,397 6,989
Interest income on held-to-maturity securities 669 736 755
Interest income on trading portfolio 45,510 32,443 21,414
Interest income on non-trading derivatives 7,076 6,19 0 5,231
Other interest income 5,157 3,619 2,798
Interest income banking operations 97,011 76,749 59,170
Interest expense on deposits by banks 4,856 5,131 3,559
Interest expense on customer deposits
and other funds on deposit 19,594 18,563 15,107
Interest expense on debt securities 4,109 3,648 3,173
Interest expense on subordinated loans 1,784 1,167 1,132
Interest on trading liabilities 44,093 29,383 18,821
Interest on non-trading derivatives 7, 391 6,115 5,159
Other interest expense 4,142 3,766 3,027
Interest expense banking operations 85,969 67,773 49,978
Interest result banking operations 11,042 8,976 9,192
Interest margin
in percentages 2008 2007 2006
Interest margin 1.07 0.94 1.06
In 2008, the growth in average total assets led to an increase of the interest result amounting to EUR 811 million (2007: EUR 753 million;
2006: EUR 1,040 million). The increase of the interest margin by 13 basis points led to an increase of the interest result with EUR 1,440 million
(in 2007 the decrease of the interest margin by 12 basis points led to a decrease of the interest result with EUR 1,051 million; in 2006 the
decrease of the interest margin by 10 basis points led to a decrease of the interest result with EUR 867 million).
35 GROSS PREMIUM INCOME
Gross premium income
2008 2007 2006
Gross premium income from life insurance policies 38,869 40,732 40,502
Gross premium income from non-life insurance policies 4,943 6,086 6,333
43,812 46,818 46,835
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
2008 2007 2006 2008 2007 2006 2008 2007 2006
Direct gross premiums written 4,920 6,062 6,279 37,487 39,170 38,838 42,407 45,232 45,117
Reinsurance assumed gross premiums written 23 24 54 1,382 1,562 1,664 1,405 1,586 1,718
Total gross premiums written 4,943 6,086 6,333 38,869 40,732 40,502 43,812 46,818 46,835
Reinsurance ceded –196 –306 –339 –1,802 –1,968 –2,004 –1,998 –2,274 –2,343
4,747 5,780 5,994 37,067 38,764 38,498 41,814 44,544 44,492
Notes to the consolidated profit and loss account of ING Group
amounts in millions of euros, unless stated otherwise
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