ING Direct 2008 Annual Report Download - page 165

Effect of reinsurance on non-life premiums earned
2008 2007 2006
Direct gross premiums earned 4,889 6,003 6,248
Reinsurance assumed gross premiums earned 20 24 58
Total gross premiums earned 4,909 6,027 6,306
Reinsurance ceded –190 –326 –377
4,719 5,701 5,929
36 INVESTMENT INCOME
Investment income by insurance and banking operations
Insurance operations Banking operations Total
2008 2007 2006 2008 2007 2006 2008 2007 2006
Income from real estate investments 75 80 184 196 252 134 271 332 318
Dividend income 646 750 604 84 70 84 730 820 688
721 830 788 280 322 218 1,001 1,152 1,006
Income from investments in debt securities 6,535 6,857 6,359 6,535 6,857 6,359
Income from loans
– personal loans 209 76 200 209 76 200
– mortgage loans 1,044 1,313 1,640 1,044 1,313 1,640
– policy loans 200 215 212 200 215 212
– other 92 323 345 18 92 323 363
Income from investments in debt securities and loans 8,080 8,784 8,756 18 8,080 8,784 8,774
Realised gains/losses on disposal of debt securities 48 –9 –56 40 138 93 88 129 37
Reversals/Impairments of available-for-sale debt securities –777 –76 36 –2,127 –57 –2,904 –133 36
Realised gains/losses and impairments of debt securities –729 –85 –20 –2,087 81 93 –2,816 –4 73
Realised gains/losses on disposal of equity securities 685 2,975 772 30 330 149 715 3,305 921
Impairments of available-for-sale equity securities –1,585 –36 –25 –331 –17 –17 –1,916 –53 –42
Realised gains/losses and impairments of equity securities –900 2,939 747 –301 313 132 –1,201 3,252 879
Change in fair value of real estate investments –50 75 108 –350 93 67 –400 168 175
Investment income 7,122 12,543 10,379 –2,458 809 528 4,664 13,352 10,907
Reference is made to the ‘Risk management’ section for further information on impairments.
37 COMMISSION INCOME
Gross fee and commission income
Insurance operations Banking operations Total
2008 2007 2006 2008 2007 2006 2008 2007 2006
Funds transfer 888 746 704 888 746 704
Securities business 891 1,049 1,064 891 1,049 1,064
Insurance broking 87 124 92 175 180 171 262 304 263
Asset management fees 2,129 2,025 1,760 934 1,140 944 3,063 3,165 2,704
Brokerage and advisory fees 763 1,014 951 256 233 207 1,019 1,247 1,158
Other 531 364 270 850 818 704 1,381 1,182 974
3,510 3,527 3,073 3,994 4,166 3,794 7,504 7, 693 6,867
Asset management fees related to the management of investments held for the risk of policyholders of EUR 1,174 million
(2007: EUR 1,261 million; 2006: EUR 1,069 million) are included in Commission income.
Other include commission fees of EUR 21 million (2007: EUR 26 million; 2006: EUR 42 million) in respect of underwriting
syndication loans.
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ING Group Annual Report 2008