ING Direct 2008 Annual Report Download - page 177

Business segments
2007
Insurance
Europe
Insurance
Americas
Insurance
Asia/
Pacific
Wholesale
Banking
Retail
Banking ING Direct Other
Total
segments Eliminations Total
Income
– external 15,903 29,565 14,105 6,091 8,015 2,346 561 76,586 76,586
– inter-segment 359 116 278 –1,290 –532 –150 3,191 1,972 –1,972
Total income 16,262 29,681 14,383 4,801 7, 48 3 2,196 3,752 78,558 –1,972 76,586
Segment result before
taxation 2,300 2,152 576 1,965 2,078 530 1,442 11,043 11, 043
Divestments –460 –90 –32 129 –453 –453
Special items 94 356 40 490 490
Underlying result before
taxation 1,840 2,062 576 2,059 2,402 530 1,611 11,080 11,080
Segment assets 98,287 159,679 61,433 925,904 501,722 262,560 139,050 2,14 8,635 – 836,125 1,312,510
Segment liabilities 89,531 150,769 55,996 918,964 496,965 259,792 110,9 95 2,083,012 –810,033 1,272,979
Share in profit or loss
of associates 316 191 212 26 –5 740 740
Book value of associates 2,894 252 11,502 461 –96 5,014 5,014
Cost incurred to acquire
property, equipment
and intangibles 219 766 122 180 1,324 296 345 3,252 3,252
Significant non-cash
expenses
– Depreciation and
amortisation 255 1,102 573 155 199 87 42,375 2,375
– Impairments 4114 138 14 171 171
– Reversal of
impairments 551 662 62
– Deferred acquisition
costs and VOBA 167 1,080 562 1,809 1,809
– Increase in provisions
for Insurance and
investment contracts 4,339 12,036 10,060 59 26,494 26,494
– Addition to loan
loss provision –142 199 68 125 125
As at 31 December 2007, the segment Insurance Asia/Pacific had a net reserve inadequacy using a prudent (90%) confidence level.
This inadequacy was offset by reserve adequacies in other segments, so that at Group level there is a net adequacy at the prudent (90%)
confidence level. Following the agreement to sell ING Life Taiwan the inadequacy in Insurance Asia/Pacific was eliminated as at
31 December 2008.
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ING Group Annual Report 2008