ING Direct 2008 Annual Report Download - page 180

2.1 Consolidated annual accounts
Result before taxation by geographical area
Insurance operations Banking operations Total
2008 2007 2006 2008 2007 2006 2008 2007 2006
Netherlands 242 1,446 2,182 –634 806 1,403 –392 2,252 3,585
Belgium 80 523 160 721 1,019 955 801 1,542 1,115
Rest of Europe 329 332 309 1,365 1,655 1,476 1,694 1,987 1,785
North America –843 1,826 1,564 –1,366 407 751 –2,209 2,233 2,315
Latin America 254 326 178 –52 197 140 202 523 318
Asia –340 362 468 90 189 115 –250 551 583
Australia 126 215 176 24 237 164 150 452 340
Other –1,483 1,503 –101 –1,483 1,503 –101
Total –1,635 6,533 4,936 148 4,510 5,004 –1,487 11,0 43 9,940
Geographical analysis of claims, expense ratio and combined ratio for non-life insurance policies
Claims ratio Expense ratio Combined ratio
2008 2007 2006 2008 2007 2006 2008 2007 2006
Netherlands 55.8 50.2 44.7 41.8 41.2 40.3 97.6 91.4 85.0
Belgium 49.1 70.3 65.0 44.7 31.5 33.7 93.8 101.8 98.7
Rest of Europe 49.7 4 4.1 46.8 4 4.1 44.8 41.3 93.8 88.9 88.1
North America 69.5 65.7 59.2 29.1 28.5 29.9 98.6 94.2 89.1
Latin America 70.4 81.6 74.2 16.7 27.3 26.8 87.1 108.9 101.0
Asia 53.1 50.1 50.2 38.3 42.7 40.7 91.4 92.8 90.9
Other 26.9 144.3 60.1 –46.6 18.7 –36.4 –19.7 163.0 23.7
Total 64.3 65.3 58.6 32.2 31.8 31.8 96.5 97.1 90.4
The claims ratio relates to claims, including claims handling expenses, expressed as a percentage of net earned premiums. The expense
ratio relates to costs expressed as a percentage of net premiums written. The claims ratio and the expense ratio together form the
combined ratio. A combined ratio of more than 100% does not necessarily mean that there is a loss on non-life insurance policies,
because the result also includes the allocated investment income.
Segment reporting (continued)
ING Group Annual Report 2008
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