ING Direct 2008 Annual Report Download - page 7

ING Group Annual Report 2008
5
Underlying result before tax*
in EUR million
ING BUSINESS LINES
* Excluding Corporate Lines Insurance and Banking.
Is a market leader in life insurance and retirement services in the Netherlands
and Belgium, and operates life insurance, retirement services and asset management
in Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Russia, but also
in Spain, Greece and Turkey. In almost all countries in Europe ING has built its life
insurance operations from scratch. This entry strategy has been successful.
Insurance Europe
2008 651
2007 1,840
Provides insurance, investment, retirement and asset management products and
services in the region. ING is ranked third in the defined contribution segment of the
US retirement services market as measured by assets. We are also a leading pension
company in a number of Latin American countries, including Mexico, Chile and Peru.
Insurance Americas
2008 –534
2007 2,062
Conducts life insurance and asset/wealth management activities in the region.
ING is the region’s second-largest international life insurer in nine countries. ING has
strong positions in Australia, New Zealand, Japan, Hong Kong, Malaysia and South
Korea, and has a growing presence in the high-growth markets of China, India
and Thailand.
Insurance Asia/Pacific
2008 116
2007 576
Conducts operations for corporations and other institutions. The primary focus
of ING’s wholesale banking business is on the Netherlands, Belgium, Poland and
Romania, where it offers a full range of products, from cash management to
corporate finance. Elsewhere, it takes a more selective approach to clients and
products. Wholesale Banking also manages ING Real Estate, the world’s largest
real estate investment manager.
Wholesale Banking
2008 609
2007 2,059
Offers retail banking services in the Netherlands, Belgium, Poland, Romania, Turkey,
Ukraine, India, Thailand and China. Private Banking is offered in the Netherlands,
Belgium, Luxembourg, Switzerland and various countries in Asia and Central Europe.
Mid Corporate Clients in the home markets (the Netherlands, Belgium, Poland and
Romania), which were formerly part of Wholesale Banking, are now also part of
Retail Banking.
Retail Banking
2008 1,691
2007 2,402
Operates direct retail banking activities in Australia, Canada, France, Germany and
Austria, Italy, Spain, the United Kingdom and the United States. The main products
offered are savings accounts and mortgages, and, increasingly, also mutual funds
and payment accounts.
ING Direct
2008 –1,125
2007 530