ING Direct 2009 Annual Report Download - page 168

32 JOINT VENTURES
Joint ventures are included proportionally in the consolidated financial statements as follows:
Most significant joint ventures
2009
Interest
held (%) Assets Liabilities Income Expenses
Postkantoren B.V. 50 147 152 143 141
KB Life Insurance Company 49 748 702 281 277
ING Capital Life Insurance Company Ltd 50 236 214 57 59
ING Vysya Life Insurance Company Ltd (1) 26 342 329 112 122
Total 1,473 1,397 593 599
(1) Accounted for as joint venture because of joint control.
Most significant joint ventures
2008
Interest
held (%) Assets Liabilities Income Expenses
ING Australia Ltd 51 6,690 6,218 406 317
Postkantoren B.V. 50 161 169 226 266
KB Life Insurance Company 49 498 462 254 257
ING (NZ) Holdings Ltd 51 95 338 34
ING Capital Life Insurance Company Ltd 50 200 186 94 105
ING Vysya Life Insurance Company Ltd (1) 26 193 186 112 132
Total 7, 837 7,224 1,130 1,111
(1) Accounted for as joint venture because of joint control.
33 RELATED PARTIES
In the normal course of business, ING Group enters into various transactions with related companies. Parties are considered to be related
if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions.
Transactions have taken place on an arm’s length basis and include rendering or receiving of services, leases, transfers under finance
arrangements and provisions of guarantees or collateral.
Transactions with joint ventures and associates
Joint ventures Associates
2009 2008 2009 2008
Receivables 432 204 648 389
Liabilities 187 122 6164
Income received 103 35 115 158
Expenses paid 136 82 31
Transactions with ING Bank N.V. and ING Verzekeringen N.V.
ING Bank N.V. ING Verzekeringen N.V.
2009 2008 2009 2008
Receivables 9,154 8,764 3,412 4,564
Liabilities 793 1,317 72
Income received 725 675 299 248
Expenses paid 237 226
Receivables on ING Bank N.V. and ING Verzekeringen N.V. mainly include long term funding. Liabilities to ING Bank N.V. mainly include
short term deposits.
Transactions with key management personnel (Executive Board and Supervisory Board) and post-employment benefit plans are
transactions with related parties. These transactions are disclosed in more detail in the remuneration report in the annual report. For the
post-employment benefit plans see Note 21 ‘Other liabilities’.
As a result of the change in strategy of ING Groep N.V. the Executive Board of ING Groep N.V. was reduced from eight to three members
during 2009. The effective date of this change was 1 June 2009. At the same time the Executive Board of ING Bank N.V. and ING
Verzekeringen N.V. were transformed into Management Boards for ING Bank N.V. and ING Verzekeringen N.V. The former Executive Board
members of ING Groep N.V. became Management Board members of ING Bank N.V and ING Verzekeringen N.V. Furthermore, the three
members of the Executive Board of ING Groep N.V. are also member of both Management Boards.
Additional information to the consolidated balance sheet of ING Group (continued)
2.1 Consolidated annual accounts
ING Group Annual Report 2009
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