ING Direct 2011 Annual Report Download - page 149

Changes in investment contracts liabilities
2011 2010
Opening balance 11,974 11,3 02
Current year liabilities 7,867 4,920
Prior year provisions
– payments to contract holders –7,709 –5,185
– interest accrual 39 81
– valuation changes investments –55 24
–7,725 –5,080
Exchange rate differences 380 593
Other changes 702 239
Closing balance 13,198 11,974
Gross claims development table
Underwriting year
2004 2005 2006 2007 2008 2009 2010 2011 Total
Estimate of cumulative claims:
At the end of underwriting year 1,230 1,122 1,115 1,035 1,091 1,214 1,180 1,210
1 year later 1,077 1,053 1,071 936 1,072 1,226 1,208
2 years later 925 952 992 873 1,042 1,166
3 years later 903 922 978 870 1,041
4 years later 904 907 981 850
5 years later 895 900 966
6 years later 898 881
7 years later 892
Estimate of cumulative claims 892 881 966 850 1,041 1,166 1,208 1,210 8,214
Cumulative payments –783 –742 –797 –630 –753 –787 –748 –474 –5,714
109 139 169 220 288 379 460 736 2,500
Effect of discounting –15 –20 –22 –33 –38 –41 –45 –32 –246
Liability recognised 94 119 147 187 250 338 415 704 2,254
Liability relating to underwriting
years prior to 2004 951
Total amount recognised
in the balance sheet 3,205
The Group applies the exemption in IFRS-EU not to present Gross claims development for annual periods beginning before 1 January 2004
(the date of transition to IFRS-EU) as it is impracticable to obtain such information.
Notes to the consolidated annual accounts of ING Group continued
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
147ING Group Annual Report 2011