ING Direct 2011 Annual Report Download - page 188

Notes to the consolidated annual accounts of ING Group continued
Effect of reinsurance on non-life premiums earned
2011 2010 2009
Direct gross premiums earned 1,728 1,744 1,746
Reinsurance assumed gross premiums earned 23 23 26
Total gross premiums earned 1,751 1,767 1,772
Reinsurance ceded –43 –65 –68
1,708 1,702 1,704
See Note 43 ‘Underwriting expenditure’ for disclosure on reinsurance ceded.
37 INVESTMENT INCOME
Investment income by banking and insurance operations
Banking operations Insurance operations Total
2011 2010 2009 2011 2010 2009 2011 2010 2009
Income from
real estate investments 24 128 157 56 57 55 80 185 212
Dividend income 49 59 46 261 211 172 310 270 218
73 187 203 317 268 227 390 455 430
Income from investments
in debt securities 5,749 5,592 5,291 5,749 5,592 5,291
Income from loans
– unsecured loans 288 244 202 288 244 202
– mortgage loans 810 827 848 810 827 848
– policy loans 187 189 177 187 189 177
– other 418 354 99 418 354 99
Income from investments
in debt securities and loans 7,452 7, 206 6,617 7,452 7, 20 6 6,617
Realised gains/losses on disposal
of debt securities 91 150 –945 68 18 –168 159 168 –1,113
Impairments of available-for-sale
debt securities –735 –146 –1,491 –750 –589 –586 –1,485 –735 –2,077
Reversal of impairments of
available-for-sale debt securities 74 511 279 11 2
Realised gains/losses and
impairments of debt securities –570 4–2,436 –677 –560 –752 –1,247 –556 –3,188
Realised gains/losses on disposal
of equity securities 39 338 24 446 193 397 485 531 421
Impairments of available-for-sale
equity securities –65 –32 –49 –188 –43 –360 –253 –75 –409
Realised gains/losses and
impairments of equity securities –26 306 –25 258 150 37 232 456 12
Change in fair value of real estate
investments –21 –50 –588 2–48 –125 –19 –98 –713
Investment income –544 447 –2,846 7,352 7,016 6,004 6,808 7,4 63 3,158
In 2011, an impairment of EUR 978 million was recognised on Greek government bonds and an impairment of EUR 189 million was
recognised on subordinated debt from Irish banks both are included in Impairments of available-for-sale debt securities. Reference
ismadeto the ‘Risk management’ section for further information on these impairments.
186 ING Group Annual Report 2011