ING Direct 2011 Annual Report Download - page 204

Notes to the consolidated annual accounts of ING Group continued
Reference is made to Note 25 ‘Discontinued operations’ for information on discontinued operations.
Operating segments ING Group Total
2009 Total Banking Total Insurance Elimi-nations Total
Underlying income
– Gross premium income 30,009 30,009
– Net interest result – banking operations 12,628 –165 12,463
– Commission income 2,149 1,359 3,508
– Total investment and other income –1,741 3,061 –171 1,149
Total underlying income 13,036 34,429 –336 47,129
Underlying expenditure
– Underwriting expenditure 30,273 30,273
– Operating expenses 8,446 3,593 12,039
– Other interest expenses 1,047 –336 711
– Additions to loan loss provision 2,854 2,854
– Other impairments 467 26 493
Total underlying expenses 11,767 34,939 –336 46,370
Underlying result before taxation 1,269 –510 759
Taxation 65 –95 –30
Minority interests 76 17 93
Underlying net result 1,128 –432 696
Reconciliation between Underlying and IFRS-EU income, expenses and net result
2009 Income Expenses Net result
Underlying 47,129 46,370 696
Divestments 229 708 –37
Special items –1,267 1,053 –1,759
IFRS-EU (continuing operations) 46,091 48,131 –1,100
Discontinued operations 837 634 94
IFRS-EU (continuing and discontinued operations) 46,928 48,765 –1,006
Divestments in 2009 mainly include the net impact of the sale of ING’s 70% stake in ING Canada, the Nationale Nederlanden Industry
Pension fund portfolio, the Annuity and Mortgage businesses in Chile, three US independent retail broker-dealer units (three quarters
ofING Advisors Network) and ING Australia Pty Limited as well as the operating result of the in 2009, 2010 and 2011 divested units.
Special items in 2009 reflects mainly the net impact of transaction result on the Illiquid Asset Back-up Facility, including the additional
Illiquid Assets Back-up Facility payments as part of the overall agreement with the European Commission of EUR 1.3 billion (EUR 930
million after tax), and restructuring costs.
Reference is made to Note 25 ‘Discontinued operations’ for information on discontinued operations.
202 ING Group Annual Report 2011