ING Direct 2011 Annual Report Download - page 208

Notes to the consolidated annual accounts of ING Group continued
Operating segments Insurance
2010
Insurance
Benelux Insurance CRE Insurance US
Insurance US
Closed Block
VA
Insurance
Asia/
Pacific ING IM
Corporate
Line Insurance
Total
Insurance
Investment margin 457 77 827 –11 53 21,405
Fees and premium based revenues 578 501 1,060 121 1,329 826 4,415
Technical margin 243 149 195 9157 753
Income non-modelled life business 40 16 80 136
Life & ING IM operating income 1,318 743 2,082 119 1,619 828 6,709
Administrative expenses 567 261 904 77 441 682 2,932
DAC amortisation and trail commissions 230 197 619 –7 710 31,752
Life & ING IM expenses 797 458 1,523 70 1,151 685 4,684
Life & ING IM operating result 521 285 559 49 468 143 2,025
Non-life operating result 156 7 5 168
Corporate Line operating result –633 –633
Operating result 677 292 559 49 473 143 –633 1,560
Gains/losses and impairments 14 –29 –564 22 50 10 –15 –512
Revaluations 60 490 3–14 –3 –87 449
Market & other impacts 24 –10 –177 –2,149 8–265 –2,569
Underlying result before tax 775 253 308 –2,075 517 150 –1,000 –1,072
Taxation 130 63 –155 –57 137 56 –214 –40
Minority interests 15 10 1 1 –9 18
Underlying net result 630 180 463 –2,018 379 93 –777 –1,050
Operating segments Insurance
2009
Insurance
Benelux Insurance CRE Insurance US
Insurance US
Closed Block
VA
Insurance
Asia/
Pacific ING IM
Corporate
Line Insurance
Total
Insurance
Investment margin 368 77 643 22 917 1,136
Fees and premium based revenues 569 522 967 167 1,083 704 4,012
Technical margin 286 175 238 25 163 887
Income non-modelled life business 23 14 86 123
Life & ING IM operating income 1,246 788 1,848 214 1,341 721 6,158
Administrative expenses 635 261 791 87 410 535 2,719
DAC amortisation and trail commissions 235 197 489 104 570 31,598
Life & ING IM expenses 870 458 1,280 191 980 538 4,317
Life & ING IM operating result 376 330 568 23 361 183 1,841
Non-life operating result 248 6 4 258
Corporate Line operating result –802 –802
Operating result 624 336 568 23 365 183 –802 1,297
Gains/losses and impairments –44 –44 –515 38 26 –7 –546
Revaluations –356 272 –4 –9 –33 –213 –343
Market & other impacts 66 –1 31 –821 1–194 –918
Underlying result before tax 290 291 356 –764 383 150 –1,216 –510
Taxation 58 57 138 –118 112 56 –398 –95
Minority interests 15 12 1 1 –12 17
Underlying net result 217 222 218 –646 270 93 –806 –432
206 ING Group Annual Report 2011