ING Direct 2011 Annual Report Download - page 212

Notes to the consolidated annual accounts of ING Group continued
56 IMPACT OF CHANGE IN ACCOUNTING POLICY
This note provides more information on the impact of the change in accounting policy for insurance provisions for Guaranteed Minimum
Benefits for Life and how this change affects the financial information of the comparative years as included in previously published annual
accounts. Reference is made to ‘Changes in Accounting Policies’ for more details on the impact of the change in accounting policy.
The restated consolidated balance sheets as per 31 December 2009 and 1 January 2009 are as follows:
Restated consolidated balance sheets
31 December 2009
(Restated)
1 January 2009
(Restated)
ASSETS
Cash and balances with central banks 15,390 22,045
Amounts due from banks 43,397 48,447
Financial assets at fair value through profit and loss
– trading assets 111, 4 4 4 160,378
– investments for risk of policyholders 104,597 95,366
– non-trading derivatives 11,632 16,484
– designated as at fair value through profit and loss 5,517 8,277
Investments
– available-for-sale 197,703 242,852
– held-to-maturity 14,409 15,440
Loans and advances to customers 578,946 619,791
Reinsurance contracts 5,480 5,797
Investments in associates 3,699 4,355
Real estate investments 3,638 4,300
Property and equipment 6,119 6,396
Intangible assets 6,021 6,915
Deferred acquisition costs 11,20 8 12,989
Assets held for sale 5,024 15,312
Other assets 39,229 47,6 65
Total assets 1,163,453 1,332,809
EQUITY
Shareholders’ equity (parent) 33,643 17,18 9
Non-voting equity securities 5,000 10,000
38,643 27,189
Minority interests 915 1,594
Total equity 39,558 28,783
LIABILITIES
Subordinated loans 10,099 10,281
Debt securities in issue 119,981 96,488
Other borrowed funds 23,151 31,198
Insurance and investment contracts 241,006 242,159
Amounts due to banks 84,235 152,265
Customer deposits and other funds on deposit 469,508 522,783
Financial liabilities at fair value through profit and loss
– trading liabilities 98,245 152,616
– non-trading derivatives 20,070 21,773
– designated as at fair value through profit and loss 11,474 14,009
Liabilities held for sale 4,890 15,020
Other liabilities 41,236 45,434
Total liabilities 1,123,895 1,304,026
Total equity and liabilities 1,163,453 1,332,809
The change in accounting policy for insurance provisions for Guaranteed Minimum Benefits for Life affects the following balance sheet line
items: Deferred acquisition costs, Other liabilities, Insurance and investment contracts and Shareholders’ equity (reference is made to Note
13 ‘Shareholders’ equity (parent)/non-voting equity securities’). In addition to the comparative information on 2010 as disclosed in the
relevant notes the following tables also disclose on the balance sheet items as per 31 December 2009 and 1 January 2009.
210 ING Group Annual Report 2011