ING Direct 2011 Annual Report Download - page 49

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
47ING Group Annual Report 2011
Insurance overview continued
BUSINESS LINES
For Insurance Benelux, the first phase of the transformation of the
Dutch insurance operations (the One programme) was completed a
year ahead of schedule. The programme has resulted in major cost
savings and efficiencies.
ING Insurance Asia/Pacific continued to perform very well in 2011.
Double-digit sales growth was recorded, driven by improved tied
agency productivity and strong bank distribution partners.
For Insurance Central and Rest of Europe, business activity
continued to be affected by tax and regulatory changes in the
major pensions markets such as Hungary and Poland. However,
thebusiness in most markets successfully focused on expanding
lifeinsurance sales in the region.
Insurance US concentrated on refining its business strategy, containing
expenses and developing products and services to help individual and
institutional customers accumulate and protect their wealth.
US Closed Block VA revised its assumptions to reflect newly emerging
policyholder behaviour, evident in volatile markets. As a result of this
assumptions review, ING took a EUR 1.1 billion charge against profits.
In 2011, ING IM continued to focus on delivering best-in-class
performance and services for its customers through its strengths
inproducts, distribution, and investment expertise.
CONCLUSIONS AND AMBITIONS
The main priorities for the insurance and investment management
businesses are improving performance and optimising returns and
value. In 2011, the businesses made good progress on these
priorities. Going forward, ING Insurance/IM will continue to focus on
its customers and distributors by providing exemplary products and
service, as it restructures in preparation for a stand-alone future.