ING Direct 2011 Annual Report Download - page 9

68.4
55.5 59.6
2009 2010 2011
Underlying cost/income ratio (%)
44.2 43.7
39.8
2009 2010 2011
Life & IIM administrative expenses /
Life & IIM operating income (%)
-6
-2.7 -5.1 1.4
2009 2010 2011
ROE (%) based on IFRS-EU equity**
0
16
4.1 12.9 10.0
2009 2010 2011
ROE (%) based on IFRS-EU equity
0
7
1.4 5.7 4.7
2009 2010 2011
Underlying result before tax (EUR billion)
0
3
1.3 1.6 2.2
2009 2010 2011
Operating result (EUR billion)*
UNDERLYING INCOME
€ 15,854m
2010: €16,816m
UNDERLYING INCOME
€38,065m
2010: €36,646m
UNDERLYING NET RESULT
€3,384m
2010: €4,242m
UNDERLYING NET RESULT
€ 291m
2010: €–1,050m
BANKING
ING’s banking operations are divided into two main
activities: Retail Banking and Commercial Banking.
Retail Banking provides retail and direct banking
services to individuals and small and medium-sized
enterprises throughout Europe, Asia and Canada,
with a base in our Northern European home markets.
Our ambition is to transform ING Direct into a
full-service bank.
Commercial Banking offers services such as lending,
payments and cash management in more than 40
countries to corporations, governments and other
financial institutions.
INSURANCE AND INVESTMENT MANAGEMENT
ING’s insurance and investment management
businesses include its life and non-life insurance,
pension and asset management activities.
These activities are divided into six business lines:
Insurance Benelux, Insurance Central and Rest of
Europe, Insurance US (excluding US Closed Block
VA), US Closed Block VA, Insurance Asia/Pacific
and ING Investment Management.
ING Investment Management provides a broad
range of investment strategies and advisory
services in Europe, the Americas, Asia/Pacific
and the Middle East.
** Full-year underlying
net result adjusted
for the after-tax
allocated cost of
Group core debt
injected as equity
into Insurance
divided by average
IFRS-EU equity.
* Operating result is
underlying result
before tax excluding
gains/losses and
impairments,
revaluations and
market and other
impacts.
7ING Group Annual Report 2011
ING at a glance continued
BANKING INSURANCE
ING GROUP
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