ING Direct 2013 Annual Report Download - page 180

Notes to the consolidated annual accounts of ING Group continued
Segments Insurance
2013
Nether-
lands Life
Nether-
lands
Non-Life
Insurance
Europe Japan Life IM Other
Japan
Closed
Block VA
Insurance
Other Total
Investment margin 535 105 7 1 647
Fees and premium based revenues 461 507 436 444 136 1,984
Technical margin 237 191 2 431
Operating income non-modelled life business 20 20
Life & IM operating income 1,233 824 445 445 136 3,082
Administrative expenses 472 310 106 314 18 1,220
DAC amortisation and trail commissions 75 319 177 38 609
Life & IM expenses 547 630 283 314 56 1,829
Life & IM operating result 686 194 162 130 80 1,253
Non-life operating result 79 5 84
Operating result Other –373 32 –341
Operating result 686 79 199 162 130 –373 80 32 996
Non-operating items
– Gains/losses and impairments –43 –1 55 42 44 159 157
– Revaluations 27 5–3 –11 –14 3
– Market & other impacts –329 –750 –1,079
Special items before tax –22 –16 –9 –79 –126
Result on divestments 6 –50 11 –34
Result before tax from continuing operations 325 66 243 192 131 –473 –669 102 –83
Taxation 60 14 77 71 34 –93 –214 –5 –56
Minority interests 6 9 –9 6
Net result from continuing operations 259 53 156 121 97 –380 –454 117 –32
Total net result from discontinued operations
ING U.S. 39
Total net result from discontinued operations Asia 195
Net result 202
Reconciliation from Operating result to Underlying result before tax
2013
Nether-
lands Life
Nether-
lands
Non-Life
Insurance
Europe Japan Life IM Other
Japan
Closed
Block VA
Insurance
Other Total
Operating result 686 79 199 162 130 –373 80 32 996
Non-operating items –345 453 30 29 –749 59 –918
Underlying result before tax 341 83 252 192 130 –344 –669 92 77
For 2013, the separate reporting of the Japan Closed Block VA business line triggered a charge of EUR 575 million before tax to restore the
reserve inadequacy of that business line to the 50% confidence level. This charge resulted in a write-off of all deferred acquisition costs
(DAC) related to the Japan Closed Block VA business of EUR 1,405 million partly compensated by a release of the Life insurance provision
related to unearned revenues of EUR 867 million, and an increase in the life insurance provisions for the remaining amount.
Reference is made to Note 59 ‘Other events’.
178 ING Group Annual Report 2013