SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For May 8, 2013
Commission File Number 1-14642
ING Groep N.V.
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b).
This Report contains a copy of the following:
(1) | The Press Release issued on May 8, 2013. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ING Groep N.V. | ||
(Registrant) | ||
By: | /s/ H. van Barneveld | |
H. van Barneveld | ||
General Manager Group Finance & Control | ||
By: | /s/ C. Blokbergen | |
C. Blokbergen | ||
Head Legal Department |
Dated: May 8, 2013
PRESS RELEASE
8 May 2013
ING records 1Q13 underlying net profit of EUR 800 million
| Group 1Q13 underlying net profit rose to EUR 800 million from EUR 579 million in 1Q12 and EUR 483 million in 4Q12 |
| Net profit increased to EUR 1,804 million, or EUR 0.47 per share, after special items and net gains on divestments |
| Bank underlying result before tax rose to EUR 1,169 million from EUR 1,151 million in 1Q12, EUR 283 million in 4Q12 |
| 1Q13 underlying result before tax reflects improvement in net interest margin and impact of cost-saving initiatives |
| Net interest margin up to 1.38% on loan book repricing, lower average balance sheet and higher Financial Markets interest result |
| Operating expenses were down 8.8% from 4Q12 and stable year-on-year; cost/income ratio improved to 55.2% |
| Risk costs remained elevated at EUR 561 million, or 81 bps of average RWA, but improved from 85 bps in 4Q12 |
| Insurance EurAsia 1Q13 operating result EUR 79 million, versus EUR 129 million in 1Q12 and EUR 161 million in 4Q12 |
| Operating results continued to be affected by lower reinvestment yields and a decline in Non-life results in the Netherlands |
| Investment spread declined to 94 bps from 99 bps in 4Q12, mainly reflecting the low yield environment |
| Underlying result before tax improved versus both 1Q12 and 4Q12 to EUR 85 million due to lower impact of market-related items |
| Sales were on par with 1Q12 but jumped 18.8% from 4Q12 driven by seasonally higher corporate pension renewals in NL |
| Insurance ING U.S. 1Q13 operating result EUR 87 million, versus EUR 119 million in 1Q12 and EUR 137 million in 4Q12 |
| Solid quarter for ongoing Insurance/IM businesses with strong net inflows, higher AuM fees, and a resilient investment margin |
| Funding costs increased as more long-term debt was issued replacing shorter-term and internal debt in preparation for the IPO |
| Sales grew 15.1% from 1Q12 driven by the Retirement business and rose 15.7% from 4Q12 on seasonality in Employee Benefits |
| Underlying result before tax was EUR -192 million reflecting losses on Closed Block VA equity hedges in place to protect capital |
| ING maintained strong capital ratios; shareholders equity rose by EUR 2.7 billion to EUR 54.4 billion |
| Bank core Tier 1 ratio strengthened from 11.9% to 12.3% on 1Q13; or 10.9% on a fully-loaded Basel III basis |
| Insurance EurAsia IGD Solvency I ratio rose to 292% after divestments; US capitalisation targets estimated to be met at 31 March |
| Successful NYSE listing of ING U.S. on 2 May 2013 raised EUR 0.5 billion of proceeds for the Group; reduced Group stake to 75% |
CHAIRMANS STATEMENT
ING has demonstrated steady progress so far this year on the Groups restructuring, culminating with the successful IPO of our US insurance business, which was completed last week. The transaction satisfied our agreement with the European Commission to sell 25% of the US business before the year-end deadline, while raising EUR 0.5 billion of proceeds for the Group, said Jan Hommen, CEO of ING Group. With that milestone completed, we are now accelerating preparations for the base case of an IPO of our European insurance company, with the aim of being ready to go to the market in 2014.
At the same time, the Bank has continued to show strong capital generation, with a Basel III core Tier 1 ratio of 10.9%, well above our 10% target, allowing us to plan another EUR 1.5 billion upstream to the Group in the second quarter. This, combined with the US IPO proceeds, is expected to reduce the double leverage in the holding company from EUR 7 billion to EUR 5 billion, taking us a step closer to completing the financial and governance separation of the banking and insurance businesses.
ING Bank is also making good progress on its strategic priorities. After taking major strides last year to optimise the balance sheet and de-risk the investment portfolio, we are now comfortably meeting our capital, funding and liquidity targets, giving us room to selectively grow our loan book. Net loan growth was a moderate EUR 2.5 billion in the quarter, following a contraction in the second half of 2012, while net funds entrusted grew by an impressive EUR 16.5 billion.
Earnings at the Bank rebounded from the fourth quarter, supported by a recovery in the net interest margin to 138 bps as the loan book reprices and lending margins improved. Expenses remained under control as we continued to implement our cost-saving initiatives, bringing the cost/income ratio down to 55.2% versus our target of 50-53% for 2015. Risk costs remained elevated amid the weak economic climate in Europe, but improved compared with the fourth quarter to 81 bps of average risk-weighted assets. The return on IFRS-EU equity for the Bank also improved to 9.0% in the first quarter, approaching our target range of 10-13% for 2015.
Total underlying net profit for the Group was EUR 800 million in the first quarter, up 38.2% from one year ago and 65.6% from the fourth quarter of 2012. Results from Insurance EurAsia remained under pressure amid the low yield environment. The ongoing businesses of ING U.S. posted solid operating results, driven by strong net inflows and growth in assets under management, while underlying results were dampened by hedge losses in the Closed Block VA as equity markets rose.
As we look to the months ahead, we will continue to focus on driving our operating performance as we prepare the companies for standalone futures, while keeping our customers at the heart of everything we do.
ING GROUP CONSOLIDATED RESULTS
ING Group key figures
1Q2013 | 1Q20121 | Change | 4Q20121 | Change | ||||||||||||||||
Profit and loss data (in EUR million) |
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Underlying result before tax |
1,167 | 936 | 24.7 | % | 575 | 103.0 | % | |||||||||||||
of which Bank |
1,169 | 1,151 | 1.6 | % | 283 | 313.1 | % | |||||||||||||
of which Insurance EurAsia |
85 | -43 | -32 | |||||||||||||||||
of which Insurance ING U.S. |
-192 | -199 | 304 | -163.2 | % | |||||||||||||||
of which Insurance Other |
104 | 27 | 285.2 | % | 20 | 420.0 | % | |||||||||||||
Underlying net result |
800 | 579 | 38.2 | % | 483 | 65.6 | % | |||||||||||||
Divestments, discontinued operations and special items2 |
1,004 | 149 | 997 | |||||||||||||||||
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Net result |
1,804 | 728 | 147.8 | % | 1,481 | 21.8 | % | |||||||||||||
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Net result per share (in EUR)3 |
0.47 | 0.19 | 147.4 | % | 0.39 | 20.5 | % | |||||||||||||
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Capital ratios (end of period) |
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Shareholders equity (in EUR billion) |
54 | 46 | 18.7 | % | 52 | 5.1 | % | |||||||||||||
ING Group debt/equity ratio |
10.8 | % | 13.8 | % | 11.3 | % | ||||||||||||||
Bank core Tier 1 ratio |
12.3 | % | 10.9 | % | 11.9 | % | ||||||||||||||
Insurance EurAsia IGD Solvency I ratio |
292 | % | 231 | % | 272 | % | ||||||||||||||
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Other data (end of period) |
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Underlying return on equity based on IFRS-EU equity4 |
6.0 | % | 5.0 | % | 3.8 | % | ||||||||||||||
Employees (FTEs, end of period, adjusted for divestments) |
83,032 | 87,148 | -4.7 | % | 84,064 | -1.2 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | The results of Insurance/IM Asia have been transferred to net result from discontinued operations. |
3 | Result per share differs from IFRS earnings per share in respect of attributions to the core Tier 1 securities. |
4 | Annualised underlying net result divided by average IFRS-EU equity. |
2 |
ING GROUP PRESS RELEASE 1Q2013 |
ING GROUP PRESS RELEASE 1Q2013 | 3 |
BANKING
Banking key figures
In EUR million |
1Q2013 | 1Q20121 | Change | 4Q20121 | Change | |||||||||||||||
Profit & loss |
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Interest result |
2,916 | 2,969 | -1.8 | % | 2,867 | 1.7 | % | |||||||||||||
Commission income |
554 | 553 | 0.2 | % | 510 | 8.6 | % | |||||||||||||
Investment income |
124 | 121 | 2.5 | % | 18 | 588.9 | % | |||||||||||||
Other income |
270 | 74 | 264.9 | % | -185 | |||||||||||||||
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Total underlying income |
3,863 | 3,718 | 3.9 | % | 3,211 | 20.3 | % | |||||||||||||
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Staff and other expenses |
2,095 | 2,058 | 1.8 | % | 2,304 | -9.1 | % | |||||||||||||
Intangibles amortisation and impairments |
39 | 69 | -43.5 | % | 35 | 11.4 | % | |||||||||||||
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Operating expenses |
2,133 | 2,128 | 0.2 | % | 2,340 | -8.8 | % | |||||||||||||
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Gross result |
1,730 | 1,590 | 8.8 | % | 871 | 98.6 | % | |||||||||||||
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Addition to loan loss provision |
561 | 439 | 27.8 | % | 589 | -4.8 | % | |||||||||||||
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Underlying result before tax |
1,169 | 1,151 | 1.6 | % | 283 | 313.1 | % | |||||||||||||
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of which Retail Banking |
607 | 623 | -2.6 | % | 373 | 62.7 | % | |||||||||||||
of which Commercial Banking |
589 | 628 | -6.2 | % | 135 | 336.3 | % | |||||||||||||
of which Corporate Line |
-27 | -100 | -226 | |||||||||||||||||
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Key figures |
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Underlying interest margin |
1.38 | % | 1.33 | % | 1.34 | % | ||||||||||||||
Underlying cost/income ratio |
55.2 | % | 57.2 | % | 72.9 | % | ||||||||||||||
Underlying risk costs in bp of average RWA |
81 | 60 | 85 | |||||||||||||||||
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.) |
278 | 292 | -4.7 | % | 276 | 0.9 | % | |||||||||||||
Return on equity based on IFRS-EU equity2 |
9.0 | % | 8.9 | % | 1.4 | % | ||||||||||||||
Return on equity based on 10.0% core Tier 13 |
12.1 | % | 10.9 | % | 2.1 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | Annualised underlying net result divided by average IFRS-EU equity |
3 | Annualised underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio |
4 |
ING GROUP PRESS RELEASE 1Q2013 |
ING GROUP PRESS RELEASE 1Q2013 | 5 |
INSURANCE EURASIA
Insurance EurAsia key figures
In EUR million |
1Q2013 | 1Q20121 | Change | 4Q20121 | Change | |||||||||||||||
Margin analysis (in EUR million) |
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Investment margin |
127 | 155 | -18.1 | % | 182 | -30.2 | % | |||||||||||||
Fees and premium-based revenues |
379 | 388 | -2.3 | % | 354 | 7.1 | % | |||||||||||||
Technical margin |
86 | 81 | 6.2 | % | 82 | 4.9 | % | |||||||||||||
Income non-modelled life business |
5 | 4 | 25.0 | % | 6 | -16.7 | % | |||||||||||||
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Life Insurance & Investment Management operating income |
596 | 628 | -5.1 | % | 624 | -4.5 | % | |||||||||||||
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Administrative expenses |
295 | 305 | -3.3 | % | 284 | 3.9 | % | |||||||||||||
DAC amortisation and trail commissions |
102 | 113 | -9.7 | % | 102 | |||||||||||||||
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Life Insurance & Investment Management operating expenses |
397 | 418 | -5.0 | % | 386 | 2.8 | % | |||||||||||||
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Life Insurance & Investment Management operating result |
199 | 210 | -5.2 | % | 238 | -16.4 | % | |||||||||||||
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Non-life operating result |
-3 | 13 | -123.1 | % | 45 | -106.7 | % | |||||||||||||
Corporate line operating result |
-117 | -95 | -121 | |||||||||||||||||
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Operating result |
79 | 129 | -38.8 | % | 161 | -50.9 | % | |||||||||||||
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Non-operating items |
6 | -172 | -194 | |||||||||||||||||
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Underlying result before tax |
85 | -43 | -32 | |||||||||||||||||
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Key figures |
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Administrative expenses / operating income (Life Insurance & Investment Management) |
49.5 | % | 48.6 | % | 45.5 | % | ||||||||||||||
Life insurance new sales (APE) |
234 | 233 | 0.4 | % | 198 | 18.2 | % | |||||||||||||
Life general account invested assets (end of period, in EUR billion) |
68 | 67 | 1.5 | % | 67 | 1.5 | % | |||||||||||||
Investment margin / life general account invested assets (in bps)2 |
94 | 115 | 99 | |||||||||||||||||
Investment Management Assets under Management (end of period, in EUR billion) |
184 | 173 | 6.4 | % | 185 | -0.5 | % | |||||||||||||
Underlying return on equity based on IFRS-EU equity3 |
1.4 | % | -0.5 | % | 0.2 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | Four-quarter rolling average |
3 | Annualised underlying net result divided by average IFRS-EU equity |
6 |
ING GROUP PRESS RELEASE 1Q2013 |
ING GROUP PRESS RELEASE 1Q2013 | 7 |
INSURANCE ING U.S.
Insurance ING U.S. key figures
In EUR million | 1Q2013 | 1Q20121 | Change | 4Q20121 | Change | |||||||||||||||
Margin analysis (in EUR million) |
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Investment margin |
264 | 269 | -1.9 | % | 266 | -0.8 | % | |||||||||||||
Fees and premium-based revenues |
410 | 408 | 0.5 | % | 432 | -5.1 | % | |||||||||||||
Technical margin |
3 | 1 | 200.0 | % | 35 | -91.4 | % | |||||||||||||
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Life Insurance & Investment Management operating income |
677 | 678 | -0.1 | % | 733 | -7.6 | % | |||||||||||||
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Administrative expenses |
332 | 320 | 3.8 | % | 333 | -0.3 | % | |||||||||||||
DAC amortisation and trail commissions |
215 | 211 | 1.9 | % | 220 | -2.3 | % | |||||||||||||
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Life Insurance & Investment Management operating expenses |
547 | 531 | 3.0 | % | 554 | -1.3 | % | |||||||||||||
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Life Insurance & Investment Management operating result |
130 | 147 | -11.6 | % | 179 | -27.4 | % | |||||||||||||
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Corporate Line operating result |
-43 | -29 | -42 | |||||||||||||||||
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Operating result |
87 | 119 | -26.9 | % | 137 | -36.5 | % | |||||||||||||
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Non-operating items |
-279 | -318 | 168 | |||||||||||||||||
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Underlying result before tax |
-192 | -199 | 304 | -163.2 | % | |||||||||||||||
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Key figures |
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Administrative expenses / operating income (Life Insurance & Investment Management) |
49.0 | % | 47.2 | % | 45.4 | % | ||||||||||||||
Life insurance new sales (APE) |
632 | 548 | 15.3 | % | 555 | 13.9 | % | |||||||||||||
Life general account invested assets (end of period, in EUR billion) |
67 | 64 | 4.7 | % | 65 | 3.1 | % | |||||||||||||
Investment margin / life general account invested assets (in bps)2 |
164 | 153 | 165 | |||||||||||||||||
Investment Management Assets under Management (end of period, in EUR billion) |
142 | 125 | 13.6 | % | 137 | 3.6 | % | |||||||||||||
Underlying return on equity based on IFRS-EU equity3 |
-7.5 | % | -8.7 | % | 12.7 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | Four-quarter rolling average |
3 | Annualised underlying net result divided by average IFRS-EU equity |
8 |
ING GROUP PRESS RELEASE 1Q2013 |
ING GROUP PRESS RELEASE 1Q2013 | 9 |
BALANCE SHEET
Balance Sheet key figures
ING Group | ING Bank N.V. | Insurance EurAsia | Insurance ING U.S. | Insurance other
/ Holdings / Eliminations |
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End of period, in EUR million |
31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | ||||||||||||||||||||||||||||||
Financial assets at fair value through P&L |
257,076 | 232,371 | 147,012 | 126,163 | 29,175 | 30,855 | 81,192 | 75,648 | -304 | -295 | ||||||||||||||||||||||||||||||
Investments |
196,506 | 200,129 | 77,434 | 80,824 | 58,172 | 58,637 | 60,900 | 60,663 | 5 | |||||||||||||||||||||||||||||||
Loans and advances to customers |
566,464 | 563,404 | 544,894 | 541,546 | 17,208 | 18,744 | 8,699 | 8,236 | -4,336 | -5,122 | ||||||||||||||||||||||||||||||
Other assets |
104,663 | 101,815 | 81,812 | 79,118 | 12,747 | 10,800 | 14,378 | 14,293 | -4,275 | -2,396 | ||||||||||||||||||||||||||||||
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Total assets excl. assets held for sale |
1,124,709 | 1,097,719 | 851,152 | 827,651 | 117,302 | 119,036 | 165,169 | 158,840 | -8,915 | -7,808 | ||||||||||||||||||||||||||||||
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Assets held for sale |
56,012 | 68,472 | 6,781 | 55,019 | 61,549 | 993 | 142 | |||||||||||||||||||||||||||||||||
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Total assets |
1,180,720 | 1,166,191 | 851,152 | 834,432 | 172,321 | 180,585 | 165,169 | 158,840 | -7,922 | -7,666 | ||||||||||||||||||||||||||||||
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Shareholders equity |
54,438 | 51,777 | 36,548 | 34,964 | 18,253 | 18,759 | 10,091 | 10,165 | -10,454 | -12,111 | ||||||||||||||||||||||||||||||
Minority interests |
1,133 | 1,081 | 873 | 843 | 70 | 68 | 170 | 149 | 20 | 21 | ||||||||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||||||||||
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Total equity |
57,821 | 55,108 | 37,421 | 35,806 | 18,323 | 18,827 | 10,262 | 10,315 | -8,185 | -9,840 | ||||||||||||||||||||||||||||||
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Debt securities in issue |
146,535 | 143,436 | 137,082 | 134,689 | 1,949 | 1,138 | 7,504 | 7,609 | ||||||||||||||||||||||||||||||||
Insurance and investment contracts |
236,028 | 229,950 | 92,472 | 93,536 | 143,524 | 136,382 | 32 | 32 | ||||||||||||||||||||||||||||||||
Customer deposits/other funds on deposit |
470,645 | 455,003 | 477,987 | 460,362 | -7,341 | -5,359 | ||||||||||||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
127,845 | 115,803 | 124,942 | 112,971 | 625 | 579 | 2,684 | 2,717 | -405 | -464 | ||||||||||||||||||||||||||||||
Other liabilities |
91,370 | 96,992 | 73,720 | 76,360 | 11,214 | 11,990 | 6,750 | 8,288 | -316 | 354 | ||||||||||||||||||||||||||||||
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Total liabilities excl. liabilities held for sale |
1,072,423 | 1,041,184 | 813,731 | 784,382 | 104,311 | 106,105 | 154,907 | 148,525 | -526 | 2,172 | ||||||||||||||||||||||||||||||
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Liabilities held for sale |
50,476 | 69,899 | 14,244 | 49,688 | 55,655 | 788 | ||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total liabilities |
1,122,899 | 1,111,083 | 813,731 | 798,626 | 153,999 | 161,759 | 154,907 | 148,525 | 262 | 2,173 | ||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||
Total equity and liabilities |
1,180,720 | 1,166,191 | 851,152 | 834,432 | 172,321 | 180,585 | 165,169 | 158,840 | -7,922 | -7,666 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
10 |
ING GROUP PRESS RELEASE 1Q2013 |
CAPITAL MANAGEMENT
ING GROUP PRESS RELEASE 1Q2013 | 11 |
BUSINESS AND SUSTAINABILITY HIGHLIGHTS
12 |
ING GROUP PRESS RELEASE 1Q2013 |
APPENDIX 1 ING GROUP: CONSOLIDATED PROFIT AND LOSS ACCOUNT
ING Group: Consolidated profit and loss account
Total Group1 | Total Banking | Insurance EurAsia | Insurance ING U.S. | Insurance CL Holding | ||||||||||||||||||||||||||||||||||||
in EUR million |
1Q2013 | 1Q20122 | 1Q2013 | 1Q20122 | 1Q2013 | 1Q20122 | 1Q2013 | 1Q20122 | 1Q2013 | 1Q2012 | ||||||||||||||||||||||||||||||
Gross premium income |
5,785 | 6,123 | 2,848 | 3,172 | 2,938 | 2,952 | -1 | -2 | ||||||||||||||||||||||||||||||||
Interest result Banking operations |
2,892 | 2,960 | 2,916 | 2,969 | ||||||||||||||||||||||||||||||||||||
Commission income |
920 | 886 | 554 | 553 | 149 | 147 | 217 | 200 | -14 | |||||||||||||||||||||||||||||||
Total investment & other income |
976 | 262 | 394 | 195 | 640 | 514 | -160 | -455 | 110 | 36 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total underlying income |
10,572 | 10,232 | 3,863 | 3,718 | 3,637 | 3,833 | 2,995 | 2,697 | 109 | 20 | ||||||||||||||||||||||||||||||
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Underwriting expenditure |
5,829 | 5,845 | 3,047 | 3,357 | 2,784 | 2,504 | -1 | -16 | ||||||||||||||||||||||||||||||||
Staff expenses |
1,739 | 1,680 | 1,239 | 1,228 | 286 | 245 | 216 | 204 | -2 | 3 | ||||||||||||||||||||||||||||||
Other expenses |
1,166 | 1,179 | 855 | 830 | 149 | 173 | 151 | 166 | 11 | 9 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
39 | 69 | 39 | 69 | ||||||||||||||||||||||||||||||||||||
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Operating expenses |
2,944 | 2,929 | 2,133 | 2,128 | 434 | 418 | 367 | 371 | 9 | 12 | ||||||||||||||||||||||||||||||
Interest expenses Insurance operations |
69 | 78 | 69 | 99 | 35 | 19 | -3 | -4 | ||||||||||||||||||||||||||||||||
Addition to loan loss provision |
561 | 439 | 561 | 439 | ||||||||||||||||||||||||||||||||||||
Other |
4 | 4 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total underlying expenditure |
9,407 | 9,295 | 2,694 | 2,567 | 3,552 | 3,876 | 3,187 | 2,896 | 5 | -7 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
1,167 | 936 | 1,169 | 1,151 | 85 | -43 | -192 | -199 | 104 | 27 | ||||||||||||||||||||||||||||||
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Taxation |
342 | 314 | 331 | 356 | 19 | -40 | 2 | -5 | -10 | 4 | ||||||||||||||||||||||||||||||
Minority interests |
24 | 43 | 30 | 27 | 2 | 18 | -6 | -2 | -2 | |||||||||||||||||||||||||||||||
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Underlying net result |
800 | 579 | 809 | 768 | 64 | -21 | -189 | -194 | 116 | 26 | ||||||||||||||||||||||||||||||
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Net gains/losses on divestments |
940 | 489 | -6 | 489 | 945 | |||||||||||||||||||||||||||||||||||
Net result from divested units |
-38 | 12 | -37 | 12 | -1 | |||||||||||||||||||||||||||||||||||
Net result from discontinued operations3 |
155 | 163 | 155 | 163 | ||||||||||||||||||||||||||||||||||||
Special items after tax |
-53 | -515 | -23 | -404 | -21 | -69 | -6 | -11 | -3 | -30 | ||||||||||||||||||||||||||||||
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Net result |
1,804 | 728 | 744 | 865 | 1,142 | 73 | -195 | -205 | 114 | -5 |
1 | Including intercompany eliminations. |
2 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
3 | The results of Insurance/IM Asia have been transferred to net result from discontinued operations. |
ING GROUP PRESS RELEASE 1Q2013 | 13 |
APPENDIX 2 ING GROUP: CONSOLIDATED BALANCE SHEET
ING Group: Consolidated balance sheet
ING Group | ING Bank N.V. | Insurance EurAsia | Insurance ING U.S. | Insurance Other / Holdings / Eliminations |
||||||||||||||||||||||||||||||||||||
in EUR million |
31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 121 | 31 Mar. 13 | 31 Dec. 12 | ||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||||||
Cash and balances with central banks |
12,816 | 17,657 | 10,554 | 15,447 | 5,494 | 3,558 | 1,764 | 1,788 | -4,996 | -3,136 | ||||||||||||||||||||||||||||||
Amounts due from banks |
47,262 | 39,053 | 47,262 | 39,053 | ||||||||||||||||||||||||||||||||||||
Financial assets at fair value through P&L |
257,076 | 232,371 | 147,012 | 126,163 | 29,175 | 30,855 | 81,192 | 75,648 | -304 | -295 | ||||||||||||||||||||||||||||||
Investments |
196,506 | 200,129 | 77,434 | 80,824 | 58,172 | 58,637 | 60,900 | 60,663 | 5 | |||||||||||||||||||||||||||||||
Loans and advances to customers |
566,464 | 563,404 | 544,894 | 541,546 | 17,208 | 18,744 | 8,699 | 8,236 | -4,336 | -5,122 | ||||||||||||||||||||||||||||||
Reinsurance contracts |
5,266 | 5,290 | 283 | 254 | 4,983 | 5,037 | ||||||||||||||||||||||||||||||||||
Investments in associates |
2,284 | 2,203 | 901 | 841 | 881 | 899 | 73 | 87 | 429 | 376 | ||||||||||||||||||||||||||||||
Real estate investments |
1,224 | 1,288 | 153 | 207 | 793 | 799 | 6 | 6 | 272 | 276 | ||||||||||||||||||||||||||||||
Property and equipment |
2,689 | 2,674 | 2,360 | 2,336 | 189 | 195 | 141 | 141 | -1 | 2 | ||||||||||||||||||||||||||||||
Intangible assets |
2,691 | 2,639 | 1,777 | 1,778 | 420 | 433 | 652 | 585 | -158 | -157 | ||||||||||||||||||||||||||||||
Deferred acquisition costs |
4,810 | 4,549 | 745 | 733 | 4,065 | 3,816 | ||||||||||||||||||||||||||||||||||
Other assets |
25,620 | 26,462 | 18,805 | 19,457 | 3,942 | 3,928 | 2,695 | 2,832 | 178 | 246 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total assets excl. assets held for sale |
1,124,709 | 1,097,719 | 851,152 | 827,651 | 117,302 | 119,036 | 165,169 | 158,840 | -8,915 | -7,808 | ||||||||||||||||||||||||||||||
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Assets held for sale |
56,012 | 68,472 | 6,781 | 55,019 | 61,549 | 993 | 142 | |||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total assets |
1,180,720 | 1,166,191 | 851,152 | 834,432 | 172,321 | 180,585 | 165,169 | 158,840 | -7,922 | -7,666 | ||||||||||||||||||||||||||||||
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Equity |
||||||||||||||||||||||||||||||||||||||||
Shareholders equity |
54,438 | 51,777 | 36,548 | 34,964 | 18,253 | 18,759 | 10,091 | 10,165 | -10,454 | -12,111 | ||||||||||||||||||||||||||||||
Minority interests |
1,133 | 1,081 | 873 | 843 | 70 | 68 | 170 | 149 | 20 | 21 | ||||||||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total equity |
57,821 | 55,108 | 37,421 | 35,806 | 18,323 | 18,827 | 10,262 | 10,315 | -8,185 | -9,840 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Subordinated loans |
8,883 | 8,786 | 15,840 | 16,407 | 3,500 | 3,500 | -10,457 | -11,121 | ||||||||||||||||||||||||||||||||
Debt securities in issue |
146,535 | 143,436 | 137,082 | 134,689 | 1,949 | 1,138 | 7,504 | 7,609 | ||||||||||||||||||||||||||||||||
Other borrowed funds |
13,815 | 16,723 | 3,240 | 3,715 | 1,063 | 2,149 | 9,512 | 10,859 | ||||||||||||||||||||||||||||||||
Insurance and investment contracts |
236,028 | 229,950 | 92,472 | 93,536 | 143,524 | 136,382 | 32 | 32 | ||||||||||||||||||||||||||||||||
Amounts due to banks |
37,425 | 38,704 | 37,425 | 38,704 | ||||||||||||||||||||||||||||||||||||
Customer deposits and other funds on deposits |
470,645 | 455,003 | 477,987 | 460,362 | -7,341 | -5,359 | ||||||||||||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
127,845 | 115,803 | 124,942 | 112,971 | 625 | 579 | 2,684 | 2,717 | -405 | -464 | ||||||||||||||||||||||||||||||
Other liabilities |
31,247 | 32,779 | 20,454 | 21,249 | 4,475 | 4,775 | 5,689 | 6,140 | 629 | 615 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total liabilities excl. liabilities held for sale |
1,072,423 | 1,041,184 | 813,731 | 784,382 | 104,311 | 106,105 | 154,907 | 148,525 | -526 | 2,172 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Liabilities held for sale |
50,476 | 69,899 | 14,244 | 49,688 | 55,655 | 788 | ||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total liabilities |
1,122,899 | 1,111,083 | 813,731 | 798,626 | 153,999 | 161,759 | 154,907 | 148,525 | 262 | 2,173 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total equity and liabilities |
1,180,720 | 1,166,191 | 851,152 | 834,432 | 172,321 | 180,585 | 165,169 | 158,840 | -7,922 | -7,666 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
ING GROUP PRESS RELEASE 1Q2013 | 14 |
APPENDIX 3 RETAIL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT
Retail Banking: Consolidated profit and loss account
Retail Banking Benelux | Retail International | |||||||||||||||||||||||||||||||||||||||
Total Retail Banking | Netherlands | Belgium | Germany | Rest of World | ||||||||||||||||||||||||||||||||||||
in EUR million |
1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q2012 | 1Q2013 | 1Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
||||||||||||||||||||||||||||||||||||||||
Interest result |
2,028 | 1,978 | 845 | 864 | 436 | 405 | 287 | 293 | 460 | 416 | ||||||||||||||||||||||||||||||
Commission income |
318 | 328 | 112 | 123 | 95 | 92 | 27 | 26 | 84 | 87 | ||||||||||||||||||||||||||||||
Investment income |
49 | -3 | 0 | -2 | 10 | 0 | 0 | -6 | 39 | 4 | ||||||||||||||||||||||||||||||
Other income |
80 | 74 | 13 | 16 | 51 | 49 | -17 | -2 | 33 | 12 | ||||||||||||||||||||||||||||||
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Total underlying income |
2,475 | 2,378 | 970 | 1,001 | 592 | 547 | 297 | 311 | 615 | 519 | ||||||||||||||||||||||||||||||
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Staff and other expenses |
1,518 | 1,479 | 569 | 562 | 351 | 360 | 176 | 165 | 422 | 392 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
6 | 3 | 6 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
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Operating expenses |
1,525 | 1,483 | 575 | 565 | 351 | 360 | 176 | 165 | 422 | 392 | ||||||||||||||||||||||||||||||
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Gross result |
950 | 895 | 395 | 435 | 241 | 187 | 121 | 146 | 193 | 127 | ||||||||||||||||||||||||||||||
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Addition to loan loss provision |
343 | 272 | 215 | 131 | 39 | 44 | 21 | 15 | 68 | 83 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
607 | 623 | 180 | 305 | 202 | 143 | 100 | 131 | 125 | 44 | ||||||||||||||||||||||||||||||
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Client balances (in EUR billion)2 |
||||||||||||||||||||||||||||||||||||||||
Residential Mortgages |
287.0 | 278.8 | 143.7 | 141.9 | 30.2 | 29.3 | 60.0 | 57.3 | 53.1 | 50.3 | ||||||||||||||||||||||||||||||
Other Lending |
97.0 | 94.0 | 38.3 | 41.5 | 35.2 | 32.1 | 4.0 | 3.5 | 19.6 | 17.0 | ||||||||||||||||||||||||||||||
Funds Entrusted |
391.9 | 367.3 | 116.7 | 111.2 | 78.7 | 73.5 | 101.2 | 90.0 | 95.3 | 92.6 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
57.1 | 54.6 | 16.9 | 15.9 | 26.4 | 25.5 | 6.6 | 6.1 | 7.2 | 7.2 | ||||||||||||||||||||||||||||||
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Profitability and effciency2 |
||||||||||||||||||||||||||||||||||||||||
Cost/income ratio |
61.6 | % | 62.4 | % | 59.3 | % | 56.5 | % | 59.3 | % | 65.8 | % | 59.2 | % | 53.1 | % | 68.6 | % | 75.6 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
12.8 | % | 12.4 | % | 10.3 | % | 18.4 | % | 27.5 | % | 19.2 | % | 12.1 | % | 17.1 | % | 9.7 | % | 1.7 | % | ||||||||||||||||||||
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Risk2 |
||||||||||||||||||||||||||||||||||||||||
Risk costs in bp of average RWA |
97 | 78 | 164 | 106 | 79 | 87 | 38 | 28 | 58 | 67 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
140,214 | 141,367 | 53,759 | 49,108 | 19,656 | 20,471 | 21,549 | 21,595 | 45,251 | 50,193 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | Key figures based on underlying figures |
3 | Underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio (annualised) |
ING GROUP PRESS RELEASE 1Q2013 | 15 |
APPENDIX 4 COMMERCIAL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT
Commercial Banking: Consolidated profit and loss account
Total Commercial Banking |
Industry Lending |
General Lending & Transaction Services |
Financial Markets |
Bank Treasury, Real Estate & Other |
||||||||||||||||||||||||||||||||||||
in EUR million |
1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
||||||||||||||||||||||||||||||||||||||||
Interest result |
798 | 905 | 396 | 375 | 245 | 261 | 190 | 205 | -32 | 64 | ||||||||||||||||||||||||||||||
Commission income |
236 | 222 | 119 | 112 | 87 | 86 | 31 | 20 | -2 | 5 | ||||||||||||||||||||||||||||||
Investment income |
77 | 122 | 6 | 6 | 2 | -1 | 2 | -2 | 67 | 119 | ||||||||||||||||||||||||||||||
Other income excl. CVA/DVA |
225 | 351 | -28 | -16 | 9 | 5 | 189 | 249 | 54 | 112 | ||||||||||||||||||||||||||||||
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Underlying income excl. CVA/DVA |
1,336 | 1,601 | 493 | 477 | 343 | 351 | 412 | 472 | 87 | 301 | ||||||||||||||||||||||||||||||
Other income - DVA on structured notes |
-24 | -337 | -24 | -337 | ||||||||||||||||||||||||||||||||||||
Other income - CVA/DVA on derivatives |
98 | 139 | 98 | 139 | ||||||||||||||||||||||||||||||||||||
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Total underlying income |
1,411 | 1,403 | 493 | 477 | 343 | 351 | 487 | 274 | 87 | 301 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Staff and other expenses |
578 | 550 | 109 | 106 | 179 | 172 | 229 | 211 | 61 | 60 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
26 | 59 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 59 | ||||||||||||||||||||||||||||||
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Operating expenses |
604 | 608 | 109 | 106 | 179 | 172 | 229 | 211 | 87 | 118 | ||||||||||||||||||||||||||||||
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Gross result |
807 | 795 | 384 | 371 | 164 | 178 | 258 | 63 | 0 | 182 | ||||||||||||||||||||||||||||||
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Addition to loan loss provision |
218 | 167 | 178 | 91 | 5 | 32 | 0 | 5 | 34 | 38 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
589 | 628 | 206 | 280 | 159 | 146 | 258 | 58 | -34 | 144 | ||||||||||||||||||||||||||||||
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Client balances (in EUR billion)2 |
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Residential Mortgages |
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Other Lending |
126.8 | 135.6 | 77.9 | 77.2 | 37.2 | 44.2 | 1.4 | 1.9 | 10.4 | 12.3 | ||||||||||||||||||||||||||||||
Funds Entrusted |
73.5 | 60.5 | 1.1 | 1.5 | 37.9 | 35.5 | 3.3 | 3.0 | 31.2 | 20.5 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
0.2 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||
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Profitability and efficiency2 |
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Cost/income ratio |
42.8 | % | 43.4 | % | 22.1 | % | 22.2 | % | 52.3 | % | 49.2 | % | 47.0 | % | 77.0 | % | 99.5 | % | 39.4 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
13.8 | % | 12.5 | % | 13.4 | % | 18.9 | % | 13.0 | % | 10.7 | % | 27.1 | % | 5.4 | % | -12.9 | % | 15.5 | % | ||||||||||||||||||||
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Risk1 |
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Risk costs in bp of average RWA |
69 | 47 | 153 | 81 | 6 | 30 | 0 | 6 | 109 | 97 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
129,824 | 135,352 | 49,460 | 44,037 | 38,410 | 42,813 | 28,408 | 33,441 | 13,546 | 15,062 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
2 | Key figures based on underlying figures |
3 | Underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio (annualised) |
ING GROUP PRESS RELEASE 1Q2013 | 16 |
APPENDIX 5 INSURANCE EURASIA: MARGIN ANALYSIS AND KEY FIGURES
Insurance EurAsia: Margin analysis and key figures
Total EurAsia | Benelux | Central & Rest of Europe | Investment Management | Corporate Line EurAsia | ||||||||||||||||||||||||||||||||||||
In EUR million |
1Q2013 | 1Q20121 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q2012 | 1Q2013 | 1Q20121 | 1Q2013 | 1Q2012 | ||||||||||||||||||||||||||||||
Insurance - Margin analysis |
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Investment margin |
127 | 155 | 114 | 144 | 12 | 11 | 1 | 0 | ||||||||||||||||||||||||||||||||
Fees and premium-based revenues |
379 | 388 | 169 | 174 | 101 | 110 | 109 | 104 | ||||||||||||||||||||||||||||||||
Technical margin |
86 | 81 | 47 | 36 | 39 | 46 | | | ||||||||||||||||||||||||||||||||
Income non-modelled life business |
5 | 4 | 0 | -0 | 5 | 5 | -0 | 0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating income |
596 | 628 | 330 | 354 | 157 | 171 | 110 | 104 | ||||||||||||||||||||||||||||||||
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Administrative expenses |
295 | 305 | 148 | 145 | 69 | 82 | 79 | 77 | ||||||||||||||||||||||||||||||||
DAC amortisation and trail commissions |
102 | 113 | 47 | 58 | 55 | 56 | 0 | 0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management expenses |
397 | 418 | 194 | 203 | 124 | 138 | 79 | 77 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating result |
199 | 210 | 135 | 151 | 33 | 33 | 31 | 27 | ||||||||||||||||||||||||||||||||
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Non-life operating result |
-3 | 13 | -4 | 12 | 1 | 1 | | | ||||||||||||||||||||||||||||||||
Corporate Line operating result |
-117 | -95 | -117 | -95 | ||||||||||||||||||||||||||||||||||||
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Operating result |
79 | 129 | 132 | 162 | 34 | 34 | 31 | 27 | -117 | -95 | ||||||||||||||||||||||||||||||
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Gains/losses and impairments |
50 | 59 | 41 | 70 | 0 | -16 | 0 | 0 | 9 | 4 | ||||||||||||||||||||||||||||||
Revaluations |
-10 | -213 | -10 | -207 | | 1 | | | 0 | -7 | ||||||||||||||||||||||||||||||
Market & other impacts |
-34 | -18 | -34 | -18 | | | | | -0 | 0 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
85 | -43 | 128 | 8 | 34 | 19 | 31 | 27 | -108 | -97 | ||||||||||||||||||||||||||||||
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Life Insurance - New business figures |
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Single premiums |
396 | 648 | 262 | 444 | 134 | 204 | | | | | ||||||||||||||||||||||||||||||
Annual premiums |
194 | 169 | 90 | 83 | 104 | 86 | | | | | ||||||||||||||||||||||||||||||
New sales (APE) |
234 | 233 | 116 | 127 | 118 | 106 | | | | | ||||||||||||||||||||||||||||||
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Life Insurance & Investment Management - Key figures |
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Adm. expenses / operating income |
49.5 | % | 48.6 | % | 44.8 | % | 41.0 | % | 43.9 | % | 48.0 | % | 71.8 | % | 74.0 | % | ||||||||||||||||||||||||
Life general account invested assets (end of period, in EUR billion) |
68 | 67 | 62 | 60 | 6 | 7 | &n |