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16 February 2006

Full Year 2005 Results Delivering value through higher returns and profitable growth. 16 February 2006. Key points. Strategy is delivering value Strong underlying top-line growth Better returns and improved efficiency Confidence in growth underlying business.

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16 February 2006

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  1. Full Year 2005 Results Delivering value through higher returns and profitable growth 16 February 2006

  2. Key points • Strategy is delivering value • Strong underlying top-line growth • Better returns and improved efficiency • Confidence in growth underlying business

  3. Summary financial results 2005* • Net profit rises 25.3% to EUR 7,210 million • EPS up 22.7% to EUR 3.32 • Underlying profit before tax rises 19.4% to EUR 8,506 million** • Insurance +11.5%; Banking +27.2% • Strong underlying top-line growth • Life premiums +12.5%; bank income +11.4% • Improvement efficiency ratios due to sharpened focus on execution • Strong value creation • Embedded Value +22.9% to EUR 27.6 billion; ROEV 14% • Value of New Business up 27.4% to EUR 805 million • IRR increases to 13.2% (12.1%) • Underlying after-tax RAROC up to 18.8% (16.4%) • Total dividend 2005 proposed at EUR 1.18 per share, up 10.3% * All figures compare full year 2005 with full year 2004 unless otherwise stated ** Underlying profit before tax is a non-GAAP measure for profit before tax excl. divestments and special items

  4. 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 Strong underlying profit performance … +34% +36% in EUR million 2003 ING GAAP 2004 ING GAAP 2004 IFRS 2005 IFRS Underlying net profit excluding realised capital gains on shares from Insurance Realised capital gains on shares from Insurance Special items Impact divestments

  5. … with higher quarterly underlying profit level Average underlying net profit, excluding realised capital gains on shares from Insurance: +34% 1,941 1,878 2,000 1,840 1,663 1,554 1,551 1,408 1,500 1,130 in EUR million 1,000 500 0 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Underlying net profit excluding realised capital gains on shares from Insurance Realised capital gains on shares from Insurance Special items Impact divestments

  6. US Retirement Services Quarterly average 2005: EUR 89m Quarterly average 2004: EUR 73m 120 100 22% 80 Pre-tax profit (at constant exchange rates) 60 40 20 0 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Growth engines show strong performance (1) Growth 2005 • VNB +41% • Sales +18%

  7. Life insurance developing markets Growth engines show strong performance (2) Growth 2005 • VNB +40% • Sales +51% 140 18% 17.4% Internal rate of return 17% 120 Value of new business 16% 100 15% Value of new business(in EUR million) 80 Internal rate of return (%) 14.0% 14% 60 128 13% 40 12% 56 11% 20 10% 0 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405

  8. ING Direct Quarterly average 2005: EUR 154m 200 Quarterly average 2004: EUR 109m 150 42% 100 Pre-tax profit(in EUR million) 50 0 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Growth engines show strong performance (3) Growth 2005 • Funds entrusted +29% • Mortgage portfolio +66% • Number of customers +28%

  9. Recurring expenses Insurance show modest growth 2004 2005 9.5% Total operating expenses 4,746 5,195 157 119 Divestments / special items 245 58 Non-recurring expenses 77 FX impact 4.9% 4,831 4,608 Recurring expenses 654 Asia 555 3.1% 4,177 Recurring expenses excl. Asia 4,053

  10. Recurring expenses Banking show modest growth 2004 2005 0.6% Total operating expenses 8,795 8,844 774 55 Divestments / special items 219 508 Non-recurring expenses 51 FX impact 5.5% 8,281 7,853 Recurring expenses 1,186 1,395 ING Direct 3.3% 6,667 6,886 Recurring expenses excl. ING Direct

  11. Improved efficiency ratios Cost/income ratio Banking Expense ratios Insurance 80.0% 1.00% 15.0% 75.7% 75.0% 70.0% 0.90% 14.0% 65.6% 0.86% 13.52% 65.0% 13.28% 0.82% 13.0% 0.80% 60.0% 2004 2005 2004 2005 2001 2002 2003 2004 2005 Expenses as % of AuM Total banking excluding divestments and special items Expenses as % of premiums Improving efficiency remains priority

  12. Strong Embedded Value profit growth reflects value creation EV profit* 2005: + 262% 2,500 EV profit growth due to: • Value of new business • Financial variances • Operational variances • Assumption changes 11% 41% 9% 39% 100% 2,000 1,500 EV profit (in EUR million) 2,254 1,000 500 622 488 2003 2004 2005 EV-profit growth strongly correlated with TSR Growth 2005 • Embedded Value life insurance + 22.9% to EUR 27.6 bn • Return on Embedded Value 14% • Value of New Business + 27.4% to EUR 805 m • Internal rate of return 13.2% from 12.1% in 2004 * EV Profit is defined as the change in value during the year in excess of the required return which arises from only those items in embedded value that business line management can influence.

  13. 2005 2005 2004 2004 Improved returns in all business lines Banking: after-tax RAROC Life Insurance: IRR new business % % 15.0 40 16 14.6 36.0 13.6 13.2 12.4 12.1 11.1 30 12 10.7 26.2 22.6 22.3 20 8 14.9 14.5 11.3 12.2 10 4 0 0 Wholesale Retail ING Direct Total Insurance Insurance Insurance Total Banking Banking Europe Americas Asia/Pacific • Underlying after-tax RAROC improved to 18.8% (from 16.4%) • Improved IRR reflects focus on strict pricing discipline • All return ratios well above ING hurdles

  14. ING’s total shareholder return in top quartile TSR 1 January 2004 – 31 December 2005 0 20 40 60 80 100 ING Group TSR ING Group # 2 with +76% Average TSR peer group +37% Source: Bloomberg, ING

  15. 10% 10% 1.18 1.07 0.97 0.97 0.97 0.94 0.82 0.63 0.52 0.45 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Dividend increase reflects strong performance and confidence in the future Dividend per share (in EUR) • Total dividend 2005 proposed EUR 1.18 per share, up 10.3% • Final dividend 2005 proposed EUR 0.64, fully in cash

  16. 8,894 1,379 22 366 8,506 8,506 3.32 305 7,210 +19.4% +13.9% +14.9% +25.3% +22.7% 2005 inEUR million 7,740 218 1,709 342 7,467 2.71 55 7,125 276 5,755 2004 in EUR million Underlying Special Profit before Gains / Profit before Profit before Taxation 3rd party Net Profit EPS (EUR) profit before items tax excl. losses on tax from tax interest tax divestments divestments divested units Group profits 2005

  17. Net impact divestments and special items 2005 2004 %-change In EUR million Net Profit 7,210 5,755 25.3% 1) Divestments Gain sale Australian non-life 166 Losses rel. to sale ING Re 2004/True up 2005 13 -217 Gain sale Freeler 10 Gain on IPO Canada 19 249 Loss sale Life of Georgia -46 -18 Gain sale Austbrokers 25 13 204 Profit from divested units Insurance operations 34 384 -114 Sale BHF-Bank -54 Loss sale Asian equities business 87 Gain on sale of CenE Bankiers 254 Gain sale Baring Asset Management 92 Gain partial sale ING Bank Slaski shares 47 Restructuring NMB-Heller 4 38 Profit from divested units Banking operations 397 -43 Total ING Group 431 341 2) Special items Gain old reinsurance business 134 190 Hedge result 49 Tax releases 400 Insurance operations 400 373 -2 Hedge result 183 112 Tax releases / tax asset -28 Restructuring provision Wholesale Banking operations 183 82 Total ING Group 583 455 Underlying net profit 6,196 4,959 24.9%

  18. Tax developments • Low effective tax rate in 2005 (15.5%) driven by: • Tax exempt gains on divestments • Substantial releases of tax provisions in insurance operations • Benefits from participation exemption in the Netherlands and Belgium • Lower statutory tax rate in the Netherlands (31.5%) • Compensation of historical tax losses / tax assets in banking • Expected effective tax rate in the range 20-25% for the coming years • Structural decline driven by lower statutory tax rate in the Netherlands

  19. Q105 Q205 Q305 Q405 Estimated impact of IAS 32/39 and IFRS 4 on net profit Impact on quarterly net results (EUR m) 82 Total estimated net impact amounts to EUR 392 m 80 71 60 60 40 20 Insurance Impact on 2005 results (pre-tax) 0 -20 Insurance Banking Total -51 -40 55 95 58 0 30 238 76 0 162 -17 226 118 -111 1 217 98 -111 230 38 321 176 -111 31 455 174 -111 392 Realised gains on bonds* Fair value changes deriv/invest. Prepayment penalties Interest preference shares Other Total pre-tax Tax Third party interest Total net -60 (EUR m) 111 120 100 80 Banking 60 47 45 40 27 20 *Net of amortisation of capitalised gains on fixed incomesecurities under Dutch GAAP in 2004. The figures in these tables are estimates 0 Q105 Q205 Q305 Q405

  20. Insurance activities Profit & loss account Value of New Business (EUR 805 m) % changeunderlying % change 2005 2004 in EUR million Insurance Premium income 45,758 43,617 4.9 10.4 Europe 28% Operating expenses 5,195 4,746 9.5 10.6 Net profit 3,268 3,349 -2.4 9.3 Insurance Insurance Asia/Pacific Americas Underlying profit before tax 3,975 3,564 11.5 46% 26% • Underlying profit before tax up 11.5% driven by strong non-life results (+21.3%) • Underlying life profit up 7.4% supported by NL, US and Central Europe • Premium growth led by Asia and Central Europe • Rise in operating expenses due to investments in growth Asia and restructuring Netherlands • Embedded Value life business increases 22.9% to EUR 27.6 bn • Value of New Business rises 27.4% driven by strong sales and higher returns • Historically low investment losses (EUR -12 m), thanks to recovery US

  21. ING Insurance Asia/Pacific Europe Americas Insurance Europe: strong growth Central Europe • Underlying profit growth driven by Central Europe, Netherlands, and non-life Belgium • Underlying profit from Central Europe up 44.1% driven by Poland and Hungary • Underlying profit rise NL (+23%) boosted by high investment income and release provisions • Staff reductions Nationale-Nederlanden proceeding ahead of plan • Strong rise in VNB Netherlands (64%) due to sharply improved margins • Assets under Management increase 14.1% to EUR 169 bn Profit & loss account % change % changeunderlying VNB: EUR 226 m (+64%) IRR: 14.6% (12.4%) AuM: EUR 169.3 bn(EUR 148.4 bn end 2004) 2005 in EUR million 2004 Premium income 10,702 11,369 -5.9 0.9 Operating expenses 1,870 1,768 5.8 6.0 Total profit before tax 2,031 1,623 25.1 Underlying profit before tax 2,021 1,612 25.4

  22. ING Insurance Asia/Pacific Europe Americas Insurance Americas: strong growth US, Canada Profit & loss account % change % changeunderlying VNB: EUR 207 m (+19.7%) IRR: 11.1% (10.7%) AuM: EUR 201.7 bn(EUR 164.6 bn end 2004) 2005 in EUR million 2004 Premium income 22,744 22,761 -0.1 0 Operating expenses 2,397 2,202 8.9 11.8 Total profit before tax 1,941 1,692 14.7 Underlying profit before tax 1,979 1,601 23.6 • Strong underlying profit growth in the United States and Canada • US profits up 27.4%, driven by retirement services and annuities • Benign credit environment, higher AuM and investment performance support US results, but will be more challenging if interest rates continue to rise • US composite margin increased to 162 bps (from 134 bps) • Canadian non-life profit rise driven by continued strong underwriting result • Expense growth reflects acquisition Allianz Canada and strategic investments in US • Strict pricing discipline leads to improvement VNB and IRR • Mexican result declined due to claims and expenses from hurricanes • Assets under Management increase 22.5% to EUR 202 bn

  23. Insurance Asia/Pacific: solid growth engine • Excl. reserve strengthening Taiwan, divestments and one-off items 2004, profit + 37% • Strong premium growth in all countries, including India (+142%), Thailand (+43%) and China (+27%) • Premium growth Japan boosted by success of SPVA product • Excellent results in South Korea (profit +52%) driven by strong sales • Expense increase reflects continuing investment in growth; expense ratios improved • VNB increase 16.2%, mainly from South Korea and Taiwan • Internal rate of return improved to 15.0% (13.6%) • Taiwan reserve inadequacy remained in EUR 2.8-3.3 bn range as announced earlier • Assets under Management increase 41.1% to EUR 72 bn Profit & loss account % change % changeunderlying VNB: EUR 373 m (+16.2%) IRR: 15.0% (13.6%) AuM: EUR 71.8 bn(EUR 50.9 bn end 2004) 2005 in EUR million 2004 Premium income 12,286 9,469 29.7 49.5 Operating expenses 867 727 19.3 23.0 Total profit before tax 478 756 -36.8 Underlying profit before tax 447 475 -5.9 ING Insurance Asia/Pacific Europe Americas

  24. Profit & loss account % changeunderlying 2005 % change in EUR million 2004 11.4 Total income 13,848 12,678 9.2 9.6 Operating expenses 8,844 8,795 0.6 Additions to loan loss provisions 88 465 42.0 Net profit 3,942 2,406 63.8 Underlying profit before tax 4,531 3,561 27.2 Banking activities 2005 Underlying profit before tax* ING Direct 13% RetailBanking Wholesale Banking 39% 48% * Excludes component ‘Other‘ • Underlying profit increase driven by solid income growth and low risk costs • Income growth driven by higher savings and mortgages at ING Direct and Retail Banking, including prepayment penalties in the Netherlands • Interest margin narrowed 5 bps to 1.17% due to flattening yield curve and growth ING Direct • Loan loss provisions remained historically low at 3 bps (18 bps) • Cost/income ratio improved 1%-point to 65.6% on an underlying basis • After-tax underlying RAROC improved to 18.8% (16.4%) due to higher net profit and more stringent approach to capital allocation

  25. Wholesale Banking: focus on key clients, products Profit & loss account % changeunderlying C/I ratio: 58.2% from 63.6% Risk costs: -7 bps from 12 bps Econ. cap: EUR 8.5 bn (EUR 9.6 bn) After-tax RAROC: 22.3% (12.2%) RWAs: EUR 156.1 bn (EUR 147.5 bn end 2004) 2005 % change in EUR million 2004 5,957 5,871 1.5 Total income 4.8 Operating expenses 3,466 3,734 -7.2 12.1 Additions to loan loss provisions -108 192 Profit before tax 2,599 1,945 33.6 Underlying profit before tax 2,276 2,092 8.8 • Underlying profit rises 8.8% driven by historically low risk costs and strong performance of the international network, mitigated by several non-recurring costs • Income growth supported by ING Real Estate and focus on key products • Release of loan loss provisions due to benign credit environment and improved risk management • Interest margin under pressure; challenging yield curve • Underlying expenses high due to several non-recurring items • Underlying after-tax RAROC up to 16.7% (14.9%), reflecting more efficient use of capital in the international network ING Banking Whole-sale INGDirect Retail

  26. Retail Banking: strong top-line growth in Benelux Profit & loss account % changeunderlying C/I ratio: 66.1% from 73.2% Risk costs: 11 bps from 25 bps Econ. cap: EUR 3.4 bn (EUR 3.1 bn) After-tax RAROC: 36.0% (26.2%) RWAs: EUR 89.8 bn (EUR 76.5 bn end 2004) 2005 % change in EUR million 2004 Total income 5,796 5,062 14.5 15.5 Operating expenses 3,829 3,703 3.4 5.7 Additions to loan loss provisions 90 184 Profit before tax 1,877 1,175 59.7 Underlying profit before tax 1,815 1,168 55.4 • Underlying profit up 55% due to strong growth in the Netherlands and Belgium • Solid income growth driven by savings and mortgages, incl. high prepayment income • Interest margins narrowed and expected to remain under pressure in current interest rate environment • Continued strong performance Private Banking • Significant improvement in cost efficiency; C/I ratio decreased 7%-points to 66.1% • Announced streamlining and outsourcing initiatives in Ops&IT on track • Low risks costs in Poland; roll-out self-banking concept in Romania on track ING Banking Whole-sale INGDirect Retail

  27. ING Direct: strong growth in savings, mortgages Profit & loss account * C/I ratio: 65.9% from 69.3% Risk costs: 17 bps from 22 bps Econ. cap: EUR 3.1 bn (EUR 2.4 bn) After-tax RAROC: 14.9% (11.3%) RWAs: EUR 73.8 bn (EUR 50.1 bn end 2004) 2005 2004 % change in EUR million 2,119 1,709 24.0 Total income 1,396 1,185 17.8 Operating expenses 106 89 Additions to loan loss provisions (Underlying) Profit before tax 617 435 41.8 * Including ING Card • Strong profit growth driven by savings and mortgages, against backdrop of challenging interest rate environment • Continuing strong commercial performance growth in all countries • 14.7 million customers end 2005; 15 millionth customer in January 2006 • Funds entrusted +29% to EUR 188 bn; off-balance (mainly mutual) funds almost doubled to EUR 10.8 bn • Mortgages + 66% to EUR 55 bn • Operational costs-to-assets ratio improved to 40 bps from 44 bps in 2004 • Interest margin was 0.89% in the fourth quarter, up 2 bps from third quarter ING Banking Whole-sale INGDirect Retail

  28. Conclusions on financial results • Strong overall 2005 performance • Double-digit underlying income growth, higher returns and improved efficiency ratios • Strategy focused on value creation for shareholders is paying off • Returns increased in all lines of business • Growth engines – ING Direct, retirement services and life insurance in developing markets – continued strong performance • Steps taken to improve efficiency in mature markets • Impact challenging interest rate environment mitigated by some favourable market conditions

  29. Return Shareholder Value Growth Continue strategic direction in 2006 Execution Strategic priorities 2006 • Organic growth • Balance growth and return to increase shareholder value • Improve cost efficiency, while continue to invest in future growth • Further strengthen compliance

  30. Long-term growth potential Domestic markets • In line with nominal GDP growth • Supplemented by: • Leveraging customer base to gain market position • Efficiency gains • Improved returns / capital efficiency Growth engines • ING Direct – growth model in mature markets • Retirement Services – driven by strong demand from aging population • Life insurance developing markets – markets with strong potential

  31. ING – a leading global Asset Manager Strong growth due to net inflows, mitigated by significant weakening dollar 600 Total Assets under Management, including ING Real Estate (in EUR bn) 500 400 547 CAGR 19% 300 200 100 112 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 • Global strategy Investment Management (ING IM) • Build on global manufacturing capabilities, scale and (cross) regional distribution strength • Continue successful innovation to meet client needs (e.g. closed-end funds) • Capitalize on improved investment engines in US, Europe and Asia/Pacific Europe • Take advantage open architecture and growth in pension assets (demographics and pension reforms) Americas • Increase penetration of ING funds in insurance products • Capital market linked products (closed-end funds) and alternative assets Asia/Pacific • Increase penetration of ING funds in insurance products • Intensify banking distribution partnerships

  32. ING Real Estate • Global ranking (based on AuM)* • ING Real Estate • Prudential Real Estate • RREEF / Deutsche Bank Real Estate • TIAA – CREF • Principal Real Estate • * Source: Pensions&Investment, data 30 June 2005 Total business portfolio (in EUR bn) 80 70 70 CAGR 22% 60 50 40 26 30 20 10 0 2000 2001 2002 2003 2004 2005 Investment Management Finance Development • Major portfolio acquisitions 2005 • Gables Residential Trust EUR 2.3 bn • Abbey National portfolio EUR 1.7 bn • Coop Norden portfolio EUR 442m • Strategic priorities • Investment Management: Europe + Asia • Finance: ongoing international diversification • Development: Europe, controlled growth Australia and United States

  33. Group priorities / initiatives Managing for value • 7000 senior managers trained • Phased roll-out to all business units • Value metrics included in business planning Changing culture Changing processes • Performance culture • Customer centricity Capital Management • Centralised team to manage capital • Allocation to most value creating business • Increased efficiency in Group funding costs Risk analytics • Central team to monitor Group-wide risks • Risk Dashboard • Clear benefit of diversification Compliance • Increased external regulatory requirements • Significant upgrade compliance organisation

  34. Looking forward 2006 • Interest environment will remain challenging • Risk costs and non-life claims expected to return gradually to more normal levels • Expected effective tax rate in the range 20%-25% for the coming years • Confidence in growth of underlying business • Confidence in ability to continue to create value for shareholders

  35. Changes Executive Board proposed to AGM April ING Group Chairman, Michel Tilmant Vice-Chairman and CFO, Cees Maas Insurance Europe Insurance Americas Insurance Asia/Pacific Wholesale Banking Retail Banking ING Direct Jacques de Vaucleroy Tom McInerney Hans van der Noordaa Eric Boyer de la Giroday Eli Leenaars Dick Harryvan

  36. Key points • Strategy is delivering value • Strong underlying top-line growth • Better returns and improved efficiency • Confidence in growth underlying business

  37. Full Year 2005 Results Delivering value through higher returns and profitable growth 16 February 2006

  38. Appendix

  39. 7% 22% 20% Insurance Europe 22% Insurance Americas 24% 5% Insurance Asia/Pacific Wholesale Banking Retail Banking ING Direct Profit distribution Underlying profit before tax Contribution of business lines 2005* 2005 2004 %change in EUR million Insurance 3,975 3,564 11.5 Europe 2,021 1,612 25.4 Americas 1,979 1,601 23.6 Asia / Pacific 447 475 -5.9 Other* -472 -124 Banking 4,531 3,561 27.2 Wholesale Banking 2,276 2,092 8.8 Retail Banking 1,815 1,168 55.4 ING Direct 617 435 41.8 Other** -177 -134 Total ING Group 8,506 7,125 19.4 *) Other insurance results is mainly interest on core debt, USD hedge 2004 and gains on equity investments that are not allocated to the three business lines **) Other banking results consist mainly of interest expenses that are not allocated to the business lines *) Excludes component ‘Other‘ in banking and insurance

  40. Capital position 31/12/05 30/06/05 01/01/05(*) ING GROUP Balance sheet total (EUR bn) 1,159 1,107 965 Capital and reserves (EUR bn) 36.7 35.3 28.2 Capital and reserves per share (EUR) 16.96 16.27 12.95 Debt/equity ratio Group 9.3% 9.8% 11.9% Net revaluation reserve (EUR bn) • Shares 4.2 3.3 2.4 • Fixed income securities 5.8 8.8 6.0 INSURANCE Debt/equity ratio insurance 13.2% 14.3% 14.3% Capital Coverage ratio 259% 228% 200% BANKING BIS ratio 10.86% 10.55% 10.46% Tier-1 ratio 7.32% 7.20% 6.92% RWAs (EUR bn) 319.7 305.5 274.1 (*) restated to IFRS accounting

  41. Recurring expenses Insurance (In EUR million) 2005 2004 %change Total operating expenses Insurance 5,195 4,746 9.5% Impact divestments / special items¹ 119 157 Release healthcare provisions / pensions -47 Reorganisation Nationale-Nederlanden² 94 21 Reorganisation Ops/IT 23 Restructuring US 25 13 Broker initiative Canada 27 Strategic projects/SOX/Mutual fund optimal. US³ 83 35 Release tax wage provision Asia -30 Other 40 19 Total non-recurring items 245 58 FX impact -77 Total recurring expenses Insurance 4,831 4,608 4.9% 1 Includes sale ING Re US, Life of Georgia, P&C Chile, Australia non-life and acquisition Allianz Canada 2 Reorganisation provision and new IT systems 3 Strategic projects include enhanced web capabilities/platforms

  42. Recurring expenses Banking (In EUR million) 2005 2004 %change Total operating expenses Banking 8,844 8,795 0.6% Impact divestments / special items¹ 55 774 Release healthcare provisions / pensions -119 Consolidation Postkantoren BV 168 Impairments ING Real Estate 78 Reorganisation Ops/IT 47 15 Accelerated software depreciation 27 Provision Williams de Broë 81 Mercator Bank / Ferri / Banque Baring Br.Suisse² 92 56 Other³ 134 148 Total non-recurring items 508 219 FX impact -51 Total recurring expenses Banking 8,281 7,853 5.5% 1 Includes sale BHF-Bank, CenE Bankiers, Baring Asset Management and Asian cash equity business; in 2004 restr.provision Wholesale 2 Impact acquisition Mercator Bank and sale ING Securities Bank France (Ferri) and Banque Baring Brother Suisse 3 One-time payment Collective Labour agreement, provisions legal claims, acquisition Abbey National, redundancy provisions

  43. Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities. ING assumes no obligation to update any forward-looking information contained in this document. www.ing.com

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