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 November 6, 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 November 6, 2013. |
CORPORATE COMMUNICATIONS | ||
PRESS RELEASE | 6 November 2013 |
ING records 3Q13 underlying net profit of EUR 891 million
• | Group underlying net profit of EUR 891 million from EUR 844 million in 3Q12 and EUR 957 million in 2Q13 |
• | 3Q13 net profit EUR 101 million, or EUR 0.03 per share, including discontinued operations, special items and divestments |
• | Bank underlying result before tax of EUR 1,103 million, in line with 3Q12 but down 3.8% sequentially |
• | Net interest margin rose to 1.44% in 3Q13 and the cost/income ratio for the first nine months of 2013 improved to 55.2% |
• | Risk costs declined 10.4% from 2Q13, but remained elevated at EUR 552 million, or 80 bps of average RWA |
• | Core Tier 1 ratio rose to 12.4%, or 12.1% on a pro-forma basis including today’s payment to the State and the IABF unwind |
• | Insurance EurAsia operating result rose to EUR 218 million, up 89.6% versus 3Q12 but 14.8% lower than 2Q13 |
• | Results driven by higher investment margin, lower expenses from the Benelux transformation plan and improved Non-life results |
• | Underlying pre-tax result of EUR 136 million; up versus 3Q12 but down sequentially due to seasonality of dividend income in 2Q13 |
• | Insurance EurAsia IGD solvency ratio lower at 255% reflecting the change in NN Life’s solvency ratio and the sale of ING Life Korea |
• | ING is advancing further into the end phase of its restructuring programme, which will now be completed by 2016 |
• | EUR 1.125 billion payment to Dutch State completed today; agreement reached on unwinding of Illiquid Assets Back-up Facility |
• | Sale of ING Life Korea expected to close by year-end; ING Life Japan to be included within the base case IPO of ING Insurance |
• | ING Group’s stake in ING U.S. reduced to 57%; Group double leverage covered by remaining stakes in ING U.S. and SulAmérica |
CHAIRMAN’S STATEMENT
“ING continued to make strong progress on its restructuring programme in the third quarter, advancing further into the end phase of our transformation,” said Ralph Hamers, CEO of ING Group. “At the same time, our businesses recorded another good set of quarterly results while delivering on our strategic priorities.”
“Under a new agreement with the European Commission, the total restructuring of ING Group will now be completed two years earlier, by the end of 2016. The divestment of the Asian insurance and investment management activities is almost complete. The sale of ING Life Korea is expected to close by year-end. We have carefully explored and evaluated several divestment options for ING Life Japan, and have now included this business within the scope of the base case IPO of ING Insurance. Preparations for the base case IPO are progressing well and we will be ready to go to the market in 2014. The successful sale of 38 million ING U.S. shares in October brought our stake down to 57% and moves us close to meeting the requirement to divest more than 50% of the U.S. by the end of 2014. The EUR 4.8 billion of leverage in the Group holding company is covered by the proceeds from our share sales of ING U.S. and SulAmérica this year, together with the market values of our remaining stakes in these companies.”
“We are grateful for the support the Dutch State extended to us during the crisis. Strong capital generation at the Bank facilitated the payment of another tranche of core Tier 1 securities today, reducing the principal amount of outstanding State aid to EUR 1.5 billion. We are also very pleased to have reached an agreement with the State on the unwinding of the Illiquid Assets Back-up Facility.”
“The various performance improvement programmes and restructuring initiatives underway across the company are on track, and the results are encouraging. Underlying pre-tax results at ING Bank were solid at EUR 1,103 million, driven by an increase of the net interest margin to 1.44%. Commercially, the net inflow of funds entrusted was sound at EUR 1.9 billion. Risk costs declined from both previous quarters, but remained elevated. Strong cost control continues to be a priority at the Bank and is evident in the improvement of the cost/income ratio to 55.2% for the first nine months of 2013, despite additional restructuring charges in the third quarter from ongoing reorganisations. The year-to-date return on IFRS-EU equity was 9.3%, within reach of our 2015 target.”
“The Bank’s capital position strengthened further to a 12.1% pro-forma core Tier 1 ratio, after today’s payment to the Dutch State and including the estimated impact from unwinding the IABF. ING Bank is continuously working to optimise its capital structure and is already meeting most of the CRD IV requirements. In order to reinforce our capital adequacy ahead of upcoming regulation, we are launching exchange offers for EUR 4.7 billion of outstanding subordinated debt into two CRD IV-compliant securities. We have also announced our intention to call a USD 2.0 billion hybrid with an 8.5% coupon, which will reduce our cost of capital.”
“At Insurance EurAsia, both operating and underlying results improved compared with a year ago, rising to EUR 218 million and EUR 136 million, respectively. Third-quarter results primarily reflected a higher investment margin, lower expenses as a result of the transformation programme in Insurance Benelux, and better performance in Non-life. On a sequential basis, results at Insurance EurAsia declined mainly due to seasonally higher dividend income in the second quarter.”
“We are proud of the financial and strategic progress that we have achieved this quarter. I am very determined and excited to be leading ING during this next phase of its transformation, and am convinced that our focused, simpler and stronger company is well positioned to help our customers and society prosper, and to grow our business.”
ING GROUP CONSOLIDATED RESULTS
ING Group key figures
3Q2013 | 3Q20121 | Change | 2Q2013 | Change | 9M2013 | 9M20121 | Change | |||||||||||||||||||||||||
Profit and loss data (in EUR million) |
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Underlying result before tax |
1,219 | 1,126 | 8.3 | % | 1,307 | -6.7 | % | 3,884 | 3,172 | 22.4 | % | |||||||||||||||||||||
of which Bank |
1,103 | 1,110 | -0.6 | % | 1,147 | -3.8 | % | 3,419 | 3,272 | 4.5 | % | |||||||||||||||||||||
of which Insurance EurAsia |
136 | 10 | 1,260.0 | % | 182 | -25.3 | % | 402 | -143 | |||||||||||||||||||||||
of which Insurance Other |
-20 | 6 | -22 | 63 | 44 | 43.2 | % | |||||||||||||||||||||||||
Underlying net result |
891 | 844 | 5.6 | % | 957 | -6.9 | % | 2,837 | 2,289 | 23.9 | % | |||||||||||||||||||||
Net gains/losses on divestments |
-950 | -200 | -16 | -26 | 84 | |||||||||||||||||||||||||||
Net result from divested units |
1 | -54 | -37 | -34 | ||||||||||||||||||||||||||||
Net result from discontinued operations Insurance/IM Asia |
143 | 198 | -98 | 200 | 472 | |||||||||||||||||||||||||||
Net result from discontinued operations Insurance ING U.S.2 |
79 | -46 | -23 | -140 | 193 | |||||||||||||||||||||||||||
Special items |
-63 | -83 | -32 | -141 | -325 | |||||||||||||||||||||||||||
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Net result |
101 | 659 | -84.7 | % | 788 | -87.2 | % | 2,693 | 2,678 | 0.6 | % | |||||||||||||||||||||
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Net result per share (in EUR)3 |
0.03 | 0.17 | -82.4 | % | 0.21 | -85.7 | % | 0.71 | 0.70 | 1.4 | % | |||||||||||||||||||||
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Capital ratios (end of period) |
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Shareholders’ equity (in EUR billion) |
50 | -0.7 | % | 50 | 51 | -2.1 | % | |||||||||||||||||||||||||
ING Group debt/equity ratio |
7.2 | % | 7.8 | % | 12.3 | % | ||||||||||||||||||||||||||
Bank core Tier 1 ratio |
11.8 | % | 12.4 | % | 12.1 | % | ||||||||||||||||||||||||||
Insurance EurAsia IGD Solvency I ratio |
304 | % | 255 | % | 265 | % | ||||||||||||||||||||||||||
Other data (end of period) |
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Underlying return on equity based on IFRS-EU equity4 |
7.2 | % | 6.8 | % | 7.3 | % | 7.3 | % | 6.4 | % | ||||||||||||||||||||||
Employees (FTEs, end of period, adjusted for divestments) |
75,798 | 0.1 | % | 75,899 | 78,068 | -2.8 | % |
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 ING U.S. have been transferred to “net result from discontinued operations” as of the third quarter of 2013. |
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 3Q2013
ING GROUP PRESS RELEASE 3Q2013 3
4 ING GROUP PRESS RELEASE 3Q2013
BANKING
Banking key figures
In EUR million |
3Q2013 | 3Q20121 | Change | 2Q2013 | Change | 9M2013 | 9M20121 | Change | ||||||||||||||||||||||||
Profit & loss |
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Interest result |
2,936 | 2,972 | -1.2 | % | 3,006 | -2.3 | % | 8,858 | 8,797 | 0.7 | % | |||||||||||||||||||||
Commission income |
546 | 532 | 2.6 | % | 582 | -6.2 | % | 1,682 | 1,662 | 1.2 | % | |||||||||||||||||||||
Investment income |
78 | 393 | -80.2 | % | 52 | 50.0 | % | 255 | 566 | -54.9 | % | |||||||||||||||||||||
Other income |
213 | -106 | 212 | 0.5 | % | 696 | 77 | 803.9 | % | |||||||||||||||||||||||
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Total underlying income |
3,774 | 3,791 | -0.4 | % | 3,853 | -2.1 | % | 11,490 | 11,102 | 3.5 | % | |||||||||||||||||||||
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Staff and other expenses |
2,081 | 2,076 | 0.2 | % | 2,064 | 0.8 | % | 6,239 | 6,123 | 1.9 | % | |||||||||||||||||||||
Intangibles amortisation and impairments |
39 | 51 | -23.5 | % | 26 | 50.0 | % | 104 | 175 | -40.6 | % | |||||||||||||||||||||
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Operating expenses |
2,120 | 2,127 | -0.3 | % | 2,090 | 1.4 | % | 6,343 | 6,298 | 0.7 | % | |||||||||||||||||||||
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Gross result |
1,655 | 1,664 | -0.5 | % | 1,762 | -6.1 | % | 5,147 | 4,804 | 7.1 | % | |||||||||||||||||||||
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Addition to loan loss provision |
552 | 554 | -0.4 | % | 616 | -10.4 | % | 1,728 | 1,533 | 12.7 | % | |||||||||||||||||||||
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Underlying result before tax |
1,103 | 1,110 | -0.6 | % | 1,147 | -3.8 | % | 3,419 | 3,272 | 4.5 | % | |||||||||||||||||||||
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of which Retail Banking |
745 | 464 | 60.6 | % | 664 | 12.2 | % | 2,016 | 1,590 | 26.8 | % | |||||||||||||||||||||
of which Commercial Banking |
360 | 437 | -17.6 | % | 532 | -32.3 | % | 1,482 | 1,500 | -1.2 | % | |||||||||||||||||||||
of which Corporate Line |
-2 | 209 | -101.0 | % | -50 | -78 | 182 | -142.9 | % | |||||||||||||||||||||||
Key figures |
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Underlying interest margin |
1.44 | % | 1.35 | % | 1.42 | % | 1.41 | % | 1.32 | % | ||||||||||||||||||||||
Underlying cost/income ratio |
56.2 | % | 56.1 | % | 54.3 | % | 55.2 | % | 56.7 | % | ||||||||||||||||||||||
Underlying risk costs in bp of average RWA |
80 | 77 | 89 | 83 | 70 | |||||||||||||||||||||||||||
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.) |
271,211 | 279,337 | -2.9 | % | 277,632 | -2.3 | % | 271,211 | 279,337 | -2.9 | % | |||||||||||||||||||||
Return on equity based on IFRS-EU equity2 |
9.4 | % | 9.2 | % | 9.5 | % | 9.3 | % | 8.8 | % | ||||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
12.2 | % | 11.8 | % | 12.4 | % | 12.3 | % | 11.0 | % |
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. |
ING GROUP PRESS RELEASE 3Q2013 5
6 ING GROUP PRESS RELEASE 3Q2013
INSURANCE EURASIA
Insurance EurAsia key figures
In EUR million |
3Q20134 | 3Q20121 | Change | 2Q2013 | Change | 9M2013 | 9M20121 | Change | ||||||||||||||||||||||||
Margin analysis (in EUR million) |
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Investment margin |
175 | 130 | 34.6 | % | 194 | -9.8 | % | 496 | 482 | 2.9 | % | |||||||||||||||||||||
Fees and premium-based revenues |
346 | 356 | -2.8 | % | 351 | -1.4 | % | 1,076 | 1,099 | -2.1 | % | |||||||||||||||||||||
Technical margin |
105 | 89 | 18.0 | % | 105 | 0.0 | % | 296 | 269 | 10.0 | % | |||||||||||||||||||||
Income non-modelled life business |
5 | 3 | 66.7 | % | 6 | -16.7 | % | 15 | 14 | 7.1 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating income |
630 | 578 | 9.0 | % | 657 | -4.1 | % | 1,884 | 1,864 | 1.1 | % | |||||||||||||||||||||
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Administrative expenses |
277 | 288 | -3.8 | % | 279 | -0.7 | % | 851 | 881 | -3.4 | % | |||||||||||||||||||||
DAC amortisation and trail commissions |
92 | 99 | -7.1 | % | 95 | -3.2 | % | 289 | 311 | -7.1 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating expenses |
369 | 387 | -4.7 | % | 374 | -1.3 | % | 1,140 | 1,192 | -4.4 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating result |
261 | 191 | 36.6 | % | 283 | -7.8 | % | 744 | 673 | 10.5 | % | |||||||||||||||||||||
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Non-life operating result |
29 | 16 | 81.3 | % | 45 | -35.6 | % | 71 | 65 | 9.2 | % | |||||||||||||||||||||
Corporate line operating result |
-72 | -92 | -72 | -262 | -292 | |||||||||||||||||||||||||||
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Operating result |
218 | 115 | 89.6 | % | 256 | -14.8 | % | 552 | 446 | 23.8 | % | |||||||||||||||||||||
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Non-operating items |
-82 | -105 | -74 | -150 | -589 | |||||||||||||||||||||||||||
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Underlying result before tax |
136 | 10 | 1260.0 | % | 182 | -25.3 | % | 402 | -143 | |||||||||||||||||||||||
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Key figures |
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Administrative expenses / operating income (Life Insurance & Investment Management) |
44.0 | % | 49.8 | % | 42.5 | % | 45.2 | % | 47.3 | % | ||||||||||||||||||||||
Life insurance new sales (APE) |
142 | 153 | -7.2 | % | 157 | -9.6 | % | 533 | 585 | -8.9 | % | |||||||||||||||||||||
Life general account invested assets (end of period, in EUR billion) |
72 | 67 | 7.5 | % | 67 | 7.5 | % | 72 | 67 | 7.5 | % | |||||||||||||||||||||
Investment margin / life general account invested assets (in bps)2 |
99 | 97 | 94 | |||||||||||||||||||||||||||||
Investment Management Assets under Management (end of period, in EUR billion) |
176 | 180 | -2.2 | % | 176 | 0.0 | % | 176 | 180 | -2.2 | % | |||||||||||||||||||||
Underlying return on equity based on IFRS-EU equity3 |
2.0 | % | 0.2 | % | 3.0 | % | 2.1 | % | -0.7 | % |
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. |
4 | As of 1 July 2013, part of the portfolios of WUB have been transferred to NN Bank; results have been reported under Life Insurance & Investment Management. |
ING GROUP PRESS RELEASE 3Q2013 7
8 ING GROUP PRESS RELEASE 3Q2013
BALANCE SHEET
Balance Sheet key figures
Insurance ING U.S. / | ||||||||||||||||||||||||||||||||
Insurance Other / | ||||||||||||||||||||||||||||||||
ING Group | ING Bank N.V. | Insurance EurAsia | Holdings / Eliminations | |||||||||||||||||||||||||||||
30 June 13 | 30 June 13 | |||||||||||||||||||||||||||||||
End of period, in EUR million |
30 Sep. 13 | pro forma1 | 30 Sep. 13 | 30 June 13 | 30 Sep. 132 | 30 June 13 | 30 Sep. 13 | pro forma1 | ||||||||||||||||||||||||
Financial assets at fair value through P&L |
157,081 | 160,973 | 130,066 | 133,722 | 27,275 | 27,583 | -260 | -332 | ||||||||||||||||||||||||
Investments |
132,024 | 135,165 | 76,419 | 79,119 | 55,605 | 56,032 | 14 | |||||||||||||||||||||||||
Loans and advances to customers |
539,641 | 547,794 | 520,673 | 529,165 | 21,846 | 16,969 | -2,878 | 1,660 | ||||||||||||||||||||||||
Other assets |
97,212 | 92,187 | 88,650 | 83,894 | 12,620 | 13,423 | -4,058 | -5,130 | ||||||||||||||||||||||||
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Total assets excl. assets held for sale |
925,958 | 936,119 | 815,808 | 825,900 | 117,346 | 114,007 | -7,196 | -3,788 | ||||||||||||||||||||||||
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Assets held for sale |
205,217 | 207,479 | 4,033 | 48,622 | 48,068 | 156,595 | 155,378 | |||||||||||||||||||||||||
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Total assets |
1,131,175 | 1,143,598 | 815,808 | 829,933 | 165,968 | 162,075 | 149,399 | 151,590 | ||||||||||||||||||||||||
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Shareholders’ equity |
49,554 | 49,881 | 35,073 | 34,424 | 16,024 | 16,553 | -1,543 | -1,096 | ||||||||||||||||||||||||
Minority interests |
3,946 | 3,885 | 921 | 835 | 65 | 67 | 2,960 | 2,983 | ||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||
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Total equity |
55,750 | 56,016 | 35,994 | 35,260 | 16,090 | 16,620 | 3,666 | 4,137 | ||||||||||||||||||||||||
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Debt securities in issue |
137,405 | 137,418 | 131,697 | 129,963 | 270 | 5,438 | 7,455 | |||||||||||||||||||||||||
Insurance and investment contracts |
89,031 | 90,050 | 89,001 | 90,018 | 30 | 32 | ||||||||||||||||||||||||||
Customer deposits/other funds on deposit |
478,041 | 470,955 | 478,692 | 475,672 | 4,962 | -5,613 | -4,717 | |||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
104,148 | 115,391 | 103,695 | 115,052 | 728 | 632 | -275 | -293 | ||||||||||||||||||||||||
Other liabilities |
75,639 | 80,281 | 65,731 | 70,244 | 10,449 | 10,648 | -541 | -611 | ||||||||||||||||||||||||
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Total liabilities excl. liabilities held for sale |
884,264 | 894,095 | 779,815 | 790,931 | 105,410 | 101,298 | -960 | 1,866 | ||||||||||||||||||||||||
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Liabilities held for sale |
191,160 | 193,487 | 3,742 | 44,468 | 44,158 | 146,692 | 145,587 | |||||||||||||||||||||||||
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Total liabilities |
1,075,424 | 1,087,582 | 779,815 | 794,673 | 149,878 | 145,456 | 145,732 | 147,453 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total equity and liabilities |
1,131,175 | 1,143,598 | 815,808 | 829,933 | 165,968 | 162,075 | 149,399 | 151,590 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Adjusted for transfer of Insurance ING U.S. to assets/liabilities held for sale. |
2 | As of 1 July 2013, part of the portfolios of WestlandUtrecht Bank have been transferred to NN Bank |
ING GROUP PRESS RELEASE 3Q2013 9
10 ING GROUP PRESS RELEASE 3Q2013
ING GROUP PRESS RELEASE 3Q2013 11
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 Other | ||||||||||||||||||||||||||||||||||||
in EUR million |
3Q2013 | 3Q20122 | 3Q2013 | 3Q20122 | 3Q2013 | 3Q20122 | 3Q2013 | 3Q20122 | 3Q2013 | 3Q20122 | ||||||||||||||||||||||||||||||
Gross premium income |
1,385 | 1,603 | 1,385 | 1,603 | ||||||||||||||||||||||||||||||||||||
Interest result Banking operations |
2,919 | 2,946 | 2,936 | 2,972 | ||||||||||||||||||||||||||||||||||||
Commission income |
703 | 676 | 546 | 532 | 156 | 154 | -10 | |||||||||||||||||||||||||||||||||
Total investment & other income |
972 | 951 | 292 | 287 | 681 | 645 | 16 | 30 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total underlying income |
5,979 | 6,176 | 3,774 | 3,791 | 2,223 | 2,402 | 16 | 20 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Underwriting expenditure |
1,630 | 1,886 | 1,630 | 1,888 | -2 | |||||||||||||||||||||||||||||||||||
Staff expenses |
1,468 | 1,469 | 1,194 | 1,208 | 271 | 256 | 4 | 6 | ||||||||||||||||||||||||||||||||
Other expenses |
1,038 | 1,039 | 888 | 868 | 138 | 165 | 12 | 6 | ||||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
39 | 51 | 39 | 51 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Operating expenses |
2,544 | 2,559 | 2,120 | 2,127 | 408 | 422 | 16 | 11 | ||||||||||||||||||||||||||||||||
Interest expenses Insurance operations |
33 | 49 | 47 | 81 | 20 | 5 | ||||||||||||||||||||||||||||||||||
Addition to loan loss provision |
552 | 554 | 552 | 554 | ||||||||||||||||||||||||||||||||||||
Other |
2 | 1 | 2 | 1 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total underlying expenditure |
4,760 | 5,050 | 2,671 | 2,681 | 2,087 | 2,392 | 36 | 14 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Underlying result before tax |
1,219 | 1,126 | 1,103 | 1,110 | 136 | 10 | -20 | 6 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|||||||||||||||||||||||||
Taxation |
309 | 261 | 265 | 264 | 51 | 1 | -7 | -4 | ||||||||||||||||||||||||||||||||
Minority interests |
19 | 21 | 18 | 24 | 3 | -2 | -3 | |||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|||||||||||||||||||||||||
Underlying net result |
891 | 844 | 820 | 822 | 82 | 10 | -10 | 12 | ||||||||||||||||||||||||||||||||
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|
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|
|
|
|||||||||||||||||||||||||
Net gains/losses on divestments |
-950 | -200 | -16 | -950 | -200 | 16 | ||||||||||||||||||||||||||||||||||
Net result from divested units |
1 | -54 | -55 | 1 | ||||||||||||||||||||||||||||||||||||
Net result from discontinued operations Insurance/IM Asia |
143 | 198 | 143 | 198 | ||||||||||||||||||||||||||||||||||||
Net result from discontinued operations Insurance ING U.S.3 |
79 | -46 | 79 | -46 | ||||||||||||||||||||||||||||||||||||
Special items after tax |
-63 | -83 | -19 | -46 | -44 | -36 | -1 | |||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|||||||||||||||||||||
Net result |
101 | 659 | 801 | 706 | -768 | -28 | 79 | -46 | -11 | 27 | ||||||||||||||||||||||||||||||
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|
|
|
|
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 ING U.S. have been transferred to “net result from discontinued operations” as of the third quarter of 2013. |
12 ING GROUP PRESS RELEASE 3Q2013
APPENDIX 2 ING GROUP: CONSOLIDATED BALANCE SHEET
ING Group: Consolidated balance sheet
Insurance ING U.S. / Insurance Other / |
||||||||||||||||||||||||||||||||
ING Group | ING Bank N.V. | Insurance EurAsia | Holdings /Eliminations | |||||||||||||||||||||||||||||
30 June 13 | 30 June 13 | |||||||||||||||||||||||||||||||
in EUR million |
30 Sep. 13 | pro forma1 | 30 Sep. 13 | 30 June 13 | 30 Sep. 132 | 30 June 13 | 30 Sep. 13 | pro forma1 | ||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Cash and balances with central banks |
21,783 | 17,369 | 20,951 | 16,928 | 5,659 | 5,899 | -4,827 | -5,458 | ||||||||||||||||||||||||
Amounts due from banks |
44,270 | 43,034 | 44,270 | 43,027 | 7 | |||||||||||||||||||||||||||
Financial assets at fair value through P&L |
157,081 | 160,973 | 130,066 | 133,722 | 27,275 | 27,583 | -260 | -332 | ||||||||||||||||||||||||
Investments |
132,024 | 135,165 | 76,419 | 79,119 | 55,605 | 56,032 | 14 | |||||||||||||||||||||||||
Loans and advances to customers |
539,641 | 547,794 | 520,673 | 529,165 | 21,846 | 16,969 | -2,878 | 1,660 | ||||||||||||||||||||||||
Reinsurance contracts |
267 | 274 | 267 | 273 | 1 | |||||||||||||||||||||||||||
Investments in associates |
1,980 | 2,031 | 839 | 864 | 862 | 869 | 279 | 298 | ||||||||||||||||||||||||
Real estate investments |
1,173 | 1,213 | 112 | 151 | 791 | 790 | 270 | 272 | ||||||||||||||||||||||||
Property and equipment |
2,466 | 2,491 | 2,291 | 2,311 | 176 | 180 | -1 | |||||||||||||||||||||||||
Intangible assets |
1,879 | 1,940 | 1,642 | 1,694 | 395 | 404 | -158 | -158 | ||||||||||||||||||||||||
Deferred acquisition costs |
706 | 726 | 706 | 725 | 1 | |||||||||||||||||||||||||||
Other assets |
22,687 | 23,109 | 18,546 | 18,919 | 3,764 | 4,281 | 377 | -91 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets excl. assets held for sale |
925,958 | 936,119 | 815,808 | 825,900 | 117,346 | 114,007 | -7,196 | -3,788 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Assets held for sale |
205,217 | 207,479 | 4,033 | 48,622 | 48,068 | 156,595 | 155,378 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total assets |
1,131,175 | 1,143,598 | 815,808 | 829,933 | 165,968 | 162,075 | 149,399 | 151,590 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Equity |
||||||||||||||||||||||||||||||||
Shareholders’ equity |
49,554 | 49,881 | 35,073 | 34,424 | 16,024 | 16,553 | -1,543 | -1,096 | ||||||||||||||||||||||||
Minority interests |
3,946 | 3,885 | 921 | 835 | 65 | 67 | 2,960 | 2,983 | ||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total equity |
55,750 | 56,016 | 35,994 | 35,260 | 16,090 | 16,620 | 3,666 | 4,137 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Subordinated loans |
8,463 | 8,645 | 16,617 | 15,467 | 3,500 | 3,500 | -11,654 | -10,322 | ||||||||||||||||||||||||
Debt securities in issue |
137,405 | 137,418 | 131,697 | 129,963 | 270 | 5,438 | 7,455 | |||||||||||||||||||||||||
Other borrowed funds |
13,159 | 12,032 | 2,675 | 2,541 | 10,484 | 9,491 | ||||||||||||||||||||||||||
Insurance and investment contracts |
89,031 | 90,050 | 89,001 | 90,018 | 30 | 32 | ||||||||||||||||||||||||||
Amounts due to banks |
32,038 | 35,156 | 32,038 | 35,156 | ||||||||||||||||||||||||||||
Customer deposits and other funds on deposits |
478,041 | 470,955 | 478,692 | 475,672 | 4,962 | -5,613 | -4,717 | |||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
104,148 | 115,391 | 103,695 | 115,052 | 728 | 632 | -275 | -293 | ||||||||||||||||||||||||
Other liabilities |
21,980 | 24,446 | 17,075 | 19,622 | 4,275 | 4,607 | 630 | 217 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total liabilities excl. liabilities held for sale |
884,264 | 894,095 | 779,815 | 790,931 | 105,410 | 101,298 | -960 | 1,866 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liabilities held for sale |
191,160 | 193,487 | 3,742 | 44,468 | 44,158 | 146,692 | 145,587 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total liabilities |
1,075,424 | 1,087,582 | 779,815 | 794,673 | 149,878 | 145,456 | 145,732 | 147,453 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total equity and liabilities |
1,131,175 | 1,143,598 | 815,808 | 829,933 | 165,968 | 162,075 | 149,399 | 151,590 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Adjusted for transfer of Insurance ING U.S. to assets/liabilities held for sale. |
2 | As of 1 July 2013, part of the portfolios of WestlandUtrecht Bank have been transferred to NN Bank. |
ING GROUP PRESS RELEASE 3Q2013 13
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 |
3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
||||||||||||||||||||||||||||||||||||||||
Interest result |
2,127 | 2,028 | 905 | 840 | 462 | 450 | 348 | 280 | 412 | 458 | ||||||||||||||||||||||||||||||
Commission income |
318 | 304 | 118 | 117 | 80 | 79 | 27 | 21 | 92 | 86 | ||||||||||||||||||||||||||||||
Investment income |
56 | 26 | 0 | 0 | 0 | 2 | 0 | 0 | 56 | 23 | ||||||||||||||||||||||||||||||
Other income |
75 | -105 | 18 | 15 | 31 | 38 | -14 | 7 | 40 | -164 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total underlying income |
2,576 | 2,253 | 1,041 | 972 | 573 | 570 | 361 | 309 | 601 | 403 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Staff and other expenses |
1,493 | 1,464 | 546 | 539 | 369 | 361 | 181 | 168 | 397 | 396 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
14 | 6 | 10 | 5 | 4 | 1 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating expenses |
1,507 | 1,470 | 556 | 544 | 373 | 362 | 181 | 168 | 397 | 396 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gross result |
1,069 | 783 | 485 | 428 | 200 | 207 | 180 | 141 | 204 | 7 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Addition to loan loss provision |
324 | 319 | 210 | 181 | 32 | 54 | 15 | 17 | 67 | 66 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Underlying result before tax |
745 | 464 | 274 | 247 | 168 | 153 | 165 | 124 | 137 | -60 | ||||||||||||||||||||||||||||||
|
|
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|
|
|
|
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|
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|
|
|
|||||||||||||||||||||
Client balances (in EUR billion)2 |
||||||||||||||||||||||||||||||||||||||||
Residential Mortgages |
277.0 | 284.9 | 136.9 | 143.3 | 30.6 | 30.2 | 61.4 | 59.1 | 48.1 | 52.3 | ||||||||||||||||||||||||||||||
Other Lending |
93.8 | 94.8 | 37.3 | 40.1 | 33.2 | 32.6 | 4.3 | 3.8 | 18.9 | 18.4 | ||||||||||||||||||||||||||||||
Funds Entrusted |
391.1 | 375.7 | 114.0 | 114.1 | 80.5 | 74.9 | 103.5 | 93.7 | 93.1 | 93.0 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
57.1 | 55.4 | 17.2 | 15.6 | 25.4 | 26.9 | 6.6 | 6.2 | 7.9 | 6.7 | ||||||||||||||||||||||||||||||
Profitability and efficiency2 |
||||||||||||||||||||||||||||||||||||||||
Cost/income ratio |
58.5 | % | 65.3 | % | 53.4 | % | 56.0 | % | 65.1 | % | 63.6 | % | 50.2 | % | 54.3 | % | 66.0 | % | 98.4 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
15.5 | % | 8.7 | % | 14.5 | % | 14.7 | % | 25.1 | % | 21.7 | % | 21.4 | % | 13.2 | % | 9.1 | % | -4.3 | % | ||||||||||||||||||||
Risk2 |
||||||||||||||||||||||||||||||||||||||||
Risk costs in bp of average RWA |
92 | 89 | 149 | 144 | 62 | 106 | 27 | 32 | 64 | 52 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
140,654 | 141,401 | 56,360 | 49,810 | 20,359 | 20,360 | 22,366 | 21,993 | 41,569 | 49,237 |
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). |
14 ING GROUP PRESS RELEASE 3Q2013
APPENDIX 4 COMMERCIAL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT
Commercial Banking: Consolidated profit and loss account
Total | General Lending & | Bank Treasury, Real Estate | ||||||||||||||||||||||||||||||||||||||
Commercial Banking | Industry Lending | Transaction Services | Financial Markets | & Other | ||||||||||||||||||||||||||||||||||||
in EUR million |
3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
||||||||||||||||||||||||||||||||||||||||
Interest result |
681 | 874 | 377 | 375 | 238 | 276 | 114 | 178 | -49 | 45 | ||||||||||||||||||||||||||||||
Commission income |
230 | 222 | 111 | 115 | 95 | 90 | 20 | 19 | 4 | -3 | ||||||||||||||||||||||||||||||
Investment income |
23 | 34 | 16 | 9 | 0 | 0 | 0 | 3 | 7 | 23 | ||||||||||||||||||||||||||||||
Other income excl. CVA/DVA |
218 | 248 | -8 | -24 | 6 | 5 | 157 | 114 | 63 | 152 | ||||||||||||||||||||||||||||||
|
|
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|
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|
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|
|
|
|||||||||||||||||||||
Underlying income excl. CVA/DVA |
1,152 | 1,378 | 495 | 476 | 340 | 372 | 292 | 314 | 25 | 216 | ||||||||||||||||||||||||||||||
Other income - DVA on structured notes |
-26 | -159 | -26 | -159 | ||||||||||||||||||||||||||||||||||||
Other income - CVA/DVA on derivatives |
37 | 51 | 37 | 51 | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total underlying income |
1,162 | 1,270 | 495 | 476 | 340 | 372 | 303 | 207 | 25 | 216 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Staff and other expenses |
557 | 560 | 111 | 105 | 186 | 172 | 199 | 220 | 60 | 64 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
18 | 37 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 37 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating expenses |
575 | 598 | 111 | 105 | 186 | 172 | 199 | 220 | 78 | 102 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gross result |
587 | 673 | 384 | 371 | 154 | 200 | 103 | -13 | -53 | 115 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Addition to loan loss provision |
227 | 235 | 181 | 142 | 13 | 62 | 0 | 0 | 33 | 31 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Underlying result before tax |
360 | 437 | 203 | 229 | 141 | 137 | 103 | -13 | -86 | 83 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|||||||||||||||||||||
Client balances (in EUR billion)2 |
||||||||||||||||||||||||||||||||||||||||
Residential Mortgages |
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Other Lending |
122.9 | 131.0 | 72.8 | 75.0 | 39.0 | 43.0 | 2.0 | 2.0 | 9.2 | 11.0 | ||||||||||||||||||||||||||||||
Funds Entrusted |
73.4 | 66.2 | 0.7 | 1.0 | 38.0 | 35.1 | 3.2 | 3.5 | 31.5 | 26.7 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
Profitability and efficiency2 |
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Cost/income ratio |
49.5 | % | 47.0 | % | 22.5 | % | 22.0 | % | 54.8 | % | 46.2 | % | 65.9 | % | 106.2 | % | 311.7 | % | 47.0 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
9.5 | % | 10.5 | % | 13.4 | % | 17.2 | % | 12.5 | % | 9.0 | % | 13.3 | % | -1.1 | % | -20.3 | % | 20.5 | % | ||||||||||||||||||||
Risk2 |
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Risk costs in bp of average RWA |
71 | 71 | 135 | 131 | 14 | 59 | 1 | 0 | 96 | 87 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
125,344 | 129,297 | 51,986 | 42,802 | 34,263 | 41,971 | 24,638 | 30,530 | 14,458 | 13,994 |
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 3Q2013 15
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 |
3Q2013 | 3Q20121 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q2012 | 3Q2013 | 3Q20121 | 3Q2013 | 3Q2012 | ||||||||||||||||||||||||||||||
Insurance - Margin analysis |
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Investment margin |
175 | 130 | 163 | 117 | 11 | 14 | 0 | -1 | ||||||||||||||||||||||||||||||||
Fees and premium-based revenues |
346 | 356 | 131 | 137 | 108 | 111 | 107 | 108 | ||||||||||||||||||||||||||||||||
Technical margin |
105 | 89 | 66 | 44 | 38 | 44 | — | — | ||||||||||||||||||||||||||||||||
Income non-modelled life business |
5 | 3 | 0 | -1 | 5 | 4 | 0 | 0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating income |
630 | 578 | 361 | 297 | 162 | 174 | 108 | 107 | ||||||||||||||||||||||||||||||||
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Administrative expenses |
277 | 288 | 137 | 135 | 63 | 72 | 76 | 81 | ||||||||||||||||||||||||||||||||
DAC amortisation and trail commissions |
92 | 99 | 35 | 44 | 58 | 55 | 0 | 0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management expenses |
369 | 387 | 172 | 179 | 120 | 128 | 76 | 81 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating result |
261 | 191 | 189 | 119 | 42 | 47 | 31 | 26 | ||||||||||||||||||||||||||||||||
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Non-life operating result |
29 | 16 | 28 | 15 | 1 | 1 | — | — | ||||||||||||||||||||||||||||||||
Corporate Line operating result |
-72 | -92 | -72 | -92 | ||||||||||||||||||||||||||||||||||||
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Operating result |
218 | 115 | 217 | 134 | 42 | 48 | 31 | 26 | -72 | -92 | ||||||||||||||||||||||||||||||
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Gains/losses and impairments |
-11 | 44 | -40 | 48 | 5 | -6 | -0 | 0 | 23 | 2 | ||||||||||||||||||||||||||||||
Revaluations |
0 | -36 | 6 | -31 | -0 | 1 | — | — | -6 | -5 | ||||||||||||||||||||||||||||||
Market & other impacts |
-71 | -113 | -71 | -114 | — | 0 | — | — | 0 | 1 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
136 | 10 | 112 | 36 | 47 | 43 | 31 | 26 | -55 | -94 | ||||||||||||||||||||||||||||||
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Life Insurance - New business figures |
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Single premiums |
360 | 477 | 193 | 335 | 166 | 142 | — | — | — | — | ||||||||||||||||||||||||||||||
Annual premiums |
106 | 106 | 27 | 35 | 79 | 71 | — | — | — | — | ||||||||||||||||||||||||||||||
New sales (APE) |
142 | 153 | 46 | 68 | 95 | 85 | — | — | — | — | ||||||||||||||||||||||||||||||
Life Insurance & Investment Management - Key figures |
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Adm. expenses / operating income |
44.0 | % | 49.8 | % | 38.0 | % | 45.5 | % | 38.9 | % | 41.4 | % | 70.4 | % | 75.7 | % | ||||||||||||||||||||||||
Life general account invested assets (end of period, in EUR billion) |
72 | 67 | 66 | 60 | 6 | 7 | — | — | ||||||||||||||||||||||||||||||||
Investment margin / Life general account invested assets (in bps)2 |
99 | 97 | 101 | 98 | 81 | 84 | — | — | ||||||||||||||||||||||||||||||||
Provision for life insurance & investm. contracts for risk policyholder (end of period, in EUR billion) |
24.6 | 26.4 | 20.6 | 22.6 | 4.0 | 3.8 | — | — | ||||||||||||||||||||||||||||||||
Net production client balances (in EUR billion) |
-0.2 | 0.1 | -0.4 | -0.7 | 0.4 | 0.2 | -0.3 | 0.7 | ||||||||||||||||||||||||||||||||
Client balances (end of period, in EUR billion) |
198.6 | 176.3 | 74.8 | 70.9 | 31.3 | 28.7 | 92.6 | 76.7 | ||||||||||||||||||||||||||||||||
Other key figures |
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Gross premium income |
1,385 | 1,603 | 929 | 1,138 | 446 | 457 | — | — | 10 | 8 | ||||||||||||||||||||||||||||||
Administrative expenses (total) |
408 | 422 | 227 | 224 | 64 | 73 | 76 | 81 | 41 | 44 |
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. |
16 ING GROUP PRESS RELEASE 3Q2013
Additional information is available in the following documents on www.ing.com:
• | ING Group Quarterly Report |
• | ING Group Statistical Supplement |
• | ING Group Historical Trend Data |
• | ING Group Analyst Presentation |
• | ING Group Condensed consolidated interim financial information for the period ended 30 September 2013 |
DISCLAIMER
ING GROUP PRESS RELEASE 3Q2013 17
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: November 6, 2013