Glossary

Actuarial and underwriting risks

Actuarial and underwriting risks emerge from the pricing and acceptance of insurance contracts. Actuaries play a key role in determining insurance premium rate levels and in ensuring that insurance companies have set aside enough provisions to pay claims. Actuarial risk is the risk that assumptions of actuaries included in models to determine premium rate levels and provisions may turn out somewhat inaccurate. Underwriting risk is the risk that an issuer will receive a claim under an insurance policy it issues. Maximum underwriting exposures are limited through exclusions, cover limits and reinsurance.

Alt-A mortgage

A type of US residential mortgage which is considered riskier than ‘ prime’ and less risky than ‘sub-prime’ mortgages. Parameters generally taken into account are borrower credit scores, residential property values and loan-to-value ratios. Alt-A mortgages are further characterised by a limited degree of income and/or asset verification.

Annuity

An income receivable for a specified period of time or during the life of the annuitant (person receiving the annuity).

Asset and Liability Committee (ALCO)

A committee that manages the balance sheet of ING, especially with regard to the strategic non-trading risk. These risks comprise interest rate exposures, equity risk, real estate risk, liquidity, solvency and foreign exchange risk and fluctuations.

Asset and Liability Management (ALM)

The practice of managing a business such that decisions on assets and liabilities are coordinated. It involves the ongoing process of formulating, implementing, monitoring and revising strategies relates to assets and liabilities

Asset backed securities (ABS)

A type of bond or note that is based on pools of assets, or collateralised by the cash flows from a specified pool of underlying assets.

Associate

An entity over which the Group has significant influence, generally accompanying a shareholding of between 20% and 50% of the voting rights, and that is neither a subsidiary nor a joint venture.

Audit Committee

The Audit Committee advises the Supervisory Board in exercising its responsibility to ensure that ING Group's financial systems provide accurate and up-to-date information on its financial position and that the published financial statements represent a true and fair reflection of this position. The committee also advises the Supervisory Board in ensuring that appropriate accounting policies, internal financial controls, and compliance procedures are in place.

Authorised capital

The maximum amount of share capital that a public limited company or a private limited company can issue according to its articles of association. Part of the authorised capital can remain unissued.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Basel I

Basel I is the first Basel Accord, which includes recommendations on banking regulations issued by the Basel Committee on Banking Supervision. These are, for ING, superseded by Basel II from 2008 onwards.

Basel II

Basel II is the second Basel Accord. Basel II is an international standard for how much capital banks need to put aside for the financial and operational risks they face. Basel II introduced the possibility for banks to measure those risks based on their own internal models.

Basis risk

The basis risk arises from imperfect correlation in de adjustment of the rates earned and paid on different financial instruments. Examples of products in which these risks are inherent are demand deposits, saving accounts and mortgages with prepayment options.

BIS ratio

The Bank of International Settlements (BIS), located in Basel, is an organisation that encourages international monetary and financial cooperation and that serves as a bank for central banks. The BIS has set a minimum for the solvency ratio, which is the ratio between the risk-bearing capital and the risk-weighted assets. This ratio should be at least 8%.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Capital base

Capital plus minority interests plus subordinated loans.

Capital-at-Risk (CaR)

The maximum negative impact on ING Group’s economic surplus over a one-year forward-looking horizon under normal market conditions. CaR is calculated at a 90% confidence interval.

Capital coverage ratio

Available capital divided by required capital.

Capital Management

Monitoring and managing the capital requirements for ING Bank, ING Insurance and ING Group and executing all related transactions.

Claim

A demand for payment of a policy benefit because of the occurrence of an insured event, such as the death or disability of the insured or the maturity of an endowment, the incurrence of hospital or medical bills, the destruction or damage of property and related deaths or injuries, defects in, liens on, or challenges to the title to real estate, or the occurrence of a surety loss.

Claims ratio

Claims, including claims handling expenses, expressed as a percentage of net earned premiums.

Collateralized debt obligation (CDO)

A type of asset-backed security that provides investors exposure to the credit risk of a pool of fixed income assets.

Collateralized loan obligation (CLO)

A type of collateralized debt obligation that is backed primarily by leveraged bank loans.

Combined ratio

The sum of the claims ratio and the cost ratio for a non-life insurance company or a reinsurance company. A combined ratio below 100% means that an insurance policy is profitable. A combined ratio of more than 100% does not necessarily mean that there is a loss on non-life insurance policies, because the result also includes the allocated investment income.

Commercial paper

Negotiable short-term debt certificate in bearer form, issued by companies.

Compliance risk

The risk of impairment of ING Group’s integrity, leading to damage to ING’s reputation, legal or regulatory sanctions or financial loss as a result of a failure (or perceived failure) to comply with applicable laws, regulations and standards.

Control

The power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Corporate governance

The way in which a company is governed and how it deals with the various interests of its customers, shareholders, employees, business partners and society at large.

Corporate governance committee

The primary tasks of this Supervisory Board committee are to perform an annual evaluation of ING's corporate governance as a whole, to perform an annual evaluation of the governance of the Executive Board, to make proposals to the Supervisory Board and to the General Meeting of Shareholders for improvements and to ensure that the corporate governance of ING as a whole and the policy on which it is based is fully transparent and communicated in the Annual Report and to the annual General Meeting of Shareholders.

Corporate responsibility

ING wants to pursue profit on the basis of sound business ethics and respect for its stakeholders. Corporate responsibility is therefore a fundamental part of ING’s strategy: ethical, social and environmental factors play an integral role in our business decisions.

Cost ratio

Underwriting costs expressed as a percentage of net premiums written.

Country risk

The risk that a foreign government will not fulfil its obligations or obstructs the remittance of funds by debtors, either for financial reasons (transfer risk) or for other reasons (political risk).

Credit rating

Credit ratings, as assigned by rating agencies (such as Standard & Poor’s and Moody’s), are indicators for the likelihood of timely and complete repayment (by ING) of interest and instalments of fixed-income securities.

Credit institutions

All institutions which are subject to banking supervision by public authorities.

Credit risk

The risk of loss through default by borrowers (including bond issuers) or counterparties. Credit risks arise in ING’s lending, pre-settlement and investment activities, as well as in its trading activities. Credit risk management is supported by dedicated credit risk information systems and internal rating methodologies for debtors and counterparties.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Eigen aandelen

Aandelen ingekocht door de uitgevende instelling of de groepsmaatschappij.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Cumulative preference shares

Shares that entitle the holder to a fixed annual dividend. In case of profit distribution, these shares take precedence over ordinary shares. If profits are insufficient to cover the dividend payment, the amount of unpaid dividend is carried forward to future years until the unpaid amount is settled.

Currency risk

The risk that changes in a currency's value may affect the value of financial instruments or other business assets or liabilities.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Deferred tax liabilities

The amounts of income tax payable in future periods in respect of taxable temporary differences between carrying amounts of assets or liabilities in the balance sheet and tax base, based on tax rates that are expected to apply in the period when the assets are realised or the liabilities are settled.

Defined benefit plan

Pension scheme with a guaranteed benefit.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Defined contribution plan

Pension scheme with a guaranteed benefit.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Defined contribution plan

A pension scheme for which an enterprise pays fixed contributions into a separate entity (a fund) and where the benefit depends on the return.

Depositary receipt for share

For ordinary and preference shares, issued by the ING Trust Office, in exchange for ordinary and preference shares issued by ING Group.

Derivatives

Derivatives are financial instruments, such as forwards, futures, options and swaps, whose value is based on an underlying asset, index or reference rate.

Discount rate

A rate used to place a current value on future cash flows. It is needed to reflect the fact that money has a time value. In the embedded value calculated for ING's insurance operations, the discount rate is equal to the weighted cost of capital after taxation of the insurance operations.

Discounted bills

Bills that are sold under deduction of interest giving the owner the right to receive an amount of money on a given date.

Divestment

Sale of an asset.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Earnings-at-Risk (EaR)

EaR measures the effect of fluctuations in the market rate on the profit under IFRS, on the basis of a period of one year.

Economic capital

The minimum amount of capital that is required to absorb unexpected losses in times of severe stress. Given ING Group’s AA target rating, ING calculates economic capital requirements at a 99.95% level of confidence.

Efficiency ratio

A ratio that expresses the total operating expenses as a percentage of total income of the banking operations. A 68% ratio implies that a company has to spend 68 cents to earn a revenue of one euro.

Elimination

A process by which intercompany transactions are matched with each other and deducted, so that the assets, liabilities, income and expenses are not inflated.

Embedded value

Embedded value is the present value of future cash flows from existing business plus the part of shareholders’ equity that does not need to be held to finance existing business.

Employee benefits

All forms of consideration given by a company in exchange for service rendered by (former) employees.

Ex-dividend

On the day a fund is quoted ex-dividend, the right to the dividend made available by the company is no longer included in the share (price) as traded on the stock exchange. The share price is therefore adjusted accordingly.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Fair value

The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Final dividend

The final dividend is the total dividend for the year as approved by the shareholders in the annual General Meeting less any interim dividend paid during the year.

Financial asset

Any asset that is:

• cash
• an equity instrument of another company
• a contractual right to:
• receive cash or another financial asset from another company, or
• exchange financial instruments with another company under conditions that are potentially favourable
• certain contract that will or may be settled in ING’s own equity instruments

Financial liability

Any liability that is a contractual obligation:

• to deliver cash or another financial asset to another company;
• to exchange financial instruments with another company under conditions that are potentially unfavourable;
• certain contracts that will or may be settled in ING’s own equity instruments.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Gross premiums written

Total premiums (whether or not earned) for insurance contracts written or assumed (including deposits for investment contracts with limited or no life contingencies written) during a specific period, without deduction of premiums ceded.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Forward contract

Commitments to exchange currencies or to buy or sell other financial instruments at specified future dates.

Future contract

Commitment to exchange currencies or to buy or sell other financial instruments at specified future dates. Stock exchanges act as intermediaries and require daily cash settlement and collateral deposits.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Hedge fund

Investment fund that specialises in a specific trading strategy, such as currencies, bonds or equities, while hedging the investment against adverse price developments.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

IFRS

International Financial Reporting Standards. The International Accounting Standards (IAS) are included in the IFRS.

Impairment loss

The amount by which the carrying amount of an asset exceeds its recoverable amount. In that case a downward value adjustment of the asset is necessary.

ING Trust Office

The role of the ING Trust Office is to actively communicate with shareholders and represent the votes of the depositary-receipt holders and shareholders.

ING Continuity Foundation

The role of the ING Continuity Foundation is to ensure ING's continuity. Should a hostile takeover attempt ever occur, this foundation can exercise its call option right for as many cumulative preference shares as are necessary in order to hold one third of the issued share capital.

Interest-bearing instrument

A financial asset or liability for which a time-proportionate compensation is paid or received, in relation to a notional amount.

Interest margin

HDifference between the averagely received interest on funds lent and the interest paid by the bank on capital raised.

Interest-rate rebate

Profit sharing for group life insurance business. A rebate granted to policyholders based on the discounted value of the difference between the interest rate used for calculating the premiums and the expected yield on investment. The profit sharing is granted by means of a premium discount related to the yield on government bonds.

Interest risk

The risk of interest fluctuations with regard to guaranteed interest rates and the reasonable expectations of policyholders regarding profit sharing.

Interim dividend

The interim dividend is an advance on the final dividend and distributed before the year-end closing.

IRR

Internal Rate of Return: Interest rate that discounts future cash flows to zero.
It represents the amount that ING expect to earn on an investment during the life span of the project.

Irrevocable facilities

Mainly constitute unused portions of irrevocable credit facilities granted to corporate clients and commitments made to purchase securities to be issued by governments and private issuers.

Irrevocable letters of credit

Concerns an obligation on behalf of a client to, within certain conditions, pay an amount of money under submission of a specific document or to accept a bill of exchange. An irrevocable letter of credit cannot be cancelled or adjusted by the bank that has granted it during the duration of the agreement unless all those concerned agree.

Issued share capital

The share capital issued by a public limited company or a private limited company; contrary to authorised capital, which indicates the maximum amount of capital that can be issued.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Joint venture

A contractual arrangement whereby two or more parties undertake an economic activity which is subject to joint control.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Liquidity

The extent to which a company can meet its immediate payment obligations.

Liquidity risk

The risk that ING Group or one of its subsidiaries cannot meet its financial liabilities when they fall due, at reasonable costs and in a timely manner.

Longevity risk

The risk that the insured will live longer than the assumed average used in calculating the price of a life insurance.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Managing for Value

Managing for Value brings the financial market perspective into strategic and operational management decision processes within ING. In doing so, ING Group aims to realise the financial objective of creating higher returns for our shareholders than the average of our peers.

Market risk

The potential loss (value or earnings) due to adverse movements in market rates, including equity prices, interest rates and foreign exchange rates.

Market Value at Risk (MVaR)

A calculation method which measures the decrease in the market value surplus caused by movements in financial markets, at a 99.95% confidence level over a 1-year horizon.

Minority interest

That part of the profit or loss and net assets of a subsidiary attributable to an interest which is not owned, directly or indirectly, by the parent.

Mortgage backed securities

A security of which the cash flows are backed by the principal and/or the interest payments of a pool of mortgages.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Net asset value

Used in the equity method of accounting. The initial net asset value of the investment is determined by the fair value of the assets and liabilities of the investee. After the initial valuation of assets and liabilities of the investee at fair value, the assets and liabilities of the investee are valued in accordance with the accounting policies of the investor. The profit and loss account reflects the investor’s share in the results of operations of the investee.

Net profit

Profit after taxation and third party interests.

Nominal value of share

Dutch shares have a nominal value, which is mentioned on all share certificates that are issued. Shares must be issued against at least the nominal value. The nominal value remains fixed, as opposed to the market value, which fluctuates.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Operating net profit

Net profit excluding realised capital gains on shares and excluding non-operating gains.

Operational activities

Activities performed in connection with normal daily business.

Operational risk

The risk of direct and indirect loss resulting from inadequate or failed internal processes, people and systems or from external events.

Option contracts

Give the purchaser, for a premium, the right, but not the obligation, to buy or sell within a limited period of time a financial instrument or currency at a contracted price that may also be settled in cash. Written options are subject to market risk, but not to credit risk since the counterparties have already performed in accordance with the terms of the contract by paying a cash premium up front.

Ordinary share

An equity instrument that is subordinated to all other classes of equity instruments. Ordinary shares participate in the net profit for the financial year after other types of shares such as preference shares.

Organic growth

Growth generated by the business units excluding the impact of exchange-rate differences and acquisitions or divestments.

Own shares

Shares that are bought back by de issuing company or the group company.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Payout ratio

Percentage of distributable net profit that is paid out as dividend.

Preference share

A preference share is similar to an ordinary share but carries certain preferential rights.
These rights usually concern the guarantee of a fixed (cumulative) return to the shareholder or a guaranteed return on the investment.

Premium income

The amount paid by the purchaser of an insurance contract less any commission or brokerage fees payable to an insurance agent. This represents the gross income of an insurance company.

Private banking

Financial services for affluent individuals.

Private equity

Investment in non-listed companies, with financing taking place through private capital.

Private loan

Loans to governments, other public bodies, public utilities, corporations, other institutions or individuals with a loan agreement as the only instrument of title.

Proxy voting

Voting at a distance. If shareholders cannot attend a general meeting of shareholders in person, they can vote by proxy. This is done by filling in a special proxy form.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Reinsurance

The practice whereby one party, called the reinsurer, in consideration for a premium paid to him, agrees to indemnify another party, called the reinsured or ceded party, for part or all of the liability assumed by the reinsured under a contract or contracts of insurance which the reinsured has issued. The reinsured may also be referred to as the original or primary insurer, the direct writing company, or the ceding company.

Return

Total income or revenues over a certain period of time, in relation to the invested capital.

Revaluation reserve

Part of the shareholders' equity that arises from changes in the current value of the fixed assets.

Remuneration and Nomination Committee

A committee that advises the Supervisory Board on compensation policies and the composition of the Supervisory Board and Executive Board. The committee also advises the Supervisory Board on the compensation packages of Executive and Supervisory Board.members.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Stichting ING Aandelen

Het is de taak van de Stichting ING Aandelen om actief met aandeelhouders van ING te communiceren en de aandeelhouders en certificaathouders van ING te vertegenwoordigen bij de uitoefening van het stemrecht.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Risk-adjusted return on capital (RAROC)

An advanced business performance measurement tool that enables management to view its revenues in the perspective of the risks that had to be taken to obtain that revenue. RAROC is calculated by dividing the risk-adjusted return by economic capital.

Risk-weighted assets

The assets of a financial institution multiplied by a weighting established by the regulatory authorities representing the relative risk of these assets. Based on the amount of risk-weighted assets, the amount of minimum capital required by the institution may be calculated.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Settlement risk

Arises when there is an exchange of value (funds, instruments or commodities) for the same or different value dates or times and receipt is not verified or expected until ING has paid or delivered its side of the trade. The risk is that ING delivers, but does not receive delivery from the counterparty.

Shareholders' equity

Capital invested by the shareholders in the company, increased by the reserves.

Solvency

The ability of a company to meet all its obligations.

Stakeholder

A stakeholder is somebody who has an interest in ING. ING distinguishes the following stakeholder groups: customers, shareholders, employees, business partners and society as a whole.

Subordinated loan

Business loan that in case of a bankruptcy or liquidation is paid back after all other debts have been settled.

Sub-prime mortgage

Mortgage loans made to borrowers who cannot get a regular mortgage because they have a bad credit history or limited income.

Subsidiary

A company:

• in which the legal entity or one or more of its subsidiaries, whether or not in accordance with an agreement with other holders of voting rights, can exercise more than 50% of the voting rights in de annual general meeting of shareholders; of which the legal entity or one or more of its subsidiaries are member or
• of which the legal entity or one or more of its subsidiaries are member or shareholder and, whether or not in accordance with an agreement with other holders of voting rights, who can alone or together appoint or dismiss more than half of the executive board or supervisory board members.

Surrender

The termination of a life or retirement contract at the request of the policyholder after which the policyholder receives the cash surrender value, if any, on the contract.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Tier-1 capital

Also referred to as the core capital of ING Bank. It comprises paid-up share capital excluding revaluation reserves, fund for general banking risks, retained earnings and minority interests.

Tier-1 ratio

Reflecting the tier-1 capital of ING Bank as a percentage of its total risk weighted assets. The minimum set by the Dutch central bank is 4%.

Total shareholder return (TSR)

The return on shares in the form of capital gains and reinvested dividends.

Trading portfolio

Comprises those financial instruments which are held to obtain short-term transaction results, to facilitate transactions on behalf of clients or to hedge other positions in the trading portfolio.

Transfer risk

The risk of an entity being unable to settle either temporarily or permanently amounts due to a cross-boarder creditor as a result of actions by the government or other regulatory authority of the country where the entity is resident.

Treasury

Managing the cash flows within a company.

Treasury bill

Generally short-term debt certificates issued by a central government.

Trust office

A trust office is a body that represents the interests and rights on behalf of a certain group of people. At ING, this term is used to refer to the ING Trust Office. This body represents the interest of ING's depositary-receipt holders.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Underlying net profit

Total net profit excluding divestments and special items.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Value-at-Risk (VaR)

Quantifies, with a one-sided confidence level of at least 99%, the maximum overnight loss in Net Present Value that could occur due to changes in risk factors (e.g. interest rates, foreign exchange rates, equity prices, credit spreads, implied volatilities) if positions remain unchanged for a time interval of one day.

Value creation

Part of the strategy of ING that emphasises the increase in economic profit (profit after capital costs), better return and profitable organic growth.

Value of new business

A methodology used in the life insurance business to express the total expected profits of the business already sold.

Variable annuity

Annuity product that enables clients to benefit from increasing share prices and that also offers a guaranteed minimum benefit or a guaranteed pension income.

1. A
2. B
3. C
4. E
5. D
6. F
7. G
8. H
9. I
10. J
11. L
12. M
13. N
14. O
15. P
16. R
17. S
18. T
19. U
20. V
21. W

Warrant

A financial instrument that gives the holder the right to purchase ordinary shares.