Profile & Fast facts
ING aims to deliver its financial products and services in the way its customers want them delivered: with exemplary service, convenience and at competitive prices. This is reflected in our mission statement: to set the standard in helping our customers manage their financial future.
→ ING Group Fact Sheet (PDF)- → Our profile
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→ Separating Banking and Insurance/IM
- → Why is ING separating its Banking and Insurance/IM businesses?
- → Significant amendments to the 2009 Restructuring Plan
- → ING has achieved operational separation of Banking and Insurance/IM by January 1, 2011. What does this mean?
- → How will ING divest its Insurance/IM operations?
- → But in the meantime, it’s business as usual. Can you explain?
- → ING’s business lines
- → Key figures
- → Ratings
- → European financials top 20
- → Executive Board, Management Board Banking and Management Board Insurance
- → Supervisory Board
Our profile
ING is a global financial institution of Dutch origin, currently offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance operations (including investment management).
Our strategy
To serve the interests of our stakeholders, increase management focus and create value for our shareholders, ING is moving towards separation of its banking and insurance operations. We believe the widespread demand for greater simplicity, reliability and transparency makes this the best course of action. In the future, ING Bank will build on its global presence and international network and capitalise on its leadership position in gathering savings, multi-channel distribution, simple propositions and marketing. ING Insurance has a strong position as a global provider of life insurance and retirement services and is very well-positioned to capitalise on socio-economic trends.
We will focus on earning our customers’ trust through transparent products, value for money and superior service. This reflects our universal customer ideal: saving and investing for the future should be easier.
Our stakeholders
ING conducts business on the basis of clearly defined business principles. In all our activities, we carefully weigh the interests of our various stakeholders: customers, employees, business relations and suppliers, society at large and shareholders. ING strives to be a good corporate citizen.
↑Our corporate responsibility
ING wants to build its future on sustainable profit based on sound business ethics and respect for its stakeholders and be a good corporate citizen. For only by acting with professionalism and integrity, will we be able to maintain our stakeholders’ trust and preserve our reputation. Our Business Principles prescribe the corporate values we pursue and the responsibilities we have towards society and the environment: we act with integrity, we are open and clear, we respect each other and we are socially and environmentally responsible.
Separating Banking and Insurance/IM
↑Why is ING separating its Banking and Insurance/IM businesses?
ING reached an agreement with the European Commission (EC) in 2009 that it would separate its Banking and Insurance/Investment Management (IM) operations, and exit from Insurance/IM by 2013. This was part of a package of restructuring measures required by the EC in order to gain its approval for state aid given to ING by the Dutch Government in 2008 and early 2009.
In November 2012, ING together with the Dutch State, reached an agreement with the European Commission on significant amendments which extend the time horizon and increase the flexibility for the completion of divestments and adjust other commitments in light of the market environment, economic climate and more stringent regulatory requirements.
Significant amendments to the 2009 Restructuring Plan were announced in November 2012. What are the timelines now for the divestment of the Insurance/IM businesses?
- Asia: More than 50% needs to be divested by year-end 2013, with the remaining interest divested before year-end 2016.
- US: At least 25% of the operations should be divested by year-end 2013 and more than 50% by year-end 2014, with the remaining interests divested before year-end 2016.
- Europe: More than 50% of operations are to be divested by year-end 2015, with the remaining interest divested by year-end 2018.
For more details see the press release of 19 November 2012.
↑ING has achieved operational separation of Banking and Insurance/IM by January 1, 2011. What does this mean?
At the beginning of 2011, Banking and Insurance/IM became separate, standalone businesses operating at arm’s length from each other within ING Group. At the end of 2011, operational disentanglement of US and EurAsia Insurance/IM was finalised.
The operational separation consists of a combination of end-state and a few remaining interim solutions, mainly IT related. ING will continue to seek to replace the remaining interim solutions with permanent solutions.
How will ING divest its Insurance/IM operations?
The base case scenario for Insurance Europe and ING US is to become standalone businesses through an IPO process. The actual timing of divestments will depend on market conditions and readiness including performance. The sale process of Insurance Asia/Pacific and ING IM Asia/Pacific is currently underway.
↑But in the meantime, it’s business as usual. Can you explain?
ING continues to focus on delivering quality products, maintaining and improving services for customers while improving business performance and operational results.
ING’s business lines
↑Banking
The banking activities are divided into three main business lines: Retail Banking Benelux, Retail Banking International and Commercial Banking. Retail Banking Benelux is composed of Retail Netherlands and Retail Belgium (including Luxembourg); Retail Banking International consists of Retail Germany and Retail Rest of World. This includes the ING Direct countries. Commercial Banking also manages ING Real Estate.
↑Retail Banking
Retail Banking provides retail and private banking services to individuals and small and medium-sized enterprises in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China (through a stake in Bank of Beijing), and to customers in the ING Direct countries Spain, Australia, France, Italy, Germany and Austria.
Retail Banking is converging to one retail model. It offers a limited number of easy and transparent products at low costs, focussing on the business model “direct if possible, advice when needed”.
Commercial Banking
Commercial Banking is a leading commercial bank in the Benelux with a strong position in Central & Eastern Europe, supporting the domestic economy. It is a leader in specialised finance and financial markets and has an extensive global network – with special focus in Europe – spanning over 40 countries to support its clients.
Commercial Banking supports the banking needs of our corporate and institutional clients. Our clients are mid-sized enterprises, large corporations, multinationals, financial institutions, governments and supranational organisations. Their needs vary from financing their growth, managing their day-to-day banking needs or delivering solutions to manage risks. We provide them with a range of basic banking services like lending, payments and cash management and treasury. We also offer tailored solutions like specialised and trade finance, corporate finance, debt and equity capital markets, leasing and factoring.
Insurance/Investment Management (IM)
The insurance activities are structured by region: Insurance Benelux, Insurance Central & Rest of Europe, Insurance US, US Closed Block VA and Insurance Asia/Pacific*. ING Investment Management is part of the insurance activities.
↑Insurance Benelux
Insurance Benelux includes ING’s life and non-life insurance, investment and pension businesses in the Netherlands, Belgium and Luxembourg.
↑Insurance Central & Rest of Europe
Insurance Central & Rest of Europe consists of ING’s life insurance and pensions operations in nine countries which include Poland, the Czech Republic, Slovakia, Hungary, Romania, Greece and Spain as well as greenfield operations in Bulgaria and Turkey.
↑Insurance US
Insurance US includes ING’s retirement services, life insurance and investment management operations in the US. ING is the third-largest provider of defined contribution retirement plans in terms of assets under management and administration in the US.
↑US Closed Block VA
US Closed Block VA consists of ING’s Closed Block Variable Annuity business in the US, which has been closed to new business since early 2010 and which is now being managed in run-off.
↑Insurance Asia/Pacific*
Insurance Asia/Pacific is one of the major foreign life insurance companies in the region and is present in seven countries including Japan, Malaysia, South Korea, Thailand, China, Hong Kong and India. It offers life insurance, investment and retirement services products and services to a broad range of retail, corporate and institutional clients.
↑ING Investment Management (ING IM)*
ING IM is the principal investment manager of ING Group with activities in Europe, North America, Asia-Pacific and the Middle East. ING IM provides a wide variety of actively-managed strategies, investment vehicles and advisory services in all major asset classes and investment styles. It delivers a wide range of investment strategies and services to ING’s global network of businesses and third-party clients.
| * | The sale process of Insurance Asia/Pacific and ING IM Asia/Pacific is currently underway. The first three sales were announced in October. These include the sale of the life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, the life insurance operation in Thailand and the 33.3% stake in China Merchants Fund, an investment management joint venture. |
Key figures
in accordance with IFRS-EU
in EUR million unless otherwise indicated
| 2012 | 2011 | 2010 | 2009 | 2008 | |
| Income | |||||
| Banking operations | 16,102 | 17,908 | 17,734 | 12,293 | 11,662 |
| Insurance operations(1) | 26,689 | 29,133 | 28,035 | 26,644 | 39,142 |
| Intercompany eliminations | -147 | -350 | -336 | -336 | -291 |
| Total | 42,644 | 46,691 | 45,433 | 38,601 | 50,513 |
| Staff expenses and operating expenses | |||||
| Banking operations | 9,632 | 9,889 | 9,649 | 9,665 | 10,122 |
| Insurance operations | 3,752 | 3,447 | 3,463 | 3,469 | 4,103 |
| Total | 13,384 | 13,336 | 13,112 | 13,134 | 14,225 |
| Addition to loan loss provision Banking operations | 2,125 | 1,670 | 1,751 | 2,973 | 1,280 |
| Result | |||||
| Banking result before taxation | 4,134 | 6,028 | 5,830 | -838 | 106 |
| Insurance result before taxation(1) | -238 | -608 | -2,182 | -1,537 | -1,282 |
| Result before taxation | 3,896 | 5,420 | 3,648 | -2,375 | -1,176 |
| Taxation | 799 | 1,246 | 1,146 | -677 | -662 |
| Net result from continuing operations | 3,097 | 4,174 | 2,502 | -1,698 | -514 |
| Net result from discontinued operations(1) | 908 | 1,673 | 405 | 572 | -406 |
| Minority interests | 111 | 81 | 97 | -121 | -52 |
| Net result | 3,894 | 5,766 | 2,810 | -1,006 | -868 |
| Figures per ordinary share (in EUR) | |||||
| Basic earnings (2) | 0.86 | 1.12 | 0.63 | -0.60 | -0.33 |
| Shareholders’ equity (in parent) | 14.30 | 12.33 | 10.81 | 8.89 | 8.55 |
| Balance sheet (year-end, in EUR billion) | |||||
| Total assets | 1,169 | 1,279 | 1,247 | 1,164 | 1,332 |
| Shareholders’ equity (in parent) | 54 | 47 | 41 | 34 | 17 |
| Core Tier 1 securities (in EUR million) | 2,250 | 3,000 | 5,000 | 5,000 | 10,000 |
(1) The results of Insurance/IM Asia and Insurance Latin America have been transferred to 'net result from discontinued operations'.
(2) See note 50 in the Annual Accounts
Ratings
| Ratings | Standard & Poor's | Moody's | Fitch |
|---|---|---|---|
| ING Groep N.V. | A (updated 16 Nov 2012) | A3 (updated 18 Mar 2013) | A (updated 11 April 2013) |
| ING Bank N.V. | A+ (updated 16 Nov 2012) | A2 (updated 18 Mar 2013) | A+ (updated 24 April 2013) |
| ING Verzekeringen N.V. | A- (updated 22 May 2013) | Baa2 (updated 12 Dec 2012) | A- (updated 14 Mar 2013) |
Executive Board, Management Board Banking and Management Board Insurance
On 3 November 2011, ING announced that important steps had been made to realign the legal structure and governance of the insurance operations. A new holding company was created for the European and Asian insurance and investment management activities, called ING Insurance EurAsia . As a result of the change in legal structure, the governance within ING Insurance has been adapted. The Board ING U.S., Inc. oversees the insurance operations in the U.S.
Members Executive Board, Management Board Banking and Management Board Insurance
- Jan H.M. Hommen, chairman Executive Board and CEO Banking and Insurance
- Ralph Hamers, member Executive Board ING Group, member of the Management Board Banking
- Patrick G. Flynn, CFO ING Group, Banking and Insurance
- Wilfred F. Nagel, CRO ING Group, Banking and Insurance
- J.V. (Koos) Timmermans, vice-chairman Management Board Banking
- William L. Connelly, member Management Board Banking, CEO Commercial Banking
- C.P.A.J. (Eli) Leenaars, member Management Board Banking, CEO Retail Banking Direct and International
- Hans van der Noordaa, member Management Board Banking, CEO Retail Banking Benelux
Supervisory Board
- Jeroen van der Veer, chairman
- Peter Elverding, vice-chairman
- Tineke Bahlmann
- Henk Breukink
- Isabel Martín Castellá
- Carin Gorter
- Jan Holsboer
- Joost Kuiper
- Hermann-Josef Lamberti
- Robert Reibestein
- Yvonne van Rooy
- Luc Vandewalle
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Contact Info
Amsterdamse Poort
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands
Tel: +31 20 5639111
Mailing address:
ING Groep N.V.
P.O. Box 1800
1000 BV Amsterdam
The Netherlands
