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?
- → ING has achieved operational separation of Banking and Insurance/IM by January 1, 2011. What does this mean?
- → But if ING has until 2013 to separate the businesses, why did it do this on an operational level by 2011?
- → 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 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.
↑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. In 2011, operational disentanglement of US and EurAsia Insurance/IM was finalised at the end of 2011.
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.
But if ING has until 2013 to separate the businesses, why did it do this on an operational level by 2011?
ING planned to have the operational separation process complete by the beginning of 2011 because this enables the businesses to individually focus on performance improvements and the streamlining of operations ahead of the 2013 deadline. The 2013 deadline applies not only to separation, but also to ING Group’s divestment of Insurance/IM. The timing of the exit will depend on several considerations such as market conditions, performance, regulatory issues and stakeholder interests.
↑How will ING divest its Insurance/IM operations?
- Given the uncertain economic outlook and turbulent financial markets, especially in Europe, ING has announced on 12 January to explore other options for its Asian Insurance and Investment Management businesses
- ING will continue preparations for a standalone future of the European Insurance/IM businesses, including the possibility of an IPO
- ING also continues to prepare for the base case of an IPO for the US Insurance/IM businesses
But in the meantime, it’s business as usual. Can you explain?
All through the separation work, ING will continue to focus on delivering quality products, maintaining and improving services for customers while improving business performance and operational results.
ING’s business lines
↑Banking
From 1 January 2010, the banking activities are divided into two main business lines: Retail Banking and Commercial Banking. Retail Banking is composed of Retail Netherlands, Retail Belgium, Retail Central Europe, Retail Asia and ING Direct. 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) with a multi-product, multi-channel distribution approach. In mature markets, we focus on wealth accumulation, savings and mortgages, with an emphasis on operational excellence, cost leadership and customer satisfaction. In developing markets we aim to become a prominent local player by offering simple but high quality products. ING Direct offers direct banking services in Canada, Spain, Australia, France, the US (sale of business was announced on 17 June 2011 and is expected to be completed in the fourth quarter of 2011), Italy, Germany, the UK and Austria. ING Direct’s focus is on offering five simple and transparent retail banking products at very low cost: savings, mortgages, payment accounts, investment products and consumer lending.
↑Commercial Banking
Commercial Banking primarily targets large corporations in the Netherlands, Belgium, Poland and Romania, where we offer a full range of products, from cash management to corporate finance. Our international network has a more selective approach. We are building leading positions in a number of key product areas, including Structured Finance, Financial Markets, Payments and Cash Management, and Leasing. Commercial Banking also manages ING Real Estate.
↑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 and life insurance operations in the US. In the US, ING is the third-largest provider of defined contribution retirement plans in terms of assets under management and administration.
↑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-Pacificand 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.
Key figures
in accordance with IFRS-EU
in EUR million unless otherwise indicated
| 2011 | 2010(1) | 2009(1) | 2008(1) | 2007(1) | |
| Income | |||||
| Banking operations | 17,908 | 17,734 | 12,293 | 11,662 | 14,602 |
| Insurance operations | 38,236 | 36,708 | 34,971 | 52,877 | 59,293 |
| Intercompany eliminations | 350 | 337 | 336 | 291 | 223 |
| Total | 55,794 | 54,105 | 46,928 | 64,248 | 73,672 |
| Staff expenses and operating expenses | |||||
| Banking operations | 9,889 | 9,659 | 9,665 | 10,122 | 9,970 |
| Insurance operations | 4,132 | 4,109 | 4,199 | 5,117 | 5,035 |
| Total | 14,021 | 13,768 | 13,864 | 15,239 | 15,005 |
| Addition to loan loss provision Banking operations | |||||
| 1,670 | 1,751 | 2,973 | 1,280 | 125 | |
| Result | |||||
| Banking result before taxation | 6,028 | 5,830 | –838 | 106 | 4,510 |
| Insurance result before taxation | 81 | –1,902 | –999 | –1,855 | 6,366 |
| Result before taxation from continuing operations | 6,109 | 3,928 | –1,837 | –1,749 | 10,876 |
| Taxation | 1,365 | 1,228 | –613 | –762 | 1,460 |
| Net result from discontinued operations(2) | 1,109 | 216 | 100 | 82 | 89 |
| Minority interests | 87 | 106 | –118 | –37 | 267 |
| Net result | 5,766 | 2,810 | –1,006 | –868 | 9,238 |
| Figures per ordinary share (in EUR) | |||||
| Basic earnings | 1.12 | 0.63 | –0.60 | –0.33 | 3.31 |
| Shareholders’ equity (in parent) | 12.33 | 10.81 | 8.89 | 8.55 | 17.73 |
| Balance sheet (year-end, in EUR billion) | |||||
| Total assets | 1,279 | 1,247 | 1,164 | 1,332 | 1,313 |
| Shareholders’ equity (in parent) | 47 | 41 | 34 | 17 | 37 |
| Core Tier 1 securities | 3 | 5 | 5 | 10 | |
(1) The figures of this period have been restated to reflect the change in accounting policy, i.e., the move towards fair value accounting for Guaranteed Minimum Withdrawal Benefits for life in the US Closed Block VA as of 1 January 2011.
(2) The net result of Latin America has been transferred to ‘net result from discontinued operations’. The years 2010 and 2009 have been restated.
Ratings
| Ratings | Standard & Poor's | Moody's | Fitch |
| ING Groep N.V. |
A |
A1 |
A |
| ING Bank N.V. |
A+ |
Aa3 |
A+ |
| ING Verzekeringen N.V. |
A- |
Baa2 |
A- |
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. Management Board Insurance (MBI) members Lard Friese, with responsibility for Insurance (Europe and Asia), Gilbert Van Hassel, with responsibility for Investment Management (Europe and Asia), and Matthew Rider, chief administrative officer, stepped down from the MBI as of 3 November 2011. They now form the Management Board Insurance EurAsia together with Jan Hommen (CEO), Patrick Flynn (CFO) and Wilfred Nagel (CRO).
In the US, the Management Board of ING America Insurance Holdings is composed of Jan Hommen (chairman), Patrick Flynn (CFO), Wilfred Nagel (CRO), Rodney O. Martin Jr. (CEO), Alain Karaoglan (Executive VP Finance & Strategy), Rob Leary (President and COO) and Ewout Steenbergen (CFO Insurance US).
Members Executive Board, Management Board Banking and Management Board Insurance
- Jan H.M. Hommen, chairman Executive Board and CEO Banking and Insurance
- 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 A.F.W. Elverding, vice-chairman
- Tineke J.P. Bahlmann
- Henk W. Breukink
- Jan Holsboer
- Sjoerd van Keulen
- Piet C. Klaver
- Joost Kuiper
- Robert Reibestein (from 1 January 2013)
- Yvonne van Rooy
- Luc Vandewalle
- Lodewijk J. de Waal
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Contact Info
ING House
Amstelveenseweg 500
1081 KL Amsterdam
the Netherlands
Tel: +31 20 541 5411
Mailing address:
ING Group
P.O. Box 810
1000 AV Amsterdam
the Netherlands
