SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

ING Groep N.V.

Amstelveenseweg 500
1081-KL 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 þ		Form 40-F o

     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): o

     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): o

     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 o		No þ

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 February 16, 2011.

		CORPORATE COMMUNICATIONS

PRESS RELEASE		16 February 2011

ING posts 2010 underlying net profit of EUR 3,893 million

•

ING Group full-year underlying net profit rises fourfold to EUR 3,893 million from EUR 974 million in 2009

	•		ING Group full-year 2010 net result EUR 3,220 million, or EUR 0.85 per share, including divestments and special items
	•		Group 4Q10 underlying net profit of EUR 644 million vs. EUR 90 million in 4Q09 and EUR 1,032 million in 3Q10
	•		4Q10 net result EUR 433 million, or EUR 0.11 per share, vs. net loss of EUR 712 million in 4Q09
	•		ING will not pay a dividend over 2010 given the financial environment, regulatory requirements and priority to repay Dutch State

•

Bank continues strong performance with 4Q10 underlying profit before tax of EUR 1,479 million vs. EUR 163 million in 4Q09

	•		Net interest margin increases to 1.47%, up 6 basis points, supported by healthy margins on savings and lending
	•		Risk costs increase in 4Q10 after three quarters of decline to EUR 415 million, or 51 basis points of average risk-weighted assets
	•		Cost/income ratio improves to 57.2% vs. 74.5% in 4Q09; full-year 2010 cost/income ratio of 56.0% vs. 68.7% in 2009
	•		Core Tier 1 ratio rises to 9.6% from 9.0% at the end of 3Q10; EUR 5.9 billion core Tier 1 capital generated in 2010

•

Insurance 4Q10 operating result of EUR 438 million shows improvement vs. EUR 303 million in 4Q09

	•		Investment spread rises to 93 bps vs. 83 bps in 4Q09 driven by the Netherlands and the US
	•		Underlying result before tax EUR -690 million mainly due to EUR 975 million DAC write-down in US Closed Block Variable Annuity (VA)

•

Previously announced measures implemented to more closely align Insurance US reporting with US peers

	•		DAC write-down of EUR 975 million in US Closed Block VA booked in 4Q10
	•		EUR -0.7 billion equity impact from move towards fair-value accounting for reserves as of 1 Jan 2011 came in lower than expected
	•		US Closed Block VA reserve adequacy reinforced as of 1 January 2011 with a significant buffer above the 50% confidence level

CHAIRMAN’S STATEMENT

“ING made good progress in 2010 as we prepare to create strong stand-alone companies for banking and insurance,” said Jan Hommen, CEO of ING Group. “Although the economic recovery remains fragile, and financial markets continue to be volatile, ING posted an underlying net profit of EUR 3,893 million in 2010, up from EUR 974 million a year earlier. The Bank made a strong recovery, boosting the return on IFRS equity to 13.1% and generating EUR 5.9 billion of core Tier 1 capital. Insurance is also showing early progress on its performance improvement programme, despite challenging market circumstances. The operational separation of the Bank and Insurer was completed at year-end, with arms-length agreements in place between the two businesses for all commercial cooperation and shared infrastructure. The focus for 2011 will be on preparing the Insurance company for two IPOs and working towards the repurchase of the remaining outstanding core Tier 1 securities from the Dutch State.”

“The Bank finished the year with another strong quarter, posting an underlying profit before tax of EUR 1,479 million, almost on par with the very strong third quarter, despite seasonally lower Financial Markets results and a small up-tick in loan loss provisions after three quarters of declines. The net interest margin increased further to 1.47%, supported by healthy margins on both savings and lending, although loan growth remains subdued in some segments. Expenses increased compared with a year earlier, when costs were flattered by substantial accrual releases across most business lines. Compared with the third quarter, expenses were up 3.2% and the cost/income ratio increased slightly to 57.2%, driven by higher marketing and IT costs to support the growth of the business, as well as higher contributions to deposit guarantee schemes.”

“Insurance continued to show progress towards its Ambition 2013 performance improvement objectives. Operating profit for Insurance was up 44.6% to EUR 438 million, supported by a continued improvement in the investment spread to 93 basis points, as well as higher fees driven by new sales and growth in assets under management. The underlying result before tax was impacted by the write-down of EUR 975 million of deferred acquisition costs as part of the measures announced in the third quarter to improve transparency and address the reserve adequacy of the closed block variable annuity business in the US.”

“The measures taken to address the US variable annuity block and the decision to bring the US reporting more into line with US peers should reduce earnings volatility from the US Closed Block VA going forward. The DAC balance for the closed block has been reduced substantially and reserve adequacy has been bolstered with a significant buffer above the 50% confidence level. As we prepare for our base case of two IPOs for Insurance, our priorities for 2011 will be the legal and operational separation within the Insurance business, and delivery on the performance improvement plans so we will be ready to move forward with the IPOs when market conditions are favourable.”

KEY FIGURES

Group

		4Q2010				4Q2009				Change				3Q2010				Change				FY2010				FY2009				Change
Profit and loss data (in EUR million)
Underlying result before tax			789				120				558	%			1,512				-48	%			5,343				1,159				361	%
Underlying net result			644				90				616	%			1,032				-38	%			3,893				974				300	%
Divestments and special items			-211				-801								-660								-675				-1,909
Net result			433				-712								371				17	%			3,220				-935
Balance sheet data (end of period, in EUR billion)
Total assets															1,261				-2	%			1,247				1,164				7	%
Shareholders’ equity															42				-1	%			42				34				23	%
Capital ratios (end of period)
ING Group debt/equity ratio															11.7	%							13.3	%			12.4	%
Bank core Tier 1 ratio															9.0	%							9.6	%			7.8	%
Insurance IGD Solvency I ratio															261	%							255	%			251	%
Share information
Net result per share (in EUR)1)			0.11				-0.33								0.10				10	%			0.85				-0.44
Shareholders’ equity per share (end of period, in EUR)															11.23				-3	%			10.99				8.95				22	%
Shares outstanding in the market (average over the period, in million)															3,781				0	%			3,781				2,103				80	%
Other data (end of period)
Underlying return on equity based on IFRS-EU equity			6.1	%			1.2	%							9.8	%							9.7	%			4.2	%
Employees (FTEs, end of period)															107,118				0	%			107,106				105,757				1	%

Banking operations

		4Q2010				4Q2009				Change				3Q2010				Change				FY2010				FY2009				Change
Profit and loss data (in EUR million)
Interest result			3,514				3,148				12	%			3,415				3	%			13,450				12,507				8	%
Total underlying income			4,424				3,346				32	%			4,319				2	%			17,298				13,483				28	%
Underlying operating expenses			2,530				2,494				1	%			2,451				3	%			9,685				9,263				5	%
Underlying addition to loan loss provision			415				689				-40	%			374				11	%			1,751				2,859				-39	%
Underlying result before tax			1,479				163				807	%			1,494				-1	%			5,862				1,361				331	%
Key figures
Interest margin			1.47	%			1.41	%							1.41	%							1.42	%			1.32	%
Underlying cost/income ratio			57.2	%			74.5	%							56.8	%							56.0	%			68.7	%
Underlying risk costs in bp of average RWA			51				83								44								53				85
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.)															331				-3	%			321				330				-3	%
Underlying return on equity based on IFRS-EU equity			13.5	%			2.9	%							13.0	%							13.1	%			4.3	%
Underlying return on equity based on 7.5% core Tier 11)			19.2	%			3.5	%							17.6	%							17.6	%			5.0	%

Insurance operations

		4Q2010				4Q2009				Change				3Q2010				Change				FY2010				FY2009				Change
Margin analysis (in EUR million)
Investment margin			402				268				50	%			383				5	%			1,481				1,196				24	%
Fees and premium-based revenues			1,270				1,102				15	%			1,222				4	%			4,903				4,362				12	%
Technical margin			204				228				-11	%			216				-6	%			780				902				-14	%
Income non-modelled life business			37				47				-21	%			37				0	%			136				123				11	%
Life & ING IM operating income			1,912				1,645				16	%			1,858				3	%			7,300				6,583				11	%
Administrative expenses			843				735				15	%			807				4	%			3,205				2,916				10	%
DAC amortisation and trail commissions			513				430				19	%			458				12	%			1,833				1,654				11	%
Life & ING IM operating expenses			1,356				1,165				16	%			1,265				7	%			5,038				4,570				10	%
Life & ING IM operating result			556				480				16	%			592				-6	%			2,263				2,013				12	%
Non-life operating result			69				68				1	%			50				38	%			235				314				-25	%
Corporate line operating result			-188				-244								-169								-754				-893
Operating result			438				303				45	%			473				-7	%			1,743				1,434				22	%
Non-operating items			-1,128				-346								-454								-2,263				-1,636
Underlying result before tax			-690				-43								18								-519				-202
Key figures
Administrative expenses / operating income (Life & ING IM)			44.1	%			44.7	%							43.4	%							43.9	%			44.3	%
Life general account assets (end of period, in EUR billion)															167				-1	%			165				143				15	%
Investment margin / life general account assets1) (in bps)			93				83								87								93				83
ING IM Assets Management (end of period, in EUR billion)															378				2	%			387				343				13	%
Underlying return on equity based on IFRS-EU equity 2)			-9.5	%			-3.0	%							-0.8	%							-1.8	%			-0.9	%

Note: Underlying figures are non-GAAP measures and are derived from figures according to IFRS-EU by excluding impact from divestments and special items.

CONSOLIDATED RESULTS

The operating environment continued to improve gradually during the fourth quarter, although the global economic recovery remained fragile and market volatility persisted. Nevertheless, ING Group’s results showed a strong improvement compared with the previous year. Underlying net profit was EUR 3,893 million for the full-year 2010, up from EUR 974 million a year earlier.

The Bank’s underlying result before tax was robust in the fourth quarter at EUR 1,479 million, a ninefold increase from the same quarter of last year. Insurance results were impacted by the previously announced EUR 975 million DAC write-down in the US, which resulted in an underlying loss before tax of EUR 690 million. However, operating profit was resilient at EUR 438 million, up 44.6% from the fourth quarter of 2009. The Group’s fourth-quarter underlying net result was EUR 644 million, compared with EUR 90 million in the fourth quarter of 2009 and EUR 1,032 million in the third quarter of 2010. Net profit for the fourth quarter was EUR 433 million.

UNDERLYING NET RESULT (in EUR million)

ING Bank’s net production of client balances was positive for the sixth straight quarter. Net production of funds entrusted was EUR 9.0 billion, of which EUR 8.5 billion was in Commercial Banking and related mainly to short-term deposits from asset managers and corporate treasuries. Retail Banking grew funds entrusted by EUR 0.5 billion. ING Direct generated EUR 3.4 billion of net inflow, which was offset by a net outflow of EUR 2.7 billion in Retail Netherlands, mainly reflecting outflows in deposits in the mid-corporate segment. The net production of residential mortgages, excluding currency impacts, was EUR 5.7 billion. Other lending showed net production of EUR 3.2 billion driven by strong growth in Structured Finance.

Insurance sales (APE) rose 7.0% from the fourth quarter of 2009 and increased 3.1% compared with the third quarter of 2010, excluding currency effects. Fourth-quarter APE was driven by strong sales in Asia/Pacific, the US and Latin America. Assets under management (AuM) at ING Investment Management rose 2.4%, or EUR 9.2 billion, to EUR 387 billion from the end of the third quarter, primarily on positive currency effects and EUR 2.9 billion of net inflows.

Banking

ING Bank posted another strong quarter with underlying profit before tax of EUR 1,479 million. This was almost on par with the strong third-quarter result of EUR 1,494 million and up significantly from the EUR 163 million profit in the fourth quarter of 2009, which was heavily impacted by market-related items. Interest results held up well and the interest margin increased to 1.47%. Lending volumes were up driven by mortgages and Structured Finance, while (mid-)corporate and SME lending remained subdued. Risk costs declined from the fourth quarter of 2009 but rose versus the third quarter of 2010. Market impacts diminished compared with both periods.

Total underlying income jumped 32.2% compared with the fourth quarter of 2009 and 2.4% versus the previous quarter. The strong year-on-year increase was fuelled by higher interest results and a marked improvement in investment and other income as impairments on debt securities and negative revaluations on real estate diminished significantly. Market-related impacts recorded in income were positive EUR 156 million, including a capital gain on the sale of an equity stake in Fubon Financial Holding, whereas market-related impacts totalled EUR -512 million in the fourth quarter of 2009 and EUR -27 million in the previous quarter.

Growth in client balances and a higher interest margin pushed the interest result up 11.6% from the fourth quarter of 2009. ING Bank’s total interest margin was 1.47% in the fourth quarter, up six basis points from both the fourth quarter of 2009 and the third quarter of 2010. Compared with the third quarter of 2010, the interest result rose 2.9%. Despite low demand for credit facilities in General Lending, margins in both the General Lending and Structured Finance portfolios held up well compared with the previous quarters of 2010. In the mid-corporate and SME segments, increased competition and moderate lending demand pushed margins somewhat lower than levels seen in the previous quarters, especially in the Benelux. Margins for mortgages and savings remained healthy across all business lines, with improvements at ING Direct and in Retail Benelux.

Underlying operating expenses rose 1.4% from the fourth quarter of 2009, which included a number of exceptional items. Excluding these items and currency effects of EUR 74 million, operating expenses rose 9.2% due to additional costs for the new deposit guarantee scheme in Belgium this quarter, higher marketing expenses to support the ING brand, the year-on-year increase in staff costs and increased IT project costs. Exceptional items in the fourth quarter of 2009 included a provision for the Dutch deposit guarantee scheme following the bankruptcy of DSB Bank, a downward accrual adjustment related to deferral of incentive compensation, and higher impairments on real estate development projects and foreclosed properties. Compared with the third quarter of 2010, expenses were up 3.2%. The cost/ income ratio improved to 57.2% versus 74.5% in the fourth quarter of 2009 but rose compared with 56.8% in the third quarter of 2010.

After three consecutive quarters of decline, risk costs increased by EUR 41 million from the third quarter of 2010 to EUR 415 million. The increase in Retail Netherlands was mainly due to a model update on the Dutch mortgage portfolio to reflect lower anticipated recovery rates. At ING Direct, risk costs rose due to the use of updated loss data in Germany and a EUR 21 million adjustment related to interest on modified loans in the US. Nevertheless, risk costs at ING Direct were substantially lower than a year ago, reflecting signs of stabilisation in the US housing market. Risk costs in the current quarter amounted to 51 basis points of average risk-weighted assets (RWA) compared with 83 basis points in the fourth quarter of 2009 and 44 basis points in the previous quarter. For the coming year, risk costs as a percentage of RWA are expected to be slightly below the level of 2010.

Retail Banking’s underlying result before tax more than tripled from the fourth quarter of 2009 to EUR 806 million. This strong improvement was driven by a 14.6% rise in the interest result, fuelled by higher margins on savings and mortgages and volume growth, especially in the Benelux, the US and Germany. Impairments at ING Direct US were lower than a year ago because delinquencies flattened in the US RMBS portfolio. Risk costs declined 27.3% from the fourth quarter of 2009, particularly in the US, supporting the quarterly results. These positive trends more than offset higher expenses related to investments in the business and increased marketing costs. Compared with the third quarter of 2010, profit before tax fell 20.0% due to higher expenses, particularly in Retail Benelux, and increased risk costs.

Retail Netherlands’ underlying result before tax was EUR 304 million, up from EUR 276 million in the fourth quarter of 2009 but down from EUR 377 million in the previous quarter. In the current quarter, income was strong due to higher margins on mortgages and savings, while expenses rose due to marketing campaigns and business investments. Risk costs remained elevated in the Netherlands, primarily due to a model update for mortgages reflecting lower anticipated recovery rates.

Retail Belgium reported an underlying result before tax of EUR 91 million, down from EUR 97 million in the same quarter of 2009 and EUR 140 million in the third quarter of 2010. Despite higher volumes, income was only slightly higher than in the fourth quarter of 2009. This could not compensate for a rise in expenses due to additional one-time costs for the new Belgian national deposit guarantee scheme.

ING Direct’s result improved to EUR 363 million from a loss of EUR 177 million in the fourth quarter of 2009. This strong quarterly performance relative to last year was mainly fuelled by lower impairments on the US investment portfolio, higher interest results and lower risk costs. The fourth-quarter results declined 11.9% from the third quarter of 2010, largely as a result of higher marketing expenses and risk costs in the fourth quarter.

Retail Banking Central Europe’s underlying profit before tax was EUR 39 million in the fourth quarter compared with EUR 34 million in the same period of 2009. A modest increase in income, partly due to favourable currency effects, and lower risk costs more than offset an increase in expenses. Profit in the third quarter of 2010 was EUR 44 million.

The underlying result before tax of Retail Asia doubled to EUR 10 million from the fourth quarter of 2009. This was due to higher income and declining risk costs, which together mitigated an increase in expenses due to additional pension provisions, higher staff costs and business growth. Profit was down significantly compared to EUR 36 million in the third quarter of 2010, as that quarter included EUR 18 million of dividends from the Bank of Beijing and a one-time EUR 11 million gain on the sale of an investment in India.

The underlying result before tax for Commercial Banking excluding ING Real Estate jumped 39.1% from the fourth quarter of 2009 to EUR 534 million, driven by higher income and lower risk costs. Income was up 19.7% on margin and volume increases in Structured Finance, as well as on income growth in the client-related Financial Markets business. Commission income rose on higher fees in Structured Finance, while other income improved primarily due to favourable valuation results on non-trading derivatives in Financial Markets. These positive commercial factors more then compensated for a 46.8% year-on-year increase in costs mainly resulting from currency effects, downward accrual adjustments related to deferral of incentive compensation in the fourth quarter of 2009 and market-related items. Excluding these impacts, operating expenses were up 16.7%. This was primarily due to investments in the business and higher staff costs. Costs rose sequentially by 5.1% versus the third quarter of 2010. Compared with the third quarter of 2010, the underlying result before tax declined 10.1%, largely due to seasonality in Financial Markets’ income.

ING Real Estate returned to profit in the fourth quarter, with an underlying result before tax of EUR 80 million. The Investment Management and Finance businesses, as well as ING’s own Investment Portfolio, each posted a quarterly profit and an improvement in results compared with last year, while the Development business narrowed its loss. In the fourth quarter, negative revaluations and impairments at ING Real Estate continued to decline and were EUR 56 million compared with EUR 406 million in the fourth quarter of 2009 and EUR 102 million in the previous quarter.

On 1 November 2010, ING closed the sale of its 50% stake in the ING Summit Industrial Fund LP, as well as the sale of ING Real Estate Canada, the manager of Summit. The sale of the other 50% stake, owned by the ING Industrial Fund, ING Group’s co-investor in Summit, closed in the same transaction. Results from Summit are now recorded under ‘net result from divested units’ and are excluded from the underlying results.

The Corporate Line Banking posted a positive underlying result before tax of EUR 59 million compared to losses of EUR 180 million in the fourth quarter of 2009 and EUR 84 million in the previous quarter. The main contributor to the quarterly profit was the EUR 189 million capital gain on the sale of an equity stake in

Fubon Financial Holding. This more than offset fair value changes on ING’s own senior and covered bonds which turned negative.

The net result of the Bank was EUR 1,009 million. This includes an net operating profit of EUR 7 million from the divested Summit units and EUR -154 million of special items after tax, mainly related to the merger of the Dutch retail activities, the transformation programme in Belgium, restructuring and IT decommissioning, as well as separation costs.

The underlying full-year return on equity for the Bank was 13.1% based on IFRS-EU equity. The full-year 2010 return on equity based on a 7.5% core Tier 1 ratio was 17.6%, exceeding the Ambition 2013 target of 13-15%.

Insurance

The operating result of ING Insurance was EUR 438 million, up 44.6% from the fourth quarter of 2009 but down 7.4% from the previous quarter. The investment margin and fees and premium-based revenues both grew compared with the fourth quarter of 2009 and the third quarter of 2010. However, administrative expenses rose, DAC amortization and trail commissions increased and the technical margin declined relative to both comparative periods. The underlying result before tax in the fourth quarter of 2010 was heavily impacted by a DAC write-down related to the reporting of the US Closed Block VA as a separate business line.

The operating result from Life Insurance and Investment Management was EUR 556 million, up 15.8% from the same quarter of 2009 (or 6.1% excluding currency effects), but 6.1% lower than the previous quarter (or 4.8% excluding currencies).

The investment margin improved to EUR 402 million, up from EUR 268 million in the fourth quarter of 2009 and EUR 383 million in the third quarter of 2010. The strong increase compared with the fourth quarter of 2009 was attributable to reinvestments into fixed income securities in the Netherlands and the US and accretion of previously impaired securities. The increase in the investment margin compared with the third quarter of 2010 was primarily driven by the US and Asia/Pacific. The four-quarter rolling average investment spread improved to 93 basis points from 87 basis points in the third quarter of 2010 and 83 basis points in the fourth quarter of 2009. The investment spread for the stand-alone fourth quarter rose to 97 basis points from 75 basis points a year earlier.

Fees and premium-based revenues grew 15.2% from the same quarter of 2009 to EUR 1,270 million, driven mainly by higher fees in Asia/Pacific, ING Investment Management and Latin America. Investment Management fees rose on higher AuM, while in Asia/ Pacific fees were boosted by strong sales in Japan and Malaysia. In Latin America, positive pension fund performance lifted fee income, as did higher fees on fund deposits. Fees and premium-based revenues rose 3.9% versus the third quarter of 2010. This was mainly driven by strong individual life sales and higher fund values in the US, higher income in the US Closed Block VA and higher fees on AuM at ING Investment Management.

The technical margin was EUR 204 million, down 10.5% from the fourth quarter of 2009. This was largely due to a lower technical result in the US individual life segment, a one-time negative reserve development in the US Closed Block VA and lower surrender and mortality results in Japan. In addition, the fourth quarter of 2009 included EUR 23 million of releases of rider provisions in Poland and Hungary. The technical margin declined 5.6% from the third quarter of 2010.

Life Insurance and Investment Management administrative expenses rose 14.7% from the fourth quarter of 2009. The fourth quarter of 2009 included accrual adjustments related to deferral of incentive compensation particularly in Investment Management, the US and Asia/Pacific, and the release of a provision related to the closure of SPVA in Japan. Excluding the impact of the accrual adjustments as well as currency effects of EUR 52 million, expenses rose modestly by 0.5%. Compared with the third quarter of 2010, expenses rose 4.5% or 6.4% excluding currency effects.

The life operating result of Insurance Benelux increased more than sevenfold from the fourth quarter of 2009 to EUR 122 million. This was attributable to a higher technical margin, a rise in fee income, cost reductions, and a higher investment margin due to reinvestments. The technical margin rose mainly due to the increase in interest rates, which led to EUR 22 million of lower guarantee provisions, and the release of a provision related to the discontinuation of pension contracts which contributed EUR 11 million. Fees and premium-based revenues also increased as the result of changes in the product mix and higher fund values. Compared with the third quarter of 2010, the life operating result was up 4.3%, mainly due to a higher technical margin.

Insurance Central and Rest of Europe’s life operating result was EUR 63 million, down 43.8% from the fourth quarter of 2009. The decline in results was mainly attributable to lower fees and premium-based revenues and higher costs, including the EUR 8 million financial institutions tax in Hungary. Additionally, the fourth quarter of 2009 included the release of product rider provisions in Poland and Hungary totalling EUR 23 million, which was recorded in the technical margin. Compared with the third quarter of 2010, the life operating result was 16.0% lower. A lower technical margin and higher expenses were the main reasons for this decrease.

The life operating result of Insurance US, excluding the US Closed Block VA business, rose to EUR 171 million, 40.2% higher than the fourth quarter of 2009 as market conditions improved. The increase was attributable to higher investment margins and fee income, which more than mitigated a decline in the technical margin. The increase in the investment margin was primarily driven by lower interest rate swap expense, reinvestments into fixed income securities, accretion of income on previously impaired securities due to improved market values and higher prepayment fees. Life operating results were 17.1% higher than in the third quarter of 2010 as both the investment margin and fee income increased.

As of the fourth quarter of 2010, the US Closed Block VA business is reported separately from the rest of the Insurance US business. The operating result for the US Closed Block VA in the fourth quarter was EUR 1 million compared with EUR 6 million in the fourth quarter of 2009 and EUR 21 million in the third quarter of 2010. The decrease from the fourth quarter of 2009 was primarily caused by a lower technical margin, which reflects a one-time negative reserve development recorded in the fourth quarter of 2010 as well as lower fees and premium-based revenues. These factors were partially compensated by a higher investment margin and lower administrative expenses and DAC amortisation. The decline versus the third quarter was mainly due to a lower technical margin and higher DAC amortisation.

The life operating result for Latin America was EUR 46 million, up 21.1% (or 4.5% at constant currencies) from the fourth quarter of 2009 as fee income grew from higher sales and client balances. Fee income rose on pension fund performance in Mexico, while fees on fund deposits in other Latin American countries increased, consistent with economic growth and wage inflation. The life operating result fell 29.2% compared with the third quarter of 2010, mainly due to higher expenses, of which the majority related to the roll-out of new wealth management products throughout the region in the fourth quarter of 2010. Additionally, the third quarter of 2010 included the positive impact of a change in revenue recognition of fee income.

Insurance Asia/Pacific’s life operating result was EUR 109 million, which was flat versus the same period of 2009, but down 16.2% excluding currency effects. This was attributable to a decline in the technical margin and higher life expenses, partly offset by an increase in the investment margin and fees and premium-based revenues. The increase in life expenses was primarily due to accrual adjustments related to deferral of incentive compensation and the release of a provision related to the closure of SPVA in Japan, both recorded in the fourth quarter of 2009, and currency impacts. Excluding the impact of the accrual adjustments and currency effects, the life operating result was 12.0% lower. Compared with the third quarter of 2010 the life operating result was down 13.5%, mainly due to declines in fees and premium-based revenues and the technical margin.

ING Investment Management’s operating profit declined 41.6%, or 44.4% excluding currency effects, to EUR 45 million from EUR 77 million in the fourth quarter of 2009. Although fees were up strongly, the increase was outstripped by a 53.5% rise in administrative expenses, which was mainly caused by accrual adjustments related to deferral of incentive compensation in the fourth quarter of 2009, the introduction of the fixed service fee and currency effects. Compared with the third quarter of 2010, Investment Management’s operating result rose 4.7%.

The non-life operating result of ING Insurance was EUR 69 million, which was relatively unchanged compared with EUR 68 million in the same quarter of 2009. However, non-life results were EUR 19 million higher than the third quarter of 2010 due to strong fourth-quarter results in the Benelux driven by lower expenses.

The Corporate Line operating result was EUR -188 million compared with EUR -244 million in the fourth quarter of 2009. The improvement was primarily due to lower interest paid on hybrids resulting from the transfer of hybrid capital from ING Insurance to ING Bank in the fourth quarter of 2009, as well as the conversion of a EUR 1 billion hybrid from fixed to floating rate interest payments in April 2010. The operating loss in the third quarter of 2010 was EUR -169 million.

ING Insurance posted a quarterly underlying result before tax of EUR -690 million compared to EUR -43 million in the same quarter of 2009 and a profit of EUR 18 million in the third quarter of 2010. The loss in the current period reflects a EUR 975 million DAC write-down in Insurance US. As previously indicated, this write-down relates to the reporting of the US Closed Block VA business as a separate business line.

Gains/losses and impairments on investments diminished significantly to EUR -36 million from EUR -177 million in the fourth quarter of 2009 and EUR -126 million in the third quarter.

Market and other impacts worsened to EUR -1,096 million in the fourth quarter and consisted primarily of the DAC write-down related to the US Closed Block VA. Market and other impacts totalled EUR -157 million in the same quarter of 2009 and EUR -603 million in the third quarter of 2010. These figures included the impact of policyholder behaviour assumption changes in Japan and the US of EUR -343 million in the fourth quarter of 2009 and EUR -356 million in the third quarter of 2010.

The fourth-quarter net result for Insurance was EUR -576 million and includes a EUR 16 million gain on divestments and EUR -75 million of special items. Included within special items were EUR 26 million of after-tax separation expenses.

Insurance sales (APE) rose 7.0% from the fourth quarter of 2009 and increased 3.1% compared with the third quarter of 2010, excluding currency effects. The improvement in sales compared with the fourth quarter of 2009 was due to the US, Asia/Pacific and Latin America. In the US (excluding the US Closed Block VA), new sales increased driven by higher sales of stable value retirement plans, Universal Life products and term products. APE growth in Asia/Pacific was driven by the strong performance of ING’s bancassurance partners in Malaysia, Thailand, Korea and China and continued sales strength in Japan, including the launch of a new COLI Increasing Term product. The APE increase in Latin America was mainly related to higher sales of mandatory pension products in Mexico. The inclusion of tax-favoured voluntary pension sales in Colombia and mutual fund sales in Chile also contributed to the increase.

Net profit

ING Group’s net profit for the full-year 2010 was EUR 3,220 million compared to a net loss in 2009 of EUR 935 million. The fourth-quarter 2010 net profit was EUR 433 million, versus a loss of EUR 712 million in the same quarter of last year and a profit of EUR 371 million in the third quarter of 2010.

Divestments and special items recorded in the fourth quarter of 2010 totalled EUR -211 million after tax and related primarily to various restructuring programmes and separation costs. After-tax separation costs were EUR 46 million in the fourth quarter and totalled EUR 85 million for the full-year, in line with projected estimates.

NET RESULT (in EUR million)

The underlying effective tax rate was 14.5% in the fourth quarter, mainly caused by tax-exempt results in the Bank and by the taxation of the US Insurance loss against the high US rate. The underlying effective tax rate was 25.3% for the full-year 2010.

The net profit per share was EUR 0.11 in the fourth quarter compared to a loss of EUR 0.33 in the fourth quarter of 2009 and a profit of EUR 0.10 in the third quarter of 2010. The average number of shares used to calculate earnings per share over the quarter was 3,781 million.

Return on equity

The full-year 2010 underlying net return on equity for ING Group was 9.7% compared with 4.2% for the full-year 2009. The underlying return on equity for the Bank increased to 13.1% for the full-year 2010 from 4.3% in 2009. The underlying return on equity for Insurance was -1.8% for the full-year 2010 compared with -0.9% in 2009.

RETURN ON EQUITY (year-to-date)

BALANCE SHEET

ING Group’s balance sheet decreased by EUR 14 billion to EUR 1,247 billion in the fourth quarter of 2010. This was mainly due to lower trading assets and reduced amounts due from banks, which were partially offset by positive currency effects.

At ING Bank, ‘Financial assets at fair value through P&L’ declined by EUR 19 billion due to lower trading and non-trading derivatives mainly due to lower market valuations following increased long-term interest rates. ‘Loans and advances to customers’ rose by EUR 8 billion to EUR 613 billion, driven by currency effects and lending growth, particularly in residential mortgages.

ING was a net receiver of deposits on the interbank market, with the net amount up by EUR 1 billion, as market participants continue to deposit short-term money at ING Bank. ‘Customer deposits’ rose by EUR 9 billion to EUR 511 billion. Individual savings accounts grew by EUR 4 billion, or EUR 2 billion at constant currencies. Corporate deposits rose by EUR 5 billion.

At Insurance, ‘investments for risk of policyholders’ increased by EUR 6 billion from currency effects and positive market appreciation. ‘Deferred acquisition costs’ (DAC) declined by EUR 0.3 billion, or EUR 0.6 billion excluding currency effects. ‘Insurance and investment contracts’ rose by EUR 6 billion to EUR 271 billion at year-end, primarily due to currency effects.

Group shareholders’ equity declined by EUR 0.9 billion to EUR 41.6 billion (or EUR 10.99 per share) at the end of December. This was caused by a negative change in revaluation reserves, mainly due to higher interest rates, which was partly offset by positive exchange rate differences and the fourth-quarter net result.

CAPITAL MANAGEMENT

ING’s capital position remained strong, supported by EUR 5.9 billion of core Tier 1 capital generation from the Bank in 2010. This was mainly driven by EUR 4.4 billion of net profit and a reduction in risk-weighted assets adjusted for currency movements of EUR 20 billion.

The Bank’s core Tier 1 ratio increased to 9.6% from 9.0% at the end of the third quarter. Available core Tier 1 capital increased by EUR 0.8 billion, driven by EUR 1.0 billion of retained earnings, which were partly offset by a dividend upstream of EUR 0.2 billion related to the sale of the equity stake in Fubon Financial Holding.

The Insurance Groups Directive (IGD) ratio for Insurance decreased to 255% at year-end from 261% at the end of September 2010. This decrease was mainly due to the impact of higher interest rates on available capital. During the quarter, ING Group converted EUR 1.5 billion of hybrids into equity in ING Insurance. The reduction of hybrids will reduce interest costs reflected in the Corporate Line Insurance. In addition, from 2011 onwards, the Group will discontinue allocating ING Group core debt expenses to ING Insurance as it prepares for the separation of the Insurance company. The preparations for a legal entity restructuring, in line with the base case of two Insurance IPOs, are expected to be finalised in the first half of 2011.

The Group debt/equity ratio rose to 13.3% from 11.7% at the end of the third quarter, reflecting the EUR 1.5 billion debt for equity conversion, which increased core debt to EUR 8.5 billion

from EUR 7.1 billion at the end of September 2010. The Group’s adjusted equity increased by EUR 1.5 billion due to the quarterly net result, positive equity revaluations and favourable currency effects. The Financial Conglomerates Directive (FiCo) ratio for ING Group decreased to 162% from 165% at the end of September 2010.

ING’s policy is to pay dividends in relation to the long-term underlying development of cash earnings. Dividends will only be paid when the Executive Board considers such a dividend appropriate. Given the uncertain financial environment, increasing regulatory requirements and ING’s priority to repurchase the remaining outstanding core Tier 1 securities, the Executive Board will not propose to pay a dividend over 2010 at the Annual General Meeting.

ING relies upon the short-term and long-term debt capital markets for funding, and the cost and availability of debt financing is significantly influenced by our credit ratings. Credit ratings are also important when ING is competing in certain markets. In the fourth quarter of 2010, the credit ratings of ING Insurance were affirmed by S&P (A-) and Moody’s (Baa1). There were no rating changes or significant rating developments for ING Group or ING Bank in the fourth quarter.

CHANGES 4Q2010 AND 1Q2011

ING announced in November 2010 that it would implement a number of key changes with regard to the US Closed Block Variable Annuity (‘VA’) business to increase transparency, improve reserve adequacy, reduce earnings volatility and bring accounting and hedging more into line with US peers as the company prepares for a potential US-focused IPO.

In relation to these objectives, effective 1 October 2010, ING began reporting the US Closed Block VA business as a separate business line. Comparatives have been adjusted for ease of comparability and performance evaluation. Under ING’s existing accounting policies, this separation triggered a charge in the fourth quarter of 2010 to bring reserve adequacy on the new Closed Block VA business line to the 50% level as of 1 October 2010. This charge, which was previously indicated in November 2010, is reflected in the fourth quarter results as a DAC write-down of EUR 975 million before tax (EUR 634 million after tax).

ING moved towards fair-value accounting on reserves for Guaranteed Minimum Withdrawal Benefits for life (‘GMWB’) as of 1 January 2011 in order to better reflect the economic value of underlying benefits and to more closely align its accounting practice with its US peers. In connection with this, ING substantially increased the interest rate hedging position on the US Closed Block VA book. These additional hedges are not expected to cause significant earnings volatility, as the results from hedging derivatives will largely be mirrored in interest related value changes of the guarantees as recorded in the financial statements from the first quarter of 2011 onwards.

Note that the move towards fair value accounting for GMWB represents a change in accounting policy under IFRS-EU. The impact on IFRS-EU shareholders’ equity as of 1 January 2011, including associated DAC and tax impacts, was EUR -0.7 billion. This figure is significantly lower than the EUR -1 to -1.3 billion estimate provided in November 2010, mainly due to the strong performance of equity markets and rising interest rates in the US during the fourth quarter.

The results of the comparative periods will be restated to reflect the change in accounting policy and will be posted on www.ing.com as of 1 April 2011. The estimated after-tax impact on full-year earnings is EUR -0.4 billion for 2010 and EUR -0.1 billion for 2009. These impacts reflect the retroactive accounting change for the GMWB, but do not reflect additional hedging of interest rate risk.

As a result of the changes described above and the beneficial market developments during the fourth quarter, as of 1 January 2011 the US Closed Block VA business reserves are adequate with a significant buffer above the 50% level.

APPENDIX 1 ING GROUP: CONSOLIDATED PROFIT AND LOSS ACCOUNT

ING Group: Consolidated profit and loss account

		Total Group1								Total Banking								Total Insurance
in EUR million		4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009
Gross premium income			6,335				6,664												6,335				6,664
Interest result Banking operations			3,504				3,093				3,514				3,148
Commission income			1,181				1,110				669				654				512				456
Total investment & other income			1,339				509				240				-456				1,202				993
Total underlying income			12,359				11,376				4,424				3,346				8,048				8,113
Underwriting expenditure			7,218				6,935												7,218				6,935
Staff expenses			1,974				1,647				1,440				1,153				534				494
Other expenses			1,512				1,520				986				1,077				526				443
Intangibles amortisation and impairments			104				264				104				264
Operating expenses			3,590				3,431				2,530				2,494				1,059				937
Interest expenses Insurance operations			327				182												440				265
Addition to loan loss provisions			415				689				415				689
Other			21				18												21				18
Total underlying expenditure			11,570				11,255				2,945				3,183				8,738				8,155
Underlying result before tax			789				120				1,479				163				-690				-43
Taxation			113				17				307				-57				-194				74
Minority interests			31				13				16				4				15				9
Underlying net result			644				90				1,156				216				-512				-126
Net gains/losses on divestments			16				273												16				273
Net result from divested units			2				-19				7				-15				-5				-4
Special items after tax			-229				-1,055				-154				-923				-75				-132
Net result			433				-712				1,009				-722				-576				11

APPENDIX 2 ING GROUP: CONSOLIDATED BALANCE SHEET

ING Group: Consolidated balance sheet

		ING Group								ING Bank NV								ING Verzekeringen NV								Holdings/Eliminations
in EUR million		31 Dec. 2010				30 Sep. 2010				31 Dec. 2010				30 Sep. 2010				31 Dec. 2010				30 Sep. 2010				31 Dec. 2010				30 Sep. 2010
Assets
Cash and balances with central banks			13,072				13,342				9,519				9,820				8,646				9,045				-5,093				-5,524
Amounts due from banks			51,828				59,108				51,828				59,108
Financial assets at fair value through profit and loss			263,894				277,592				137,126				156,199				128,503				123,514				-1,735				-2,120
Investments			234,240				232,720				110,893				108,646				123,347				124,075
Loans and advances to customers			613,204				605,580				587,449				579,393				31,020				34,211				-5,266				-8,024
Reinsurance contracts			5,789				5,759												5,789				5,759
Investments in associates			3,925				3,762				1,494				1,437				2,428				2,499				3				-175
Real estate investments			1,900				2,041				562				707				1,063				1,060				275				274
Property and equipment			6,132				6,115				5,615				5,604				517				511
Intangible assets			5,372				5,203				2,265				2,349				3,256				3,002				-149				-149
Deferred acquisition costs			10,604				10,867												10,604				10,867
Assets held for sale			681				1,879				300				1,613				381				266
Other assets			36,469				36,731				26,023				25,604				10,209				10,751				236				376
Total assets			1,247,110				1,260,698				933,073				950,478				325,764				325,560				-11,728				-15,341
Equity
Shareholders’ equity			41,555				42,476				34,451				33,845				20,811				21,003				-13,707				-12,372
Minority interests			729				997				617				1,085				112				94								-182
Non-voting equity securities (“Core Tier-1 securities”)			5,000				5,000																				5,000				5,000
Total equity			47,284				48,472				35,069				34,930				20,922				21,097				-8,707				-7,555
Liabilities
Subordinated loans			10,645				10,635				21,021				21,575				4,407				5,869				-14,784				-16,810
Debt securities in issue			135,604				130,955				125,066				120,403				3,967				3,921				6,571				6,631
Other borrowed funds			22,291				26,530												8,588				11,138				13,703				15,392
Insurance and investment contracts			270,582				264,859												270,582				264,859
Amounts due to banks			72,852				78,869				72,852				78,869
Customer deposits and other funds on deposits			511,362				502,496				519,304				514,517												-7,943				-12,021
Financial liabilities at fair value through profit and loss			138,538				157,356				136,581				155,391				3,677				4,139				-1,720				-2,174
Liabilities held for sale			424				1,224				145				1,009				279				215
Other liabilities			37,527				39,300				23,035				23,784				13,342				14,321				1,150				1,196
Total liabilities			1,199,826				1,212,226				898,004				915,549				304,842				304,463				-3,114				-7,786
Total equity and liabilities			1,247,110				1,260,698				933,073				950,478				325,764				325,560				-11,728				-15,341

     

APPENDIX 3 RETAIL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT

Retail Banking: Consolidated profit and loss account

										Retail Banking Benelux																Retail Direct & International
		Total Retail Banking								Netherlands								Belgium								ING Direct								Central Europe								Asia
in EUR million			4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009
Interest result			2,603				2,271				983				881				418				388				984				798				179				170				40				34
Commission income			307				337				114				135				84				80				33				39				62				73				15				11
Investment income			-10				-344				0				0				11				8				-22				-353				-1				1				2				0
Other income			26				-9				27				18				-10				22				9				-45				-4				-12				4				8
Total underlying income			2,926				2,256				1,123				1,035				503				499				1,004				440				235				231				61				52
Staff and other expenses			1,739				1,554				634				590				371				341				499				415				189				176				47				32
Intangibles amortisation and impairments			38				-4				24				0				0				-6				13				3				0				-1				0				0
Operating expenses			1,777				1,550				658				590				371				335				512				417				189				175				47				32
Gross result			1,149				706				465				445				132				163				492				22				46				56				14				20
Addition to loan loss provision			343				472				161				169				41				67				129				200				7				21				4				15
Underlying result before tax			806				234				304				276				91				97				363				-177				39				34				10				5
Client balances (in EUR billion)
Residential Mortgages			313.0				283.4				138.2				132.7				25.9				23.0				144.6				124.2				3.6				2.9				0.7				0.5
Other Lending			86.7				86.7				42.3				43.4				27.2				26.7				3.5				3.1				10.6				8.8				3.0				4.6
Funds Entrusted			432.1				413.2				103.7				103.3				68.3				69.4				238.1				217.1				18.6				17.6				3.5				5.8
AUM/Mutual Funds			58.4				68.4				16.7				16.5				27.9				33.6				11.4				9.3				2.1				1.1				0.4				7.9
Profitability and efficiency1
Cost/income ratio			60.7	%			68.7	%			58.6	%			57.0	%			73.7	%			67.2	%			51.0	%			94.9	%			80.4	%			75.9	%			77.0	%			62.2	%
Return on Equity2			17.8	%			7.7	%			22.1	%			21.0	%			25.2	%			40.7	%			17.9	%			-8.8	%			6.6	%			3.7	%			5.6	%			1.8	%
Risk1
Risk costs in bp of average RWA			76				113				123				136				85				144				68				115				12				41				17				67
Risk-weighted assets (end of period)			176,068				166,863				49,592				49,355				19,141				18,547				74,233				69,326				23,174				20,797				9,928				8,838

     

APPENDIX 4 COMMERCIAL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT

Commercial Banking: Consolidated profit and loss account

		Total Commercial																Structured								Leasing &								Financial								Other								Total Commercial
		Banking								GL & PCM								Finance								Factoring								Markets								products								Banking excl. RE								ING Real Estate
in EUR million			4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009
Interest result			950				885				225				231				290				236				49				43				272				254				1				-7				836				757				114				127
Commission income			365				319				56				64				137				78				12				10				-3				-12				65				91				266				230				99				89
Investment income			-24				-47				9				16				3				-4				0				0				-6				-7				-1				-7				4				-2				-28				-45
Other income			130				-77				8				6				-28				-34				65				60				17				-32				-3				-13				59				-13				72				-65
Total underlying income			1,422				1,079				297				317				402				276				125				113				279				204				62				63				1,165				973				256				107
Staff and other expenses			677				497				150				132				90				54				58				50				225				117				49				38				571				391				106				106
Intangibles amortisation and impairments			58				256				0				0				0				0				0				0				0				0				2				0				2				1				56				256
Operating expenses			735				753				150				132				90				54				58				50				225				117				51				38				574				391				161				362
Gross result			686				326				147				185				312				223				67				62				54				87				11				25				592				582				95				-255
Addition to loan loss provision			72				217				23				49				5				114				30				35				-1				-1				0				0				58				198				15				20
Underlying result before tax			614				109				124				135				307				108				37				27				55				88				11				25				534				384				80				-275
Client balances (in EUR billion)
Residential Mortgages
Other Lending			140.4				133.3				35.9				35.9				50.0				43.0				16.7				16.3				3.2				3.6				0.3				0.2				106.1				99.0				34.3				34.3
Funds Entrusted			71.7				58.9				38.0				32.6				3.2				2.0				0.1				0.1				29.8				23.8				0.6				0.4				71.7				58.9
AUM/Mutual Funds			66.2				64.4																																																				66.2				64.4
Profitability and efficiency1
Underlying cost/income ratio			51.7	%			69.8	%			50.4	%			41.7	%			22.4	%			19.4	%			46.4	%			44.6	%			80.6	%			57.4	%			82.3	%			60.6	%			49.2	%			40.2	%			63.0	%			339.7	%
Return on Equity2			18.8	%			3.8	%			12.6	%			12.4	%			33.0	%			11.6	%			16.0	%			9.2	%			15.8	%			18.0	%			-11.1	%			35.4	%			19.0	%			13.9	%			16.6	%			-69.6	%
Risk1
Risk costs in bp of average RWA			20				54				22				38				5				107				149				149				-1				-1				1				-3				18				56				40				40
Risk-weighted assets (end of period)			142,439				158,845				41,216				49,772				41,174				45,006				8,075				9,141				31,319				32,003				5,479				4,084				127,264				140,006				15,174				18,839

     

APPENDIX 5 INSURANCE: MARGIN ANALYSIS AND KEY FIGURES

Insurance: Margin analysis and Key figures

																		Central &																US
		ING Insurance								Benelux								Rest of Europe								United States								Closed Block VA								Latin America								Asia/Pacific								ING IM								Corporate line
In EUR million		4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009				4Q2010				4Q2009
Investment margin			402				268				99				79				21				18				229				134				12				7				19				18				22				7				-1				5				1				-0
Fees and premium-based revenues			1,270				1,102				141				128				130				139				272				234				43				57				111				81				327				263				245				199				0				0
Technical margin			204				228				93				54				36				56				47				68				-14				6				5				3				37				41				—				—				—				—
Income non-modelled life business			37				47				10				4				2				7				-0				-0				-0				-0				0				0				25				32				-0				3				-145				-198
Life & ING IM operating income			1,912				1,645				342				265				189				220				548				437				41				70				136				102				412				345				244				207				-145				-198
Administrative expenses			843				735				154				185				74				67				214				189				17				23				66				49				118				94				198				129				32				37
DAC amortisation and trail commissions			513				430				66				64				52				41				162				127				23				40				24				15				185				142				1				1				15				10
Life & ING IM expenses			1,356				1,165				220				249				126				107				377				315				41				64				90				64				302				236				199				129				48				48
Life & ING IM operating result			556				480				122				16				63				112				171				122				1				6				46				38				109				109				45				77				-193				-246
Non-life operating result			69				68				44				51				4				3				—				—				—				—				19				13				1				0				—				1				5				2
Corporate Line operating result			-188				-244
Operating result			438				303				166				67				67				115				171				122				1				6				65				51				110				109				45				77				-188				-244
Gains/losses and impairments			-36				-177				65				-11				-5				-35				-102				-172				4				26				6				-0				11				4				1				9				-15				2
Revaluations			4				-12				45				-13				—				—				-3				55				-67				-25				10				8				-9				-1				3				-8				26				-28
Market & other impacts			-1,096				-157				-150				81				-10				—				-2				-1				-1,012				-85				—				—				11				5				—				—				67				-157
Underlying result before tax			-690				-43				126				124				52				80				64				3				-1,075				-78				80				59				123				117				49				79				-110				-428
Life Insurance — New business figures
Single premiums			3,910				3,140				513				780				243				181				2,317				1,453				82				301				656				323				100				102				—				—				—				—
Annual premiums			809				717				34				118				70				79				265				235				—				—				134				76				306				209				—				—				—				—
New sales (APE)			1,200				1,031				85				196				94				97				497				380				8				30				199				109				316				220				—				—				—				—
Key figures
Gross premium income			6,335				6,664				1,201				1,650				585				552				2,801				2,754				111				328				47				31				1,582				1,340				—				—				7				10
Adm. expenses / operating income (Life & ING IM)			44.1	%			44.7	%			45.0	%			69.8	%			39.2	%			30.5	%			39.1	%			43.2	%			41.5	%			32.9	%			48.5	%			48.0	%			28.6	%			27.2	%			81.1	%			62.3	%			-22.1	%			-18.7	%
Life general account assets (end of period, in EUR billion)			165				143				61				55				8				8				63				55				6				5				2				2				23				17				1				0				—				—
Investment margin / Life general account asset (in bps)1			93				83				77				67				99				102				134				113				-20				49				294				165				26				6				48				279
Provision for life insurance & investm. contracts for risk policyholder (end of period)			120,947				105,080				22,855				21,037				3,783				3,318				36,294				29,982				35,152				31,702				139				97				22,725				18,945				—				—				—				—
Net production client balances (in EUR billion)			3.3				-1.5				-0.9				-0.3				0.5				0.6				-1.1				-0.8				-0.7				-0.2				0.6				0.5				0.2				0.2				4.5				-1.4				—				—
Client balances (end of period, in EUR billion)			453.8				408.3				69.9				68.2				28.6				24.4				97.1				87.1				35.9				32.4				49.8				36.2				44.2				35.6				128.3				124.4				—				—
Administrative expenses (total)			967				866				243				281				76				68				214				189				17				23				66				49				119				95				198				125				33.6				37.9