ING Group Statistical Supplement

ING Group Statistical Supplement16 May 2007

www.ing.com

Q1 2007

ING GROUP

Introduction

General comments • The Group Statistical Supplement will be published on a quarterly basis and will replace the “Additional information for shareholders”. • The US Statistical Supplement will continue to be published as a separate document • The Group Statistical Supplement will be available as a pdf- and Excel version. • Allocation keys are used to calculate segmental information; e.g. Life vs. Non-life, Retail vs. Wholesale banking and product information. These allocation keys

might be refined over time. • Internal Rate of Return, expense ratios (insurance), RaRoC are based on Year to Date • Realised gains/losses on equity securities are allocated between the business units and the corporate line. The business lines will have allocated realised gains equal

to 3% of their equity investments, and the remainder is allocated to the corporate line. • Rounding could cause some small differences. • ING reports its results on an underlying basis, which excludes special items and the impact of divestitures. In case of a divesture, historical numbers are restated for

both the transaction gain/loss and the operating results. In the first quarter operating results were restated for the divestiture of Degussa Bank (ING Direct); the transaction loss of € 23 million was recorded in Q4 2006. Details of restatements can be found in chapter 1.7.

• ING Card was transferred to Retail Banking, except for the German Card business that was integrated in ING Direct Germany. Details of the restatement can be found in chapter 1.7.

Supplemental information in terms of financial data and countries included:

• Insurance information is broken down into Life and Non-Life insurance for both income statement and balance sheet information; [e.g. 2.3 and 2.4] • Breakdown of underwriting expenditure for the Life and Non-life operations; [e.g. 2.2.1 and 2.3.1] • Separate balance sheet for the Life and Non-Life operations; [e.g. 2.2.2 and 2.3.2] • Detailed breakdown of investment income to show realised gains and fair value changes on investments; [e.g. 2.2.1 and 2.3.1] • Income statement for each country/regions; [e.g. 2.4.2] • Condensed income statement for products within wholesale banking; [e.g. 3.2.7] • ING Direct retail balances in local currencies; [e.g. 3.4.2] • Income statement for corporate lines; [e.g. 2.7 and 3.5] • Gross Life and Non-life reserves per country/region [e.g. 2.2.1] • Breakdown of investments for Life and Non-life Insurance; [e.g. 2.1.6] • Life and Non-Life Insurance profit after tax; [2.2.1 and 2.3.1] • Non-life premiums and profit by line of business; [e.g. 2.3.1] • Breakdown shareholders’ equity; [e.g. 1.3]

Accounting principles ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU). In preparing this interim financial information, the same accounting principles are applied as in the 2005 ING Group Annual Accounts. All figures in this document are unaudited.

2 of 183 - ING Group Statistical Supplement Q1 2007, 16 May 2007 Unaudited

ING GROUP

Disclaimer

ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). In preparing this interim financial information, the same accounting principles are applied as in the 2005 ING Group Annual Accounts. All figures in this document are unaudited. ING evaluates the results of its insurance operations and banking operations, using the financial performance measure of underlying profit before tax, which is not an IFRS-EU measure. Underlying profit before tax is defined as profit before tax and, excluding, as applicable for each respective segment, either all or some of the following items: profit from divested units, realized gains on divestitures, certain restructuring charges and other non-operating income/(expense) (see paragraph 1.7 of this Group Statistical Supplement). While these excluded items are significant components in understanding and assessing ING's consolidated financial performance, ING believes that the presentation of underlying profit before tax enhances the understanding and comparability of its segment performance by highlighting profit before tax attributable to ongoing operations and the underlying profitability of the segment businesses. Underlying profit before tax is not a substitute for profit before tax as determined in accordance with IFRS-EU. ING Group’s definition of underlying profit before tax may differ from those used by other companies and may change over time. Certain of the statements contained in this release are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including developing markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, and (x) changes in the policies of governments and/or regulatory authorities. ING assumes no obligation to update any forward-looking information contained in this document.


Content

1 ING Group 2. Insurance 3. Banking

1.1 Income Statement 6 2.4 Insurance Europe 3.2 Wholesale banking1.2 Balance sheet 10 2.4.1 Insurance Europe: Income Statement 66 3.2.1 Wholesale Banking: Income Statement 1361.3 Shareholders' equity 12 2.4.2 Life insurance The Netherlands: Income Statement 71 3.2.2 Wholesale Banking General Lending & PCM:1.4 Cash flow statement 13 2.4.3 Life Insurance Belgium: Income Statement 73 Income Statement 1381.5 Capital ratios 15 2.4.4 Life Insurance Central and Rest Europe: 3.2.3 Wholesale Banking Structured Finance:1.6 Assets under Management 16 Income Statement 75 Income Statement 1391.7 Gains/losses on divestments and special items 18 2.4.5 Non-Life Insurance The Netherlands: 3.2.4 Wholesale Banking Leasing & Factoring:

Income Statement 77 Income Statement 1402.4.6 Non-Life Insurance Belgium: Income Statement 79 3.2.5 Wholesale Banking Financial Markets:2.4.7 Non-Life Insurance Central and Rest of Europe: Income Statement 141

2. Insurance Income Statement 81 3.2.6 Wholesale Banking Other products:

2.1 Insurance -Total- 2.5 Insurance Americas Income Statement 1422.1.1 Income Statement 26 2.5.1 Insurance Americas: Income Statement 84 3.2.7 Wholesale Banking excl. ING Real Estate:2.1.2 Balance sheet 31 2.5.2 Life insurance United States: Income Statement 89 Income Statement by product 143

2.1.3 Cash flow statement 32 2.5.3 Life insurance Latin America: Income Statement 91 3.2.8 Wholesale Banking excl. ING Real Estate:2.1.4 Profit Developing Markets 33 2.5.4 Non-life insurance Canada: Income Statement 93 Income Statement by country 1452.1.5 Debt securities by rating class 34 2.5.5 Non-life insurance Latin America: Income Statement 95 3.2.9 Wholesale banking ING Real Estate: 2.1.6 Investments 35 Income Statement 148

2.6 Insurance Asia Pacific2.2 Life Insurance 2.6.1 Insurance Asia Pacific: Income Statement 98 3.3 Retail Banking

2.2.1 Life Insurance: Income Statement 40 2.6.2 Life insurance Australia & New Zealand: 3.3.1 Retail Banking: Income Statement 1522.2.2 Life Insurance: Balance sheet 48 Income Statement 103 3.3.2 Retail Banking The Netherlands: Income2.2.3 Life Insurance: New business information 49 2.6.3 Life insurance Japan: Income Statement 105 Statement 154

2.6.4 Life insurance South Korea: Income Statement 107 3.3.3 Retail Banking Belgium: Income Statement 1562.3 Non-Life Insurance 2.6.5 Life insurance Taiwan: Income Statement 109 3.3.4 Retail BankingPoland: Income Statement 158

2.3.1 Non-Life Insurance: Income Statement 56 2.6.6 Life insurance Rest of Asia: Income Statement 111 3.3.5 Other Retail Banking: Income Statement 1602.3.2 Non-Life Insurance: Balance sheet 64 2.6.7 Non-life insurance Rest of Asia: Income Statement 113 3.3.6 Retail banking -of which Private Banking:

Income Statement 1622.7 Insurance Corporate Line

2.7.1 Insurance Corporate Line: Income Statement 116 3.4 ING Direct2.7.2 Life insurance Corporate Line: Income Statement 118 3.4.1 ING Direct: Income Statement 1642.7.3 Non-life insurance Corporate Line: 3.4.2 Additional information 166 Income Statement 119

3.5 Banking Corporate Line3.5.1 Banking Corporate Line: Income Statement 170

3. Banking 4. Interim Accounts

3.1 Banking -Total- 4.1 Condensed consolidated balance sheet of 3.1.1 Income Statement 122 ING Group for the three month period ended 1753.1.2 Balance sheet 130 4.2 Condensed consolidated profit and loss account of3.1.3 Cash flow statement 131 ING Group for the three month period ended 1763.1.4 Additional information 132 4.3 Condensed consolidated statement of cash flows

of ING Group for the three month period ended 1774.4 Condensed consolidated statement of changes in equity of ING Group for the three month period ended 1784.5 Notes to the condensed consolidated interim accounts 1794.6 Review report 183

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1. ING Group

ING GROUP

1.1 ING Group: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 11,634 11,265 10,992 12,052 12,525 Interest result banking operations 2,142 2,333 2,274 2,173 2,323 Commission income 1,209 1,109 1,023 1,046 1,106 Total investment and other income 3,531 3,344 3,138 3,507 3,241

Total underlying income 18,516 18,051 17,427 18,778 19,195

Underwriting expenditure 12,051 11,518 11,512 12,302 12,805 Staff expenses 2,100 2,146 1,764 1,988 1,981 Other expenses 1,643 1,771 1,661 1,557 1,493

Operating expenses 3,743 3,807 3,425 3,545 3,474 Other interest expenses 261 136 292 296 293 Addition to loan loss provisions / other impairments 1 102 43 -17 -20

Total underlying expenditure 16,056 15,563 15,272 16,126 16,552

Underlying profit before tax 2,460 2,488 2,155 2,652 2,643 Taxation 502 284 426 557 597 Underlying profit before minority interests 1,958 2,204 1,729 2,095 2,046 Minority interests 65 85 76 86 89 Underlying net profit 1,894 2,119 1,653 2,009 1,957 Net gains/losses on divestments -18 -82 5 30 Net profit from divested units 19 Special items after taxNet profit (attributable to shareholders of parent) 1,894 2,101 1,571 2,014 2,006


ING GROUP

1.1 Income Statement: breakdown Insurance and Banking Q1 2007

Total Total Life Non-Life Total

(in € mln) Group1) Insurance Insurance Insurance BankingGross premium income 11,634 11,634 9,882 1,752 Interest result banking operations 2,142 2,184 Commission income 1,209 465 423 42 744 Total investment and other income 3,531 2,722 2,465 263 828


Underwriting expenditure 12,051 12,051 10,580 1,471 Operating expenses 3,743 1,370 1,021 351 2,373 Other interest expenses 261 323 322 6 Addition to loan loss provisions / other impairments 1 1 1


Underlying profit before tax 2,460 1,076 847 229 1,384 Taxation 502 189 146 42 313 Underlying profit before minority interests 1,958 887 701 187 1,071 Minority interests 65 39 15 25 26 Underlying net profit 1,894 848 686 162 1,045 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit (attributable to shareholders of parent) 1,894 848 686 162 1,045 1) Including inter-company eliminations


ING GROUP





Underwriting expenditure 12,805 12,805 11,415 1,390 Operating expenses 3,474 1,297 944 353 2,177 Other interest expenses 293 341 331 10 Addition to loan loss provisions / other impairments -20 -20


Underlying profit before tax 2,643 1,205 806 399 1,438 Taxation 597 228 144 84 369 Underlying profit before minority interests 2,046 977 662 315 1,069 Minority interests 89 78 42 36 11 Underlying net profit 1,957 899 620 279 1,058 Net gains/losses on divestments 30 30 30 Net profit from divested units 19 19 Special items after taxNet profit (attributable to shareholders of parent) 2,006 929 650 279 1,077 1) Including inter-company eliminations


ING GROUP





Underwriting expenditure 11,518 11,518 10,571 947 Operating expenses 3,807 1,430 1,082 348 2,377 Other interest expenses 136 200 191 9 Addition to loan loss provisions / other impairments 102 14 13 1 88


Underlying profit before tax 2,488 1,340 944 396 1,148 Taxation 284 87 -8 95 197 Underlying profit before minority interests 2,204 1,253 952 301 951 Minority interests 85 70 43 27 15 Underlying net profit 2,119 1,183 907 276 936 Net gains/losses on divestments -23 -23 Net profit from divested units 5 5 Special items after taxNet profit (attributable to shareholders of parent) 2,101 1,183 907 276 918 1) Including inter-company eliminations


ING GROUP

1.2 Balance sheet

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Balance sheetCash and balances with central banks 17,333 14,326 12,782 15,582 10,882 Amounts due from banks 55,693 39,868 51,745 56,275 56,402 Financial assets at fair value through P&L 343,786 317,470 304,780 292,787 289,175 Investments 302,487 311,581 315,889 320,476 328,455 Loans and advances to customers 495,535 474,437 468,460 470,077 449,910 Reinsurance contracts 6,481 6,529 7,029 7,026 7,672 Investments in associates 5,299 4,343 3,927 3,762 3,726 Investment property 5,014 6,974 4,650 4,772 4,672 Property and equipment 5,863 6,031 6,172 5,821 5,823 Intangible assets 3,378 3,522 3,613 3,668 3,690 Deferred acquisition costs 10,306 10,163 10,187 10,126 10,016 Other assets 31,030 31,063 31,501 30,531 30,253 Total Assets 1,282,205 1,226,307 1,220,735 1,220,903 1,200,676

Share capital 530 530 530 530 530 Share premium 8,355 8,348 8,344 8,344 8,343 Revaluation reserve equities 6,643 5,876 4,747 4,072 4,901 Revaluation reserve fixed income & other 3,037 3,577 4,795 2,281 4,570 Currency translation reserve -664 -473 362 202 884

Treasury shares -1,633 -1,436 -1,770 -1,376 -1,266 Other reserves 23,849 21,844 19,721 19,161 18,400

Total other reserves 22,216 20,408 17,951 17,785 17,134 Shareholders' equity (parent) 40,117 38,266 36,729 33,214 36,362 Minority interests 1,938 2,949 1,851 1,809 1,780 Total equity 42,055 41,215 38,580 35,023 38,142 Preference shares 215 215 215 215 296 Subordinated loans 5,976 6,014 6,143 6,726 6,870 Debt securities in issue 82,277 78,133 74,755 86,001 81,410 Other borrowed funds 28,926 29,639 29,501 29,360 30,334 Insurance and investment contracts 272,217 268,683 267,773 258,515 265,679 Amounts due to banks 124,285 120,839 113,771 116,212 119,419 Customer deposits and other funds on deposits 518,796 496,680 501,560 504,674 483,598 Financial liabilities at fair value through P&L 167,697 146,611 149,722 146,235 136,149 Other liabilities 39,761 38,278 38,715 37,942 38,779 Total liabilities 1,240,150 1,185,092 1,182,155 1,185,880 1,162,534 Total equity and liabilities 1,282,205 1,226,307 1,220,735 1,220,903 1,200,676


ING GROUP

1.2 Balance sheet

(in € mln)31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06 31 Mar 07 31 Dec 06

Balance sheetCash and balances with central banks 17,333 14,326 3,130 3,017 2,646 2,747 484 270 14,541 11,769 -338 -460 Amounts due from banks 55,693 39,868 55,693 39,868 Non-trading derivatives 6,074 6,521 1,554 1,888 1,553 1,887 1 5 -4 4,870 4,968 -350 -335 Financial assets at fair value through P&L 337,712 310,949 117,788 112,780 116,445 112,490 1,343 290 220,038 198,671 -114 -502 Investments 302,487 311,581 140,633 140,490 129,659 128,542 10,974 11,948 161,545 171,091 309 Loans and advances to customers 495,535 474,437 38,001 37,559 37,340 36,414 815 1,297 -154 -152 458,974 437,774 -1,440 -896 Reinsurance contracts 6,481 6,529 6,481 6,529 5,753 5,773 793 757 -65 -1 Investment in associates 5,299 4,343 4,081 3,151 4,059 3,139 22 12 1,243 1,223 -25 -31 Investment property 5,014 6,974 1,390 3,310 1,390 3,294 16 3,623 3,665 1 -1 Property and equipment 5,863 6,031 816 1,051 703 899 113 152 5,047 4,980 Intangible assets 3,378 3,522 3,097 3,232 2,952 3,090 145 142 375 385 -94 -95 Deferred acquisition costs 10,306 10,163 10,306 10,163 9,852 9,727 454 436 Other Assets 31,030 31,063 10,677 10,601 9,063 9,152 2,541 1,862 -927 -413 20,414 20,591 -61 -129 Total Assets 1,282,205 1,226,307 337,954 333,771 321,415 317,154 17,685 17,187 -1,146 -570 946,363 894,985 -2,112 -2,449

Shareholders' equity (parent) 40,117 38,266 23,114 21,917 18,725 17,626 4,389 4,291 21,210 21,298 -4,207 -4,949 Minority interests 1,938 2,949 879 1,770 284 1,088 595 682 1,086 1,204 -27 -25 Total equity 42,055 41,215 23,993 23,687 19,009 18,714 4,984 4,973 22,296 22,502 -4,234 4,974 Preference shares 215 215 215 215 Subordinated loans 5,976 6,014 4,008 4,043 4,008 4,043 17,642 18,073 -15,674 -16,102 Debt securities in issue 82,277 78,133 4,985 5,439 4,985 5,399 40 72,048 67,464 5,244 5,230 Other borrowed funds 28,926 29,639 15,712 16,015 15,756 15,937 111 229 -155 -151 13,214 13,624 Insurance and investment contracts 272,217 268,683 272,217 268,683 261,898 258,601 10,384 10,034 -65 48 Amounts due to banks 124,285 120,839 124,285 120,839 Customer deposits and other funds on deposits 518,796 496,680 519,315 496,775 -519 -95 Financial liabilities at fair value through P&L 167,697 146,611 970 930 872 886 99 45 -1 -1 166,986 145,923 -259 -242 Other liabilities 39,761 38,278 16,069 14,974 14,887 13,574 2,107 1,866 -925 -466 23,791 23,409 -99 -105 Total liabilities 1,240,150 1,185,092 313,961 310,084 302,406 298,440 12,701 12,214 -1,146 -570 924,067 872,483 2,122 2,525 Total equity and liabilities 1,282,205 1,226,307 337,954 333,771 321,415 317,154 17,685 17,187 -1,146 -570 946,363 894,985 -2,112 -2,449

Holdings/elim. Bank/Ins.ING Group Life Insurance Non-life insurance ING Bank NVING Verzekeringen NV Elim. Life/Non-life


ING GROUP

1.3 Shareholders' equity

Total equity(in € mln)

31 Mar 07 31-dec-06 31 Mar 07 31-dec-06 31 Mar 07 31-dec-06 31 Mar 07 31-dec-06Share capital 530 530 174 174 525 525 -169 -169 Share premium 8,355 8,348 4,373 4,373 6,523 6,523 -2,541 -2,548 Revaluation reserve equity securities 6,643 5,876 5,870 5,120 549 528 224 228 Revaluation reserve fixed income 2,531 3,064 1,632 1,851 899 1,213 Ohter revaluations reserve 506 513 117 127 389 386 Currency translation reserve -664 -473 -421 -257 15 42 -258 -258

Treasury shares -1,633 -1,436 -1,633 -1,436 Other reserves 23,849 21,844 11,369 10,529 12,310 12,081 170 -766

Total other reserves 22,216 20,408 11,369 10,529 12,310 12,081 -1,463 -2,202 Shareholders' equity (parent) 40,117 38,266 23,114 21,917 21,210 21,298 -4,207 -4,949 Minority interests 1,938 2,949 879 1,770 1,086 1,204 -27 -25 Total equity 42,055 41,215 23,993 23,687 22,296 22,502 -4,234 -4,974

Key figuresReturn on Equity 20.8% 23.5% 16.3% 20.9% 20.7% 19.4%Equity as per ROE calculation 36,393 32,774 20,774 18,878 20,198 19,289Shareholders' equity per share in € 18.56 16.96

Change in shareholders' equity (parent)(in € mln)

Q1 2007 Dec 05/Dec 06 Q1 2007 Dec 05/Dec 06 Q1 2007 Dec 05/Dec 06 Q1 2007 Dec 05/Dec 06Shareholders' equity beginning of period 38,266 36,736 21,917 20,627 21,298 21,331 -4,949 -5,222 Net profit 1,894 7,692 857 3,960 1,034 3,753 3 -21 Unrealised revaluations of equity securities 989 1,726 966 1,640 27 86 -4 Unrealised revaluations of debt securities -347 -2,901 -266 -1,468 -81 -1,433 Deferred interest crediting to life policyholders 232 820 232 820 Realised gains/losses on equity securities transferred to P&L -327 -740 -216 -621 -111 -119 Realised gains/losses on debt securities transferred to P&L -65 -54 -8 11 -57 -65 Change in cashflow hedge reserve -353 -690 -177 -267 -176 -423 Other revaluations -30 207 8 -21 -38 216 12 Change in treasury shares -64 -520 -64 -520 Exchange rate differences -59 -1,335 -178 1,076 119 -260 1 Cash dividend -2,681 -1,650 -800 -1,800 800 769 Employee stock option & share plans 27 100 14 51 16 52 -3 -3 Other -46 -94 -35 -89 -21 -40 10 35 Total changes 1,851 1,530 1,197 1,290 -88 -33 742 273 Shareholders' equity (parent) end of period 40,117 38,266 23,114 21,917 21,210 21,298 -4,207 -4,949

Holdings/eliminations

ING Bank NV

ING Bank NVING Group

ING Group Holdings/eliminationsING Verzekeringen NV

ING Verzekeringen NV


ING GROUP

1.4 Cash flow statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Net cash flow from operating activities -8,383 1,268 -4,405 9,657 3,050 Investments and advances:

Group companies -59 -2,242 -116 Associates -168 -227 -37 -120 -65 Available for sale investments -74,822 -72,714 -67,548 -71,445 -83,379 Held-to-maturity investmentsInvestments properties -196 -1,168 -133 -150 -137 Property and equipment -99 -177 -160 -115 -116 Assets subject to operating leases -384 -611 43 -295 -301 Investments for risk policyholders -12,362 -11,832 -10,149 -11,771 -10,364 Other investments -82 -104 -62 -36 -48

Disposals and redemptions:Group companies 1 127 363 Associates 212 204 41 136 78 Available-for-sale investments 80,529 71,081 65,044 64,291 71,567 Held-to-maturity investments 249 123 663 40 517 Investment properties 178 827 271 26 170 Property and equipment 27 215 30 5 42 Assets subject to operating leases 100 119 59 104 120 Investments for risk policyholders 11,734 9,839 8,540 10,291 9,275 Other investments 9 28 -2 4 21

Net cash flow from investing activities 4,867 -6,512 -3,153 -9,035 -12,620 Proceeds from issuance of subordinated loans 865 Repayment of subordinated loans -600 Proceeds from borrowed funds and debt securities 90,475 84,939 90,861 61,024 67,404 Repayments from borrowed funds and debt securities -86,833 -79,949 -82,670 -57,428 -63,681 Issuance of ordinary shares 7 2 1 1 1 Purchase of treasury shares -372 -583 -102 -234 -503 Sale of treasury shares 136 164 58 151 Dividends paid/received -8 -8 -1,312 -1,396 Net cash flow from financing activities 3,405 4,401 6,342 2,025 4,237

Net cash flow -111 -843 -1,216 2,647 -5,333 Cash and equivalents at the beginning of period -1,795 -875 145 -2,217 3,335 Effect of exchange-rate on cash and equivalents 74 -77 196 -285 -219 Cash and equivalents at end of period -1,832 -1,795 -875 145 -2,217 - of which treasury bills and other eligible bills 6,445 4,333 4,427 7,432 11,530 - of which amounts due to/from banks -25,610 -20,454 -18,084 -22,869 -24,629 - of which Cash and balances with central banks 17,333 14,326 12,782 15,582 10,882


ING GROUP

1.4 Cash flow statement

(in € mln)Q1 2007 12m 2006 Q1 2007 12m 2006 Q1 2007 12m 2006 Q1 2007 12m 2006

Net cash flow from operating activities -8,383 9,750 2,856 13,949 -11,607 -2,453 368 -1,745Investments and advances:

Group companies -59 -2,358 -59 -136 -2,829 607Associates -168 -449 -111 -175 -57 -274Available for sale investments -74,822 -295,086 -50,210 -188,184 -24,298 -106,902 -314Held-to-maturity investmentsInvestments properties -196 -1,588 -166 -1,300 -30 -288Property and equipment -99 -568 -28 -209 -71 -359Assets subject to operating leases -384 -1,164 -384 -1,164Investments for risk policyholders -12,362 -44,116 -12,362 -44,116Other investments -82 -250 -62 -108 -20 -142

Disposals and redemptions:Group companies 1 490 1 219 271Associates 212 459 121 87 91 369 3Available-for-sale investments 80,529 271,983 48,544 182,079 31,985 89,904Held-to-maturity investments 249 1,343 249 1,343Investment properties 178 1,294 84 983 94 311Property and equipment 27 292 3 82 24 210Assets subject to operating leases 100 402 100 402Investments for risk policyholders 11,734 37,945 11,734 37,945Other investments 9 51 2 35 7 16

Net cash flow from investing activities 4,867 -31,320 -2,509 -12,798 7,690 -19,132 -314 610Proceeds from issuance of subordinated loans 865 116 7,226 -116 -6,361Repayment of subordinated loans -600 -473 -5,075 473 4,475Proceeds from borrowed funds and debt securities 90,475 304,228 19,232 85,300 75,048 236,902 -3,805 -17,974Repayments from borrowed funds and debt securities -86,833 -283,908 -19,556 -84,295 -70,410 -220,881 3,133 21,268Issuance of ordinary shares 7 5 7 5Purchase of treasury shares -372 -1,422 -5 -23 -367 -1,399Sale of treasury shares 136 373 20 37 217 -101 336Dividends paid/received -8 -2,716 -8 -1,684 -800 -1,800 800 768Net cash flow from financing activities 3,405 16,825 -317 -665 3,698 16,372 24 1,118

Net cash flow -111 -4,745 30 486 -219 -5,213 78 -18Cash and equivalents at the beginning of period -1,795 3,335 3,017 2,745 -4,352 969 -460 -379Effect of exchange-rate on cash and equivalents 74 -385 83 -214 -54 -108 45 -63Cash and equivalents at end of period -1,832 -1,795 3,130 3,017 -4,625 -4,352 -337 -460- of which treasury bills and other eligible bills 6,445 4,333 6,445 4,333- of which amounts due to/from banks -25,610 -20,454 -25,610 -20,454- of which Cash and balances with central banks 17,333 14,326 3,130 3,017 14,540 11,769 -337 -460

Holdings/eliminationsING Group ING Bank NVING Verzekeringen NV


ING GROUP

1.5 Capital ratios

Composition of ING's capital base(in € mln) ING Group Total Insurance

31 mrt 07 31 dec 06 31 mrt 07 31 dec 06 31 mrt 07 31 dec 06Capital & reserves 40,117 38,266 23,114 21,917 21,210 21,298Group hybrid capital 7,555 7,606 1,652 1,665 5,688 5,726Group Leverage / core debt 4,162 4,210Total capitalisation 51,834 50,082 24,766 23,583 26,898 27,024Revaluation reserves fixed income securities & other -2,822 -3,352 -1,889 -2,097 -1,027 -1,350Revaluation reserves excluded from Tier-1 -1,296 -1,256Insurance hybrid capital 2,250 2,250Minorities 879 1,770 1,245 1,367Deductions Tier-1 (as of 2007) -269Available regulatory capital 26,007 25,505 25,551 25,784Other qualifying capital 11,146 11,445DAC/Vif adjustment (50%) 3,356 3,618Group leverage (core debt) -4,162 -4,210Adjusted equity 44,851 42,520 29,362 29,123 36,696 37,229

Key capital ratiosQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006ING GroupCore debt 3) 4,162 4,210 4,217 4,477 3,836Adjusted equity 44,851 42,520 40,584 40,445 41,829D/E ratio 8.49% 9.01% 9.41% 9.97% 8.40%

ING InsuranceCore debt 5,396 4,802 4,290 3,851 4,272Adjusted equity 29,362 29,123 28,592 28,236 29,270D/E ratio 15.52% 14.15% 13.05% 12.00% 12.74%Total regulatory capital (a) 26,007 25,505 24,083 23,811 24,794Buffer for shares and real estate (b) 7,718 7,101 6,394 5,908 6,024100% solvency surplus (c) 9,379 9,296 9,407 9,277 8,960Internal solvency surplus (a-b-c) 8,910 9,108 8,281 8,626 9,810Internal capital coverage ratio (a/(b+c) 152% 156% 152% 157% 165%External capital coverage ratio (a/c) 277% 275% 256% 257% 277%

ING bankCore Tier-1 19,862 20,058 19,006 18,670 18,224Hybrid Tier-1 5,688 5,726 5,836 6,406 6,552Tier-1 capital 25,551 25,784 24,841 25,076 24,777Other capital 11,146 11,445 11,748 12,342 11,893BIS Capital 36,696 37,229 36,589 37,418 36,670Risk Weighted Assets (RWA) 2) 333,722 337,926 332,016 342,642 333,365Tier-1 ratio 7.66% 7.63% 7.48% 7.32% 7.43%BIS ratio 11.00% 11.02% 11.02% 10.92% 11.00%1) Based on ING-GAAP2) Including Basel II Standardised Approach for securitisations as of 1/1/20073) Core debt methodology was changed per 1/1/2007. The comparable figure for core debt at 31/12/2006 using the new method is EUR 5,648 million

Banking


ING GROUP

1.6 Assets under Management

Assets under Management distributed per Business line(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006For insurance policyholders 129.3 127.1 123.4 117.4 120.1For institutional clients 128.2 118.3 107.6 99.0 101.1For retail clients 103.3 99.9 91.1 86.4 86.9For private banking clients 63.3 59.2 56.6 54.9 55.8

Total third party AUM 424.0 404.5 378.7 357.7 363.9Proprietary assets 195.3 195.5 190.6 188.5 191.2Total Assets under Management 619.4 600.0 569.3 546.2 555.1

(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March2007 2006 2006 2006 2006

Insurance Europe 163.6 157.9 153.0 144.6 146.7Insurance Americas 204.0 202.5 199.6 193.8 199.6Insurance Asia/Pacific 90.2 84.2 77.3 73.4 73.2Wholesale Banking 63.3 60.8 51.6 48.0 47.0Retail Banking 90.5 87.5 81.1 80.3 82.4ING Direct 7.8 7.1 6.7 6.1 6.2Total Assets under Management 619.4 600.0 569.3 546.2 555.1

Asset under Management movement(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006Begin of period 600.0 569.3 546.2 555.1 547.4Inflow 14.0 12.7 13.6 10.5 7.0Markets 7.7 20.6 11.3 -5.0 6.8Reclassification and aquisitions 4.3 2.6FX-impact -2.3 -6.9 -1.8 -14.4 -8.7End of period 619.4 600.0 569.3 546.2 555.1

Assets under Management by manager -Total-(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006Investment Management Europe 156.6 151.8 147.8 139.7 144.9Investment Management Americas 148.1 148.1 149.8 148.4 151.2Investment Management Asia/Pacific 73.4 69.4 63.4 59.5 60.0ING Investment Management 378.1 369.3 361.0 347.6 356.1ING Real Estate 71.3 68.1 57.5 54.2 52.5Private banking 54.7 51.4 48.8 47.0 47.6Other 33.3 31.9 26.2 24.7 24.1Assets managed internally 537.3 520.7 493.5 473.5 480.3Funds managed externally 82.0 79.3 75.8 72.7 74.8Total Assets under Management 619.4 600.0 569.3 546.2 555.1


ING GROUP

1.6 Assets under Management

Assets under Management by manager -Third party assets(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006Investment Management Europe 95.9 92.1 89.2 84.2 86.9Investment Management Americas 73.9 72.9 71.6 67.7 69.9Investment Management Asia/Pacific 47.3 44.0 39.6 36.3 36.4ING Investment Management 217.2 209.0 200.4 188.2 193.2ING Real Estate 59.2 54.8 46.5 43.3 42.2Private banking 54.7 51.4 48.8 47.0 47.6Other 10.9 10.0 7.2 6.5 6.1Assets managed internally 342.0 325.2 302.9 285.0 289.1Funds managed externally 82.0 79.3 75.8 72.7 74.8Total Assets under Management 424.0 404.5 378.7 357.7 363.9

Assets under Management by manager -Proprietary(in € bln) 31 March 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006Investment Management Europe 60.7 59.7 58.6 55.5 58.0Investment Management Americas 74.2 75.2 78.2 80.7 81.3Investment Management Asia/Pacific 26.0 25.4 23.8 23.2 23.6ING Investment Management 160.9 160.3 160.6 159.4 162.9ING Real Estate 12.1 13.3 11.0 10.9 10.3Private banking 0.0Other 22.4 21.9 19.0 18.2 18.0Assets managed internally 195.3 195.5 190.6 188.5 191.2

Third party assets managed internally by asset class(in € bln) 31 March. 31 Dec. 30 Sept. 30 June 31 March

2007 2006 2006 2006 2006Equity 110.9 107.1 96.5 91.8 97.2Fixed-income 121.8 121.1 116.6 107.4 109.5Real Estate 64.3 58.6 51.1 47.4 43.5Cash 44.9 38.4 38.7 38.4 38.9Total 342.0 325.2 302.9 285.0 289.1

Net inflow distributed per Business line(in € bln) Q1 Q4 Q3 Q2 Q1

2007 2006 2006 2006 2006Insurance Europe 2.7 1.8 2.8 0.2 0.6Insurance Americas 1.0 -0.1 3.6 5.4 -2.1Insurance Asia/Pacific 3.9 3.0 3.0 2.7 2.5Wholesale Banking 2.0 5.4 2.7 1.8 3.6Retail Banking 3.6 2.1 0.8 0.5 2.0ING Direct 0.7 0.5 0.7 -0.1 0.4Total net inflow 14.0 12.7 13.6 10.5 7.0

Net inflow by manager -Total-(in € bln) Q1 Q4 Q3 Q2 Q1

2007 2006 2006 2006 2006Investment Management Europe 3.6 0.1 2.0 0.7 1.6Investment Management Americas 0.2 0.8 2.4 2.2 -1.3Investment Management Asia/Pacific 2.8 1.9 1.6 1.7 1.1ING Investment Management 6.5 2.8 6.0 4.6 1.4ING Real Estate 2.3 6.6 2.2 2.3 3.6Private banking 2.5 0.7 0.7 0.8 1.6Other 1.1 0.6 0.6 0.6 0.7Assets managed internally 12.5 10.7 9.5 8.3 7.3Funds managed externally 1.5 2.0 4.1 2.2 -0.3Total net inflow 14.0 12.7 13.6 10.5 7.0


ING GROUP

1.7 Gains/losses on divestments and special items (after tax)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Unwinding Piraeus 19 Insurance Europe 19 Sale ING Re US

Insurance AmericasSale Australian non-life 11

Insurance Asia/Pacific 11 Sale Baring Asset ManagementSale Williams de Broë -9

Sale Deutsche Hypothekenbank -83

Wholesale banking -83 -9

Retail banking Sale of Degussa Bank -23 ING Direct -23

Net gains/losses on divestments -23 -83 -9 30 Insurance EuropeInsurance AmericasInsurance Asia/PacificWholesale banking 12 15 Retail banking ING Direct 5 1 2 4 ING Direct 5 1 14 19 Tax releasesInsurance EuropeTax releasesInsurance AmericasTax releasesInsurance Asia/PacificTax releasesInsurance otherTax releasesBanking otherSpecial items


ING GROUP

1.7 Gains/losses on divestments and special items (before tax)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Unwinding Piraeus 34 Insurance Europe 34 Sale ING Re US

Insurance AmericasSale Australian non-life 15

Insurance Asia/Pacific 15 Sale Williams de Broë -9 Sale Deutsche Hypothekenbank -80

Wholesale banking -80 -9

Retail banking Sale of Degussa Bank -23 ING Direct -23 Gains/losses on divestments before tax -23 -80 -9 49 Insurance EuropeInsurance AmericasInsurance Asia/PacificWholesale banking 16 29 Retail banking ING Direct 8 2 4 6 Profit before tax from divested units 8 2 20 35 Insurance EuropeInsurance AmericasInsurance AmericasInsurance Corporate LineBanking Corporate LineSpecial items


ING GROUP

1.7 Income statement - Restatement historical numbers for divestitures (Degussa Bank)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Interest income 35 32 33 35 Minus: interest expense 23 21 22 23

Interest result 12 11 11 12 Commission income 5 4 4 4

Investment incomeRealised gains and fair value changes on investments

Total investment income - - - - Valuation results non-trading derivatives 2 - 2 1 Net trading incomeOther income 5 2 2 2

Total other income 7 2 4 3

Total underlying income 24 17 19 19

Personnel expenses 9 8 8 8 Other expenses 7 6 5 5

Operating expenses 16 14 13 13 Gross result 8 3 6 6 Additions to loan loss provisions - 1 2 -

Underlying profit before tax 8 2 4 6 Taxation 3 1 2 2 Minority interests - - - - Underlying net profit 5 1 2 4 Net gains/losses on divestmentsNet profit from divested units 5 1 2 4 Special items after taxNet profit - - - -

Key figuresInterest marginUnderlying cost/income ratioRisk cost in bp of average credit-risk-weighted assetsTotal risk weighted assets (end of period)

Underlying RAROC before tax 1)

Underlying RAROC after tax 1)

Economic Capital (average over period) 1) 150 150 150 150

Net return on capital and reserves 1)

Staff (FTEs end of period)1) Year-to-date figures


ING GROUP

1.7 Income statement - Restatement historical numbers for divestitures (Degussa Bank)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 2 1 1 1 Securities business 2 3 2 2 Insurance brokingManagement feesBrokerage and advisory feesOther 1 - 1 1 Commission income 5 4 4 4

Breakdown investment incomeRental incomeOther investment incomeInvestment income - - - - Realised gains/losses on bondsRealised gains/losses on equitiesChange in fair value real estate investmentsRealised gains and fair value changes on investments - - - - Total investment income - - - -


ING GROUP

1.7 ING Direct: Income statement - ING Card Benelux (transferred from ING Direct to Retail Banking)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 10 10 11 11 Commission income 9 13 11 9

Investment incomeRealised gains and fair value changes on investments

Total investment income - - - - Valuation results non-trading derivativesNet trading incomeOther income

Total other income - - - -

Total underlying income 19 23 22 20

Operating expenses 16 15 15 14 Gross result 3 8 7 6 Additions to loan loss provisions - 12 5 4

Underlying profit before tax 3 -4 2 2 Taxation - - - 1 Minority interestsUnderlying net profit 3 -4 2 1 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 3 -4 2 1

Key figuresUnderlying cost/income ratio 84.2% 65.2% 68.2% 70.0%Risk cost in bp of average credit-risk-weighted assets 32 751 303 271 Total risk weighted assets (end of period) 630 684 636 566

Underlying RAROC before tax 1)

Underlying RAROC after tax 1) -9.1% -3.5% -7.0% -8.5%

Economic Capital (average over period) 1) 63 63 63 67 Staff (FTEs end of period) 73 64 65 57 1) Year-to-date figures


ING GROUP

1.7 ING Direct: Income statement - ING Card Benelux (transferred from ING Direct to Retail Banking)

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 9 13 11 9 Securities businessInsurance brokingManagement feesBrokerage and advisory feesOtherCommission income 9 13 11 9

Breakdown investment incomeRental incomeOther investment incomeInvestment income - - - - Realised gains/losses on bondsRealised gains/losses on equitiesChange in fair value real estate investmentsRealised gains and fair value changes on investments - - - - Total investment income - - - -


www.ing.com

2.1 Insurance -Total-

INSURANCE

2.1.1 Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 11,634 11,265 10,992 12,052 12,525 Commission income 465 418 405 397 416

Direct investment income 2,517 2,429 2,419 2,648 2,383 Realised gains and fair value changes on investments 205 390 286 244 324

Total investment and other income 2,722 2,819 2,705 2,892 2,707


Underwriting expenditure 12,051 11,518 11,512 12,353 12,805 Staff expenses 721 760 540 761 738 Other expenses 649 670 679 568 559

Operating expenses 1,370 1,430 1,219 1,329 1,297 Other interest expenses 323 200 347 345 341 Other impairments 1 14 -1 -2 -


Underlying profit before tax 1,076 1,340 1,025 1,316 1,205 Taxation 189 87 146 222 228 Minority interests 39 70 58 75 78 Underlying net profit 848 1,183 821 1,019 899 Net gains/losses on divestments - - - - 30 Net profit from divested units - Special items after tax - - - - - Net profit 848 1,183 821 1,019 929

Key figuresValue of new life business 168 128 202 229 248 Internal rate of return (YTD) 12.2% 13.3% 13.8% 13.9% 14.0%Single premiums 6,316 6,190 6,107 6,643 6,464 Annual premiums 1,053 982 950 899 1,124 New sales (APE) 1,684 1,601 1,561 1,562 1,771 Investment in new business 481 357 505 482 487 Assets under Management (in € bln) 458 445 430 412 420 Expenses as % of AuM (YTD) 0.76% 0.75% 0.74% 0.77% 0.74%Expenses as % of gross premiums (YTD) 13.9% 13.3% 12.5% 12.6% 12.9%Expense ratio (YTD) 27.9% 32% 30% 30% 28%Claims ratio (YTD) 68.6% 59% 61% 59% 59%Combined ratio (YTD) 96.5% 91% 91% 89% 87%Insurance and Investment contracts (gross life reserves) 261,897 258,601 256,942 247,568 254,076 Insurance and Investment contracts (gross non-life reserves) 9,623 10,034 10,692 10,804 11,470 Tax ratio 17.5% 6.5% 14.2% 16.7% 18.9%Staff (FTEs end of period) 53,825 54,445 54,671 54,083 53,135


INSURANCE

2.1.1 Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown investment and other incomeIncome from debt securities and loans 1,707 1,718 1,789 2,050 1,955 Dividend income 102 108 174 250 72 Rental income 20 45 44 47 48 Other 688 558 412 301 308 Direct investment income 2,517 2,429 2,419 2,648 2,383 Realised gains/losses and impairments on debt securities 11 46 22 -94 5 Realised gains/losses and impairments on equity securities 237 225 85 182 188 Realised gains/losses and fair value changes on private equity 49 36 15 47 69 Changes in fair value real estate investments 115 152 74 92 104 Changes in fair value non-trading derivatives -208 -69 90 17 -42 Realised gains/losses and fair value changes on investments 205 390 286 244 324 Total investment and other income 2,722 2,819 2,705 2,892 2,707


INSURANCE

2.1.1 Income Statement: break down by line of business Q1 2007

Total Life Insurance Insurance Insurance Insurance Non-Life Insurance Insurance Insurance Insurance(in € mln) Insurance Insurance Europe Americas Asia/Pacific Corp. Line Insurance Europe Americas Asia/Pacific Corp. LineGross premium income 11,634 9,882 2,596 4,540 2,742 3 1,752 853 889 6 3 Commission income 465 423 95 238 90 1 42 26 15 - -

Direct investment income 2,517 2,313 1,005 1,100 362 -154 211 73 118 - 19 Realised gains and fair value changes on investments 205 152 169 -50 -98 131 53 27 23 - 3

Total investment and other income 2,722 2,465 1,174 1,049 264 -22 263 100 141 - 22

Total underlying income 14,821 12,771 3,865 5,828 3,096 -18 2,057 979 1,045 7 26

Underwriting expenditure 12,051 10,580 2,987 4,927 2,666 - 1,471 709 731 5 25 Operating expenses 1,370 1,021 319 419 258 25 351 155 188 1 6 Other interest expenses 323 322 199 72 14 37 6 3 2 - 1 Other impairments 1 1 1 - - - - - - - -

Total underlying expenditure 13,745 11,923 3,508 5,418 2,938 59 1,828 868 922 6 32

Underlying profit before tax 1,076 847 357 410 158 -77 229 111 123 1 -7 Taxation 189 146 42 121 44 -60 42 21 25 - -3 Minority interests 39 15 5 3 11 -4 25 - 27 - -2 Underlying net profit 848 686 310 286 104 -13 162 91 72 1 -1 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 848 686 310 286 104 -13 162 91 72 1 -1


INSURANCE


Total Life Insurance Insurance Insurance Insurance Non-Life Insurance Insurance Insurance Insurance(in € mln) Insurance Insurance Europe Americas Asia/Pacific Corp. Line Insurance Europe Americas Asia/Pacific Corp. LineGross premium income 12,525 10,695 2,367 5,249 3,076 3 1,830 869 947 12 2 Commission income 416 379 72 236 69 1 37 24 12 - 1

Direct investment income 2,383 2,206 926 990 217 72 178 69 90 1 17 Realised gains and fair value changes on investments 324 216 223 57 -71 8 107 18 36 - 51

Total investment and other income 2,707 2,422 1,149 1,047 146 80 285 87 126 1 68

Total underlying income 15,648 13,496 3,588 6,532 3,291 84 2,152 980 1,085 13 71

Underwriting expenditure 12,805 11,415 2,841 5,676 2,898 - 1,390 709 707 9 -31 Operating expenses 1,297 944 297 426 236 -16 353 140 203 2 9 Other interest expenses 341 331 138 121 6 69 10 3 5 - 2 Other impairments - - - - - - - - - - -

Total underlying expenditure 14,443 12,690 3,276 6,223 3,137 53 1,753 852 915 11 -20

Underlying profit before tax 1,205 806 311 310 154 31 399 132 174 2 91 Taxation 228 144 45 84 46 -31 84 39 33 - 12 Minority interests 78 42 24 2 9 7 36 - 36 - - Underlying net profit 899 620 243 223 98 55 279 93 101 2 79 Net gains/losses on divestments 30 30 19 - 11 - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 929 650 262 223 109 55 279 93 101 2 79


INSURANCE


Total Life Insurance Insurance Insurance Insurance Non-Life Insurance Insurance Insurance Insurance(in € mln) Insurance Insurance Europe Americas Asia/Pacific Corp. Line Insurance Europe Americas Asia/Pacific Corp. LineGross premium income 11,265 9,825 2,195 4,779 2,846 5 1,440 326 1,068 10 36 Commission income 418 391 78 228 83 1 27 12 15 - -

Direct investment income 2,429 2,256 992 1,033 337 -105 173 63 102 1 7 Realised gains and fair value changes on investments 390 330 281 117 -138 71 60 22 13 - 26

Total investment and other income 2,819 2,585 1,273 1,150 199 -34 234 85 115 1 33

Total underlying income 14,502 12,802 3,546 6,157 3,128 -28 1,700 423 1,197 11 69

Underwriting expenditure 11,518 10,571 2,651 5,219 2,702 1 947 37 871 8 31 Operating expenses 1,430 1,082 372 425 268 17 348 157 195 1 -6 Other interest expenses 200 191 108 100 10 -26 9 1 5 - 4 Other impairments 14 13 3 1 10 - 1 - 1 - -

Total underlying expenditure 13,162 11,858 3,134 5,744 2,990 -8 1,304 195 1,071 9 29

Underlying profit before tax 1,340 944 413 413 138 -20 396 228 126 2 40 Taxation 87 -8 -36 128 18 -117 95 37 26 - 32 Minority interests 70 43 45 2 8 -12 27 - 27 - - Underlying net profit 1,183 907 403 283 112 109 276 193 74 2 8 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 1,183 907 403 283 112 109 276 193 74 2 8


INSURANCE

2.1.2 Balance sheet

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Balance sheetCash and balances with central banks 3,130 3,017 3,393 3,602 3,690

Investments for risk policyholders 114,158 110,547 106,929 101,610 104,208 Other 5,184 4,121 3,472 2,665 3,003

Financial assets at fair value through P&L 119,342 114,668 110,401 104,275 107,211 Investments 140,633 140,490 142,418 136,430 142,998 Loans and advances to customers 38,001 37,559 37,430 36,963 37,385 Reinsurance contracts 6,481 6,529 7,028 7,026 7,672 Investments in associates 4,081 3,151 2,762 2,636 2,604 Property and equipment 816 1,051 1,042 1,064 1,091 Deferred tax assets 135 119 120 164 138 Investment property 1,390 3,310 3,098 3,101 3,087 Intangible assets 3,097 3,232 3,343 3,470 3,500 Deferred acquisition costs 10,306 10,163 10,187 10,126 10,016 Other assets 10,542 10,482 12,038 10,540 11,298 Total Assets 337,954 333,771 333,260 319,397 330,690

Shareholders' equity (parent) 23,114 21,917 20,707 18,574 20,808 Minority interests 879 1,770 1,440 1,380 1,315 Total equity 23,993 23,687 22,147 19,954 22,123 Subordinated loans 4,008 4,043 4,144 4,034 4,192

Provision for life policy liabilities for risk company 137,477 136,917 137,990 136,179 137,866 Provision for life policy liabilities for risk policyholder 100,194 97,955 96,386 91,096 93,686 Provision for profit sharing and rebates 2,648 2,962 3,210 1,822 3,054 Provision for unearned premiums and unexpired risks 3,023 2,787 3,080 3,144 3,237 Claims provision 7,235 7,251 7,685 7,757 9,298 Investment contracts for risk company 7,913 7,505 7,183 6,919 7,187 Investment contracts for risk policyholders 13,666 13,245 12,169 11,524 11,285 Other 61 61 70 74 66

Insurance and investment contracts 272,217 268,683 267,773 258,515 265,679 Debt securities in issue 4,985 5,439 5,387 3,982 4,355 Other borrowed funds 15,712 16,015 15,409 15,744 16,376 Non-trading derivatives 860 880 824 801 797

Deferred tax liabilities 1,757 1,822 2,351 2,022 2,374 Other 14,422 13,202 15,225 14,345 14,794

Other liabilities 16,179 15,024 17,576 16,367 17,168 Total liabilities 313,961 310,084 311,113 299,443 308,567 Total equity and liabilities 337,954 333,771 333,260 319,397 330,690


INSURANCE

2.1.3 Cash flow statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Net cash flow from operating activities 2,856 1,969 2,958 3,759 5,083 Investments and advances:

Group companies -59 -110 -6 -20 Associates -111 -99 -15 -21 -40 Available for sale investments -50,210 -47,805 -45,707 -41,297 -53,375 Held-to-maturity investmentsInvestments properties -166 -1,088 -118 -40 -54 Property and equipment -28 -65 -54 -41 -49 Assets subject to operating leasesInvestments for risk policyholders -12,362 -11,832 -10,149 -11,771 -10,364 Other investments -62 -49 -33 -6 -20

Disposals and redemptions:Group companies 1 151 68 Associates 121 29 -13 64 7 Available-for-sale investments 48,544 46,701 43,973 40,435 50,970 Held-to-maturity investmentsInvestment properties 84 769 125 20 69 Property and equipment 3 34 16 -3 35 Assets subject to operating leasesInvestments for risk policyholders 11,734 9,839 8,540 10,291 9,275 Other investments 2 17 -1 3 16

Net cash flow from investing activities -2,509 -3,508 -3,374 -2,386 -3,530 Proceeds from issuance of subordinated loansRepayment of subordinated loansProceeds from borrowed funds and debt securities 19,232 13,987 27,831 24,133 19,349 Repayments from borrowed funds and debt securities -19,556 -12,863 -26,739 -24,699 -19,814 Issuance of ordinary sharesPurchase of treasury shares -5 -2 -21 Sale of treasury shares 20 3 34 Dividends paid/received -8 -1 -1,033 -650 Net cash flow from financing activities -317 1,121 59 -1,213 -452

Net cash flow 30 -418 -357 160 1,101 Cash and equivalents at the beginning of period 3,017 3,393 3,602 3,705 2,745 Effect of exchange-rate on cash and equivalents 83 42 148 -263 -141 Cash and equivalents at end of period 3,130 3,017 3,393 3,602 3,705 - of which treasury bills and other eligible bills- of which amounts due to/from banks- of which Cash and balances with central banks 3,130 3,017 3,393 3,602 3,705


INSURANCE

2.1.4 Profit Developing Markets

Underlying profit before taxQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Poland 41 37 35 30 33 Czech Republic 12 12 15 7 10 Slovakia 2 - - -2 1 Hungary 18 14 15 15 18 Romania 2 3 4 4 3 Bulgaria -1 -1 -1 -1 -1 Other -2 -3 -1 - -1 Total Central Europe 72 62 67 53 63 Mexico -4 25 26 14 41 Brazil 20 - - - - Chile 13 22 16 7 15 Peru 11 7 8 3 6 Latin America Corporate -1 -2 -2 -1 -1 Total Latin America 39 52 48 23 61 South Korea 85 61 56 80 66 Taiwan - - - - Hong Kong 8 7 12 7 8 India -9 -5 -4 -4 -5 China 2 -2 -2 -1 1 Malaysia 12 14 12 10 10 Thailand -3 -2 -1 -1 -1 Total Asia 96 73 73 91 79 Total developing markets 207 187 188 167 203

Underlying gross premiumsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Poland 67 65 62 62 62 Czech Republic 81 93 79 80 76 Slovakia 18 18 18 17 17 Hungary 122 121 123 101 97 Romania 34 34 30 29 30 Total Central Europe 322 331 312 289 282 Mexico 333 431 386 335 352 BrazilChile 142 157 175 157 190 PeruLatin America CorporateTotal Latin America 475 588 561 492 542 South Korea 918 867 855 775 727 Taiwan 645 769 598 861 642 Hong Kong 64 104 61 62 64 India 25 12 8 12 19 China 15 14 13 11 14 Malaysia 103 115 95 103 92 Thailand 21 26 18 16 14 Total Asia 1,791 1,907 1,648 1,840 1,572 Total developing markets 2,588 2,826 2,521 2,621 2,396


INSURANCE

2.1.5 Debt securities by rating class 31 Mar. 2007

Debt securities by rating classTotal Insurance Insurance Insurance

(in %) Insurance Europe Americas Asia/PacificAAA 24.7% 26.8% 27.1% 11.2%AA 22.4% 18.3% 22.1% 35.9%A 21.6% 20.6% 18.9% 32.1%BBB 16.3% 15.0% 20.7% 7.7%BB 11.0% 17.7% 6.3% 4.9%B 3.8% 1.3% 4.8% 8.2%Rest 0.2% 0.3% 0.1% 0.0%Note: does not include unrated securities, policy loans and other fixed income securities


INSURANCE

2.1.6 Investments

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Invested AssetsInvestments for risk company:

Equity securities 17,756 16,327 15,904 14,695 15,379Debt securities 122,877 124,163 126,514 121,736 127,619

Investments 140,633 140,490 142,418 136,431 142,998Private loans 4,768 4,587 4,628 4,721 4,909Mortgages 27,797 27,852 27,850 27,379 27,664Policy loans 3,658 3,566 3,575 3,503 3,572Other 1,778 1,554 1,377 1,359 1,239

Total loans 38,001 37,559 37,430 36,962 37,385Investment property 1,390 3,310 3,098 3,101 3,087Other investmentsTotal investments for risk company 180,024 181,359 182,946 176,494 183,470- of which unrealised gains/losses on debt securities 2,474 2,871 3,347 2 2,528- of which unrealised gains/losses on equity securities 5,798 5,085 4,721 4,070 4,934

Total invesments for risk policyholders 114,158 110,547 106,929 101,610 104,208


INSURANCE

2.1.6 Investments by line of business Q1 2007

Total Life Insurance Insurance Insurance Insurance Non-Life Insurance Insurance Insurance Insurance(in € mln) Insurance Insurance Europe Americas Asia/Pacific Corp. Line Insurance Europe Americas Asia/Pacific Corp. LineInvestments for risk company:

Equity securities 17,757 14,666 11,592 576 2,493 5 3,090 1,281 1,663 2 144 Debt securities 122,877 114,993 39,473 55,663 19,857 7,884 4,697 2,081 30 1,076

Investments 140,633 129,659 51,065 56,239 22,350 5 10,974 5,978 3,744 32 1,220 Private loans 4,768 4,263 3,095 39 46 1,076 660 332 306 22 Mortgages 27,797 27,760 18,666 8,394 700 37 37 Policy loans 3,658 3,658 126 1,932 1,600 Other 1,778 1,659 1,247 45 319 48 118 55 3 60

Total loans 38,001 37,340 23,134 10,410 2,665 1,124 815 387 346 82 Investment property 1,390 1,390 1,247 120 23 Other investmentsTotal investments for risk company 180,024 168,389 75,446 66,769 25,038 1,129 11,789 6,365 4,090 32 1,302 - of which unrealised gains/losses on debt securities 2,474 2,399 1,338 448 612 75 52 32 -8 - of which unrealised gains/losses on equity securities 5,798 5,215 4,778 8 399 30 583 428 80 1 74

- Total investments for risk policyholders 114,158 114,158 24,198 67,592 22,368


INSURANCE



Equity securities 15,379 12,500 9,847 443 1,991 219 2,879 971 1,859 6 43 Debt securities 127,619 117,929 38,283 60,794 18,525 327 9,690 4,690 4,031 45 924

Investments 142,998 130,429 48,130 61,237 20,516 546 12,569 5,661 5,890 51 967 Private loans 4,909 4,481 3,708 120 24 629 428 218 206 4 Mortgages 27,664 27,382 17,783 8,947 652 282 12 269 1 Policy loans 3,572 3,531 125 2,002 1,404 41 2 37 2 Other 799 725 422 48 252 3 74 4 21 2 47

Total loans 36,944 36,119 22,038 11,117 2,332 632 825 236 533 5 51 Investment property 3,087 3,069 2,958 94 17 18 18 Other investments 440 263 377 -114 177 63 114 Total investments for risk company 183,469 169,880 73,503 72,448 22,865 1,064 13,589 5,960 6,441 56 1,132 - of which unrealised gains/losses on debt securities 2,528 2,307 2,311 -638 633 1 221 166 49 6 - of which unrealised gains/losses on equity securities 4,934 4,415 3,913 5 317 180 519 377 126 1 15

Total investments for risk policyholders 104,208 104,208 22,031 63,411 18,766


INSURANCE



Equity securities 16,327 13,562 10,685 474 2,379 24 2,765 1,023 1,623 7 113 Debt securities 124,163 114,980 39,550 56,003 19,355 73 9,183 4,369 3,762 44 1,008

Investments 140,490 128,542 50,235 56,477 21,734 97 11,948 5,392 5,384 52 1,121 Private loans 4,587 3,878 2,880 133 48 750 861 581 203 321 Mortgages 27,852 27,572 18,485 8,390 697 280 10 269 2 Policy loans 3,566 3,526 125 1,897 1,506 40 1 36 2 Other 1,554 1,438 1,090 41 293 13 116 64 4 1 48

Total loans 37,559 36,414 22,580 10,461 2,544 763 1,297 656 512 5 369 Real estate investments 3,310 3,294 3,171 107 15 16 16 Other investmentsTotal investments for risk company 181,359 168,249 75,986 67,045 24,293 860 13,261 6,048 5,912 57 1,490 - of which unrealised gains/losses on debt securities 2,871 2,678 1,838 212 622 6 194 105 89 1 -1 - of which unrealised gains/losses on equity securities 5,085 4,568 4,112 -29 275 209 517 381 88 1 47

Total investments for risk policyholders 110,547 110,547 22,775 66,373 21,399


www.ing.com

2.2 Insurance -Life-

INSURANCE

2.2.1 Life Insurance: Income Statement


Direct investment income 2,313 2,256 2,237 2,444 2,206 Realised gains and fair value changes on investments 152 330 242 199 216



Reinsurance and retrocession premiums 505 540 439 485 540 Net benefits Life insurance for risk company 6,470 7,292 6,192 5,656 6,029 Changes in Life insurance provisions for risk company 3,139 2,090 3,315 4,635 4,377 Profit sharing and rebates 43 249 130 51 85 Change in deferred acquisition costs -244 -306 -299 -340 -356 Other underwriting expenditure 667 705 688 721 740

Underwriting expenditure 10,580 10,571 10,467 11,208 11,415 Operating expenses 1,021 1,082 885 960 944 Other interest expenses 322 191 337 334 331 Other impairments 1 13 -1 -1 -


Underlying profit before tax 847 944 698 957 806 Taxation 146 -8 58 129 144 Minority interests 15 43 26 31 42 Underlying net profit 686 907 609 797 620 Net gains/losses on divestments - - - - 30 Net profit from divested units - - - - - Special items after tax - - - - - Net profit 686 907 609 797 650

Key figuresValue of new life business 168 128 202 229 248 Internal rate of return (YTD) 12.2% 13.3% 13.8% 13.9% 14.0%Single premiums 6,316 6,190 6,107 6,643 6,464 Annual premiums 1,053 982 950 899 1,124 New sales (APE) 1,684 1,601 1,561 1,562 1,771 Investment in new business 481 357 505 482 487 Expenses as % of AuM (YTD) 0.76% 0.75% 0.74% 0.77% 0.74%Expenses as % of gross premiums (YTD) 13.9% 13.3% 12.5% 12.6% 12.9%Insurance and Investment contracts (gross life reserves) 261,897 258,601 256,942 247,568 254,076


INSURANCE

2.2.1 Life Insurance: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown investment and other incomeIncome from debt securities and loans 1,575 1,570 1,654 1,915 1,826 Dividend income 79 83 148 198 50 Rental income 18 42 40 43 44 Other 641 561 395 288 286 Direct investment income 2,313 2,256 2,237 2,444 2,206 Realised gains/losses and impairments on debt securities 8 38 16 -76 -22 Realised gains/losses and impairments on equity securities 204 186 47 144 123 Realised gains/losses and fair value changes on private equity 42 31 11 40 60 Changes in fair value real estate investments 105 141 74 86 98 Changes in fair value non-trading derivatives -207 -66 94 5 -43 Realised gains/losses and fair value changes on investments 152 330 242 199 216 Total investment and other income 2,465 2,585 2,480 2,643 2,422


INSURANCE

2.2.1 Life Insurance: Income Statement by line of business Q1 2007

ING Insurance The Central and Insurance United Latin Insurance Australia & South Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pacific New Zealand Japan Korea Taiwan Asia Corp LineGross premium income 9,882 2,596 1,565 489 542 4,540 4,398 142 2,742 44 913 918 646 222 3 Commission income 423 95 35 10 50 238 193 44 90 67 6 1 - 17 1

Direct investment income 2,313 1,005 783 132 90 1,100 1,017 83 362 24 46 81 153 57 -154 Realised gains and fair value changes on investments 152 169 155 9 4 -50 -62 11 -98 2 -38 2 -67 4 131

Total investment and other income 2,465 1,174 939 141 94 1,049 955 94 264 25 8 83 86 61 -22

Total underlying income 12,771 3,865 2,539 639 687 5,828 5,547 281 3,096 136 927 1,001 731 300 -18

Reinsurance and retrocession premiums 505 32 11 3 19 417 411 6 56 8 9 18 11 11 - Net benefits Life insurance for risk company 6,470 1,394 998 147 249 4,205 4,088 117 871 23 376 177 236 60 - Changes in Life insurance provisions for risk company 3,139 1,445 849 380 216 117 82 35 1,577 -20 439 636 419 103 - Profit sharing and rebates 43 -2 -17 7 8 2 1 1 43 - - 4 - 39 - Change in deferred acquisition costs -244 -10 -5 -1 -4 -66 -65 -2 -168 -4 -24 -99 -31 -10 - Other underwriting expenditure 667 128 44 32 52 252 225 28 286 26 60 122 45 33 -

Underwriting expenditure 10,580 2,987 1,880 567 539 4,927 4,742 185 2,666 32 861 859 679 235 - Operating expenses 1,021 319 230 21 71 419 367 53 258 53 41 58 52 53 25 Other interest expenses 322 199 177 21 1 72 63 9 14 - 13 - - 1 37 Other impairments 1 1 1 - - - - - - - - - - -0 -

Total underlying expenditure 11,923 3,508 2,288 609 611 5,418 5,171 247 2,938 86 914 916 731 290 59

Underlying profit before tax 847 357 251 30 76 410 376 34 158 51 13 85 - 10 -77 Taxation 146 42 20 7 15 121 114 7 44 15 7 23 - -1 -60 Minority interests 15 5 2 - 3 3 - 3 11 - - 12 - -2 -4 Underlying net profit 686 310 228 23 58 286 261 25 104 36 6 50 - 12 -13 Net gains/losses on divestments - - - - - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - - - - - Special items after tax - - - - - - - - - - - - - - - Net profit 686 310 228 23 58 286 261 25 104 36 6 50 - 12 -13

Key figuresValue of new life business 168 53 13 5 35 33 27 6 82 11 8 30 33 - Internal rate of return (YTD) 12.2% 14.3% 11.1% 12.1% 18.5% 9.5% 9.3% 11.8% 15.2% 21.3% 10.1% 22.4% 17.8% 7.5%Single premiums 6,316 975 394 336 245 3,682 3,646 36 1,659 851 568 131 87 22 Annual premiums 1,053 133 36 12 85 518 441 77 402 22 63 211 62 44 New sales (APE) 1,684 231 76 45 110 886 805 81 567 107 119 224 71 46 Investment in new business 481 81 35 13 33 279 253 26 121 14 39 21 28 19 Expenses as % of AuM (YTD) 0.76% 0.73% 0.81% 0.27% 0.70% 0.73% 0.73% 0.66% 0.77% 0.59% 0.53% 5.21% 6.17% 0.76%Expenses as % of gross premiums (YTD) 13.9% 20.5% 25.1% 12.6% 14.6% 15.2% 13.7% 28.8% 9.2% 27.7% 6.0% 8.3% 8.8% 14.2%Insurance and Investment contracts (gross life reserves) 261,897 84,182 62,505 12,581 9,096 129,272 126,288 2,984 48,439 8,596 16,196 7,941 12,342 3,364


INSURANCE


Breakdown investment and other incomeING Insurance The Central and Insurance United Latin Insurance Australia & South Rest of Insurance

(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pacific New Zealand Japan Korea Taiwan Asia Corp LineIncome from debt securities and loans 1,575 757 580 103 74 963 898 64 232 9 21 75 93 34 -377 Dividend income 79 28 23 4 1 17 17 - 34 8 1 2 0 23 - Rental income 18 14 13 0 - 5 - 5 - - - - -0 - - Other 641 207 167 24 15 115 102 13 95 6 24 4 61 - 223 Direct investment income 2,313 1,005 783 132 90 1,100 1,017 83 362 24 46 81 153 57 -154 Realised gains/losses and impairments on debt securities 8 - - - - 2 -10 12 6 0 -0 0 3 3 - Realised gains/losses and impairments on equity securities 204 70 59 6 5 2 2 - 12 1 2 3 5 1 120 Realised gains/losses and fair value changes on private equity 42 42 42 - - - - - - - - - - - - Changes in fair value real estate investments 105 104 104 1 - 1 1 - - - - - - - - Changes in fair value non-trading derivatives -207 -48 -50 2 - -55 -54 -1 -116 - -40 -1 -75 - 11 Realised gains/losses and fair value changes on investments 152 169 155 9 4 -50 -62 11 -98 2 -38 2 -67 4 131 Total investment and other income 2,465 1,174 939 141 94 1,049 955 94 264 25 8 83 86 61 -22


INSURANCE


ING Insurance The Central and Insurance United Latin Insurance Australia & South Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pacific New Zealand Japan Korea Taiwan Asia Corp LineGross premium income 10,695 2,367 1,582 334 451 5,249 5,066 183 3,076 35 1,481 727 643 190 3 Commission income 379 72 32 -1 41 236 187 49 69 54 4 - - 11 1

Direct investment income 2,206 926 719 123 84 990 918 72 217 19 34 50 80 34 72 Realised gains and fair value changes on investments 216 223 208 11 4 57 47 10 -71 1 -94 10 9 3 8

Total investment and other income 2,422 1,149 927 134 88 1,047 965 82 146 20 -60 60 89 37 80

Total underlying income 13,496 3,588 2,541 467 580 6,532 6,218 314 3,291 109 1,425 787 732 238 84

Reinsurance and retrocession premiums 540 32 16 2 14 469 464 5 38 3 11 13 4 7 - Net benefits Life insurance for risk company 6,029 1,202 859 136 207 4,073 3,960 113 754 18 345 159 187 45 - Changes in Life insurance provisions for risk company 4,377 1,441 1,015 246 180 1,008 933 75 1,927 -16 927 471 458 87 - Profit sharing and rebates 85 61 48 6 7 -7 -7 - 31 - - 2 - 29 - Change in deferred acquisition costs -356 -13 -9 1 -5 -154 -153 -1 -188 -2 -41 -95 -37 -13 - Other underwriting expenditure 740 118 48 21 49 287 253 34 333 21 103 130 46 33 -

Underwriting expenditure 11,415 2,841 1,977 412 452 5,676 5,450 226 2,898 24 1,345 680 661 188 - Operating expenses 944 297 217 20 60 426 377 49 236 43 40 41 71 41 -16 Other interest expenses 331 138 123 14 1 121 115 6 6 - 2 - 3 1 69 Other impairments - - - - - - - - - - - - - - -

Total underlying expenditure 12,690 3,276 2,317 446 513 6,223 5,942 281 3,137 67 1,387 721 732 230 53

Underlying profit before tax 806 311 224 21 67 310 276 33 154 42 38 66 - 8 31 Taxation 144 45 23 5 17 84 74 10 46 12 13 18 1 2 -31 Minority interests 42 24 24 - - 2 - 2 9 - - 9 - - 7 Underlying net profit 620 243 177 16 50 223 202 21 98 30 25 39 -1 5 55 Net gains/losses on divestments 30 19 - - 19 - - - 11 11 - - - - - Net profit from divested units - - - - - - - - - - - - - - - Special items after tax - - - - - - - - - - - - - - - Net profit 650 262 177 16 69 223 202 21 109 42 23 39 - 5 55

Key figuresValue of new life business 248 53 25 2 26 72 60 11 124 5 32 54 30 3 Internal rate of return (YTD) 14.0% 14.4% 14.3% 9.9% 15.9% 11.6% 11.6% 12.8% 17.1% 13.3% 13.4% 42.4% 15.5% 10.3%Single premiums 6,464 799 455 207 137 4,200 4,120 80 1,465 289 1,086 53 21 16 Annual premiums 1,124 124 40 12 72 570 509 61 430 11 94 217 68 40 New sales (APE) 1,771 204 85 33 86 990 921 69 577 40 203 222 70 42 Investment in new business 487 78 34 12 32 271 238 33 138 13 66 15 30 14 Expenses as % of AuM (YTD) 0.74% 0.79% 0.87% 0.22% 0.79% 0.72% 0.72% 0.66% 0.80% 0.57% 0.48% 16.10% 8.25% 0.98%Expenses as % of gross premiums (YTD) 12.9% 18.1% 21.6% 13.4% 12.0% 14.1% 13.2% 21.5% 9.0% 21.5% 6.0% 5.1% 11.9% 16.8%Insurance and Investment contracts (gross life reserves) 254,076 80,827 61,050 12,018 7,758 130,471 127,436 3,035 42,724 7,466 14,692 6,022 11,642 2,902


INSURANCE



(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pacific New Zealand Japan Korea Taiwan Asia Corp LineIncome from debt securities and loans 1,826 761 582 98 81 1,063 1,009 54 215 6 20 63 95 31 -215 Dividend income 50 23 20 3 - 4 4 - 13 7 - 1 - 5 9 Rental income 44 37 37 - - 4 1 3 - - - - - - 3 Other 286 105 80 22 3 -81 -96 15 -11 6 14 -14 -15 -2 275 Direct investment income 2,206 926 719 123 84 990 918 72 217 19 34 50 80 34 72 Realised gains/losses and impairments on debt securities -22 4 - 3 1 -26 -35 9 - - 1 - -2 1 - Realised gains/losses and impairments on equity securities 123 51 42 6 3 3 2 1 11 1 - 2 5 3 60 Realised gains/losses and fair value changes on private equity 60 52 52 - - 8 8 - - - - - - - - Changes in fair value real estate investments 98 97 97 - - - - - - - - - - - - Changes in fair value non-trading derivatives -43 19 17 2 - 72 72 - -82 - -95 8 6 -1 -52 Realised gains/losses and fair value changes on investments 216 223 208 11 4 57 47 10 -71 1 -94 10 9 3 8 Total investment and other income 2,422 1,149 927 134 88 1,047 965 82 146 20 -60 60 89 37 80


INSURANCE


ING Insurance The Central and Insurance United Latin Insurance Australia & South Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pac. New Zealand Japan Korea Taiwan Asia Corp LineGross premium income 9,825 2,195 1,255 378 562 4,779 4,612 167 2,846 67 883 867 769 260 5 Commission income 391 78 25 5 48 228 184 44 83 62 5 - - 16 1

Direct investment income 2,256 992 770 117 105 1,033 956 76 337 23 68 92 107 46 -105 Realised gains and fair value changes on investments 330 281 252 20 9 117 111 6 -138 3 -121 -14 -6 - 71

Total investment and other income 2,585 1,273 1,022 137 114 1,150 1,067 82 199 26 -53 78 101 46 -34

Total underlying income 12,802 3,546 2,302 520 724 6,157 5,863 293 3,128 155 835 945 870 322 -28

Reinsurance and retrocession premiums 540 38 18 3 17 451 445 6 51 9 8 17 10 7 - Net benefits Life insurance for risk company 7,292 1,678 1,303 142 233 4,664 4,555 109 950 20 350 171 357 52 - Changes in Life insurance provisions for risk company 2,090 625 81 286 258 -16 -60 44 1,481 -4 317 600 423 145 - Profit sharing and rebates 249 199 167 22 10 12 11 1 38 - - - - 38 - Change in deferred acquisition costs -306 -18 -8 -4 -6 -166 -162 -4 -122 -3 21 -84 -34 -22 - Other underwriting expenditure 705 128 39 27 62 272 238 34 304 28 54 117 60 45 1

Underwriting expenditure 10,571 2,651 1,600 476 574 5,219 5,027 190 2,702 50 750 821 815 265 1 Operating expenses 1,082 372 271 18 82 425 374 51 269 56 46 60 55 51 17 Other interest expenses 191 108 106 3 -1 100 93 7 10 - 7 - - 3 -26 Other impairments 13 3 2 - 1 1 - 1 10 9 - 1 - - -

Total underlying expenditure 11,858 3,134 1,979 499 655 5,744 5,494 249 2,990 115 803 882 870 319 -8

Underlying profit before tax 944 413 323 21 69 413 369 44 138 40 32 63 - 3 -20 Taxation -8 -38 -52 6 8 128 120 8 18 - 8 14 - -4 -117 Minority interests 43 45 37 - 10 2 - 2 8 - - 8 - - -12 Underlying net profit 907 405 338 15 51 283 249 34 112 40 24 41 - 7 109 Net gains/losses on divestments - - - - - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - - - - - Special items after tax - - - - - - - - - - - - - - - Net profit 907 405 338 15 51 283 249 34 112 40 24 41 - 7 109

Key figuresValue of new life business 128 45 10 6 29 -12 -3 -9 95 12 -5 39 48 3 Internal rate of return (YTD) 13.3% 14.9% 12.8% 12.3% 18.1% 10.3% 10.3% 10.5% 16.8% 17.7% 12.1% 33.9% 17.9% 8.8%Single premiums 6,190 850 362 223 265 4,147 4,104 43 1,193 332 608 141 72 40 Annual premiums 982 146 41 15 90 441 338 103 396 29 46 202 72 47 New sales (APE) 1,601 231 78 37 116 856 749 107 514 63 107 216 78 50 Investment in new business 357 91 33 10 48 168 145 23 98 11 14 8 38 27 Expenses as % of AuM (YTD) 0.75% 0.76% 0.81% 0.22% 0.84% 0.72% 0.73% 0.66% 0.83% 0.60% 0.53% 6.95% 8.04% 1.03%Expenses as % of gross premiums (YTD) 13.3% 22.5% 30.2% 13.5% 13.2% 14.3% 13.5% 21.0% 8.2% 17.2% 6.9% 6.8% 7.7% 14.2%Insurance and Investment contracts (gross life reserves) 258,584 83,153 61,898 12,448 8,807 128,606 125,608 2,999 46,821 8,214 15,736 7,488 12,204 3,178


INSURANCE



(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas States America Asia/Pacific New Zealand Japan Korea Taiwan Asia Corp LineIncome from debt securities and loans 1,572 689 508 95 86 992 938 54 207 9 -4 74 95 33 -316 Dividend income 82 45 36 3 6 14 14 - 34 6 - 2 12 14 -11 Rental income 42 37 36 - 1 5 3 2 - - - - - - - Other 559 221 190 19 12 21 1 20 95 8 72 16 - -1 222 Direct investment income 2,256 992 770 117 105 1,033 956 76 337 23 68 92 107 46 -105 Realised gains/losses and impairments on debt securities 37 22 12 9 1 20 16 4 -5 1 - -16 10 - - Realised gains/losses and impairments on equity securities 187 54 43 4 7 2 2 - 8 2 1 1 4 - 123 Realised gains/losses and fair value changes on private equity 33 32 31 1 - 1 1 - - - - - - - - Changes in fair value real estate investments 140 139 138 - 1 1 - 1 - - - - - - - Changes in fair value non-trading derivatives -66 34 28 6 - 93 92 1 -141 - -122 1 -20 - -52 Realised gains/losses and fair value changes on investments 330 281 252 20 9 117 111 6 -138 3 -121 -14 -6 - 71 Total investment and other income 2,587 1,273 1,022 137 114 1,150 1,067 82 199 26 -53 78 101 46 -34


INSURANCE

2.2.2 Life Insurance: Balance sheet

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Balance sheetCash and balances with central banks 2,646 2,747 3,237 3,324 3,564 Non-trading derivatives 1,553 1,887 2,011 1,450 1,721

Investments for risk policyholders 114,158 110,547 106,929 101,611 104,208 Other 2,287 1,943 1,344 1,097 1,154

Financial assets at fair value through P&L 116,445 112,490 108,273 102,708 105,362 Investments 129,659 128,542 130,301 124,493 130,429 Loans and advances to customers 37,340 36,414 36,400 36,003 36,400 Reinsurance contracts 5,753 5,773 6,128 6,079 6,182 Investments in associates 4,059 3,139 2,749 2,624 2,593 Property and equipment 703 899 880 905 931 Deferred tax assets 52 119 120 164 138 Investment property 1,390 3,294 3,082 3,085 3,069 Intangible assets 2,952 3,090 3,203 3,344 3,403 Deferred acquisition costs 9,852 9,727 9,711 9,641 9,520 Other assets 9,011 9,033 10,433 8,956 9,839 Total Assets 321,415 317,154 316,528 302,776 313,151

Shareholders' equity (parent) 18,725 17,626 16,596 14,684 16,664 Minority interests 284 1,088 725 708 655 Total equity 19,009 18,714 17,321 15,392 17,319 Subordinated loans 4,008 4,043 4,144 4,034 4,192

Provision for life policy liabilities for risk company 137,477 136,934 137,993 136,207 138,864 Provision for life policy liabilities for risk policyholder 100,194 97,955 96,386 91,096 93,686 Provision for profit sharing and rebates 2,648 2,962 3,210 1,822 3,054 Provision for unearned premiums and unexpired risksClaims provisionInvestment contracts for risk company 7,913 7,505 7,183 6,919 7,187 Investment contracts for risk policyholders 13,666 13,245 12,170 11,524 11,285 Other

Insurance and investment contracts 261,898 258,601 256,942 247,568 254,076 Debt securities in issue 4,985 5,399 5,387 3,982 4,355 Other borrowed funds 15,756 15,937 15,338 15,675 16,315 Non-trading derivatives 860 879 824 799 796




INSURANCE

2.2.3 Life Insurance: New business information

Value of new businessQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Netherlands 13 10 15 26 25 Belgium 5 6 8 3 2 Central Europe & Rest of Europe 35 29 43 26 26

Insurance Europe 53 45 66 55 53 United States 27 -3 32 56 60 Latin America 6 -9 11 9 11

Insurance Americas 33 -12 43 65 71 Australia & NZ 11 12 11 8 5 Japan 8 -5 7 31 32 South Korea 30 39 36 28 54 Taiwan 33 48 36 41 30 Rest of Asia - 1 3 1 3

Insurance Asia / Pacific 82 95 93 109 124 Total Insurance 168 128 202 229 248

Internal Rate of Return (YTD)Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

2007 2007 2007 2007 2006 2006 2006 2006Netherlands 11.1% 12.8% 13.4% 14.1% 14.3%Belgium 12.1% 12.3% 11.7% 10.2% 9.9%Central Europe & Rest of Europe 18.5% 18.1% 19.0% 16.3% 15.9%

Insurance Europe 14.3% 14.9% 15.3% 14.5% 14.4%United States 9.3% 10.3% 11.1% 11.5% 11.6%Latin Americas 11.8% 10.5% 12.7% 12.7% 12.8%

Insurance Americas 9.5% 10.3% 11.2% 11.5% 11.6%Australia & NZ 21.3% 17.7% 16.1% 15.1% 13.3%Japan 10.1% 12.1% 12.9% 13.8% 13.4%South Korea 22.4% 33.9% 35.6% 44.5% 42.4%Taiwan 17.8% 17.9% 19.4% 18.5% 15.5%Rest of Asia 7.5% 8.8% 8.9% 9.1% 10.3%

Insurance Asia / Pacific 15.2% 16.8% 17.1% 17.5% 17.1%Total Insurance 12.2% 13.3% 13.8% 13.9% 14.0%


INSURANCE


Annual premiumsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1


Insurance Europe 133 146 127 120 124 United States 441 338 332 316 509 Latin Americas 77 103 79 79 61

Insurance Americas 518 441 411 395 570 Australia & NZ 22 29 33 29 11 Japan 63 46 80 71 94 South Korea 211 202 203 193 217 Taiwan 62 72 59 54 68 Rest of Asia 44 47 37 37 40

Insurance Asia / Pacific 402 396 412 384 430 Total Insurance 1,053 982 950 899 1,124

Single premiumsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1


Insurance Europe 975 850 827 690 799 United States 3,646 4,104 3,881 4,313 4,120 Latin Americas 36 43 54 33 80

Insurance Americas 3,682 4,147 3,935 4,346 4,200 Australia & NZ 852 332 378 339 289 Japan 568 608 791 1,119 1,086 South Korea 131 141 97 90 53 Taiwan 87 72 56 40 21 Rest of Asia 21 40 23 19 16

Insurance Asia / Pacific 1,659 1,193 1,345 1,607 1,465 Total Insurance 6,316 6,190 6,107 6,643 6,464


INSURANCE


Sales (APE)Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1




Insurance Asia / Pacific 567 514 546 544 577 Total Insurance 1,684 1,601 1,561 1,562 1,771

New business margin (VNB/APE)Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1


Insurance Europe 22.9% 19.5% 31.4% 29.1% 26.0%United States 3.4% -0.4% 4.4% 7.5% 6.5%Latin Americas 7.4% -8.4% 12.9% 11.0% 15.9%

Insurance Americas 3.7% -1.4% 5.3% 7.8% 7.2%Australia & NZ 10.3% 19.2% 15.7% 12.7% 12.5%Japan 6.7% -4.7% 4.4% 17.0% 15.8%South Korea 13.4% 18.1% 17.0% 13.8% 24.3%Taiwan 46.5% 61.2% 55.4% 70.7% 42.9%Rest of Asia 0.0% 2.0% 7.5% 2.6% 7.1%



INSURANCE


Present value of premiumsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1


Insurance Europe 2,026 1,725 2,012 1,614 1,763 United States 5,209 4,939 5,223 4,930 5,600 Latin Americas 131 103 153 137 181

Insurance Americas 5,340 5,042 5,376 5,067 5,781 Australia & NZ 369 441 452 463 350 Japan 864 821 1,149 1,497 1,594 South Korea 1,022 1,062 938 926 1,067 Taiwan 471 679 832 288 361 Rest of Asia 198 261 190 182 199

Insurance Asia / Pacific 2,924 3,264 3,561 3,356 3,571 Total Insurance 10,290 10,031 10,949 10,037 11,115

Investment in new businessQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1




Insurance Asia / Pacific 121 98 124 118 138 Total Insurance 481 357 505 482 487


INSURANCE


Acquisition expense overrunQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Netherlands 2 -4 2 -1 1 Belgium 1 2 - 1 1 Central Europe & Rest of Europe 1 5 3 -2 -1

Insurance Europe 4 3 5 -2 1 United States 9 17 12 16 7 Latin Americas 3 1 - 4 3

Insurance Americas 12 18 12 20 10 Australia & NZ - - - - - Japan 3 6 -11 4 2 South Korea 1 -7 3 3 3 Taiwan -1 2 -4 -5 - Rest of Asia 8 7 7 6 4

Insurance Asia / Pacific 11 8 -5 8 9 Total Insurance 27 29 12 26 20

VNB/PV of premiumsQ4 Q3 Q2 Q1 Q4 Q3 Q2 Q1


Insurance Europe 2.6% 2.6% 3.3% 3.4% 3.0%United States 0.5% -0.1% 0.6% 1.1% 1.1%Latin Americas 4.6% -8.7% 7.2% 6.6% 6.1%

Insurance Americas 0.6% -0.2% 0.8% 1.3% 1.2%Australia & NZ 3.0% 2.7% 2.4% 1.7% 1.4%Japan 0.9% -0.6% 0.6% 2.1% 2.0%South Korea 2.9% 3.7% 3.8% 3.0% 5.1%Taiwan 7.0% 7.1% 4.3% 14.2% 8.3%Rest of Asia 0.0% 0.4% 1.6% 0.6% 1.5%



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2.3 Insurance -Non-Life-

INSURANCE

2.3.1 Non-Life Insurance: Income Statement


Direct investment income 211 173 177 208 178 Realised gains and fair value changes on investments 53 60 49 45 107

Total investment and other income 263 234 227 253 285


Reinsurance and retrocession premiums 99 75 87 82 94 Changes in provision for unearned premiums 252 -115 -104 41 244

Net claims non-Life 912 850 830 827 864 Changes in claims provision 48 -114 -3 -36 -76

Total claims incurred 960 736 827 791 788 Profit sharing and rebates -0 -3 6 8 8 Change in deferred acquisition costs -23 16 12 -15 -18 Other underwriting expenditure 184 235 219 243 274 Underwriting expenditure 1,471 947 1,044 1,150 1,390 Operating expenses 351 348 335 369 353 Other interest expenses 6 9 9 11 10 Other impairments - 1 - -1 -


Underlying profit before tax 229 396 327 359 399 Taxation 42 95 83 94 84 Minority interests 25 27 32 44 36 Underlying net profit 162 276 210 221 279 Net gains/losses on divestments - - - - - Net profit from divested units - - Special items after tax - - - - - Net profit 162 276 210 221 279

Key figuresCombined ratio (YTD) 96.5% 91% 91% 89% 87%Claims ratio (YTD) 68.6% 59% 61% 59% 59%Expense ratio (YTD) 27.9% 32% 30% 30% 28%Insurance and Investment contracts (gross non-life reserves) 9,623 10,034 10,692 10,804 11,470


INSURANCE

2.3.1 Non-Life Insurance: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 137 147 135 134 130 Dividend income 23 25 25 52 23 Rental income 1 3 4 4 4 Other 50 -2 17 18 21 Direct investment income 211 173 177 208 178 Realised gains/losses and impairments on debt securities 3 9 6 -18 27 Realised gains/losses and impairments on equity securities 33 38 38 38 65 Realised gains/losses and fair value changes on private equity 7 5 4 7 9 Changes in fair value real estate investments 10 10 6 6 6 Changes in fair value non-trading derivatives -1 -2 -7 12 - Realised gains/losses and fair value changes on investments 53 60 49 45 107 Total investment and other income 263 234 227 253 285

Underlying profit before tax by line of businessFire -24 8 11 71 48 Marine & Aviation -3 4 2 2 6 Motor 98 157 139 161 127 Health 17 10 3 5 2 Income/Accident 107 149 87 79 77 Misc. 44 83 46 61 103 Indirect business -10 -15 40 -20 36 Total 229 396 327 359 399

Gross premiums by line of business

Fire 358 379 389 438 385 Marine & Aviation 26 22 16 17 25 Motor 582 626 613 691 614 Health 170 186 159 152 189 Income/Accident 429 88 125 141 411 Misc. 182 131 143 146 192 Indirect business 5 8 18 14 14 Total 1,752 1,440 1,465 1,599 1,830


INSURANCE

2.3.1 Non-Life Insurance: Income Statement by line of business Q1 2007

ING Insurance The Central and Insurance Latin Insurance Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineGross premium income 1,752 853 738 102 12 889 557 333 6 6 3 Commission income 42 26 26 - - 15 15 -0 - - -

Direct investment income 211 73 60 13 1 118 73 45 - - 19 Realised gains and fair value changes on investments 53 27 24 3 - 23 22 1 - - 3

Total investment and other income 263 100 84 16 1 141 94 47 - - 22

Total underlying income 2,057 979 848 118 13 1,045 667 379 7 7 26

Reinsurance and retrocession premiums 99 42 30 8 4 62 15 47 1 1 -5 Changes in provision for unearned premiums 252 338 317 21 - -87 -82 -5 1 1 -1

Net claims non-Life 912 280 223 53 4 614 380 234 2 2 16 Changes in claims provision 48 -2 -1 -0 -1 36 28 8 0 0 14

Total claims incurred 960 278 222 53 4 650 408 242 2 2 30 Profit sharing and rebates - - - - - - - -0 - - - Amortisation of deferred acquisition costs -23 -38 -35 -3 - 16 15 1 - - - Other underwriting expenditure 184 91 78 11 1 91 63 28 1 1 1 Underwriting expenditure 1,471 709 611 89 9 731 418 313 5 5 25 Operating expenses 351 155 135 17 3 188 129 59 1 1 6 Other interest expenses 6 3 2 2 - 2 - 2 - - 1 Other impairments - - - - - - - - - - -

Total underlying expenditure 1,828 868 749 108 11 922 548 374 6 6 32

Underlying profit before tax 229 111 99 10 2 123 119 5 1 1 -7 Taxation 42 21 17 3 1 25 29 -4 - - -3 Minority interests 25 - - - - 27 27 0 - - -2 Underlying net profit 162 91 82 7 1 72 63 9 1 1 -1 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 162 91 82 7 1 72 63 9 1 1 -1

Key figuresCombined ratio (YTD) 96.5% 81.1% 78.4% 97.6% 87.2% 104.4% 100.4% 113.3% 90.8% 90.8%Claims ratio (YTD) 68.6% 58.8% 56.8% 71.6% 42.7% 71.1% 65.4% 83.1% 49.9% 49.9%Expense ratio (YTD) 27.9% 22.3% 21.6% 26.0% 44.5% 33.3% 35.0% 30.2% 40.9% 40.9%Insurance and Investment contracts (gross non-life reserves) 9,623 4,760 3,896 812 52 5,179 3,917 1,262 22 22


INSURANCE


Breakdown investment and other incomeING Insurance The Central and Insurance Latin Insurance Rest of Insurance

(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineIncome from debt securities and loans 137 70 57 12 1 62 39 23 - - 5 Dividend income 23 3 3 - - 20 20 - - - - Rental income 1 1 1 - - - - - - - - Other 50 -1 -1 - - 36 14 22 - - 14 Direct investment income 211 73 60 13 1 118 73 45 - - 19 Realised gains/losses and impairments on debt securities 3 -0 -0 - - 5 3 1 - - -1 Realised gains/losses and impairments on equity securities 33 10 7 3 - 20 20 - - - 4 Realised gains/losses and fair value changes on private equity 7 7 7 - - - - - - - - Changes in fair value real estate investments 10 10 10 - - - - - - - - Changes in fair value non-trading derivatives -1 1 1 - - -1 -1 - - - - Realised gains/losses and fair value changes on investments 53 27 24 3 - 23 22 1 - - 3 Total investment and other income 263 100 84 16 1 141 94 47 - - 22

Underlying profit before tax by line of businessING Insurance The Central and Insurance Latin Insurance Rest of Insurance

(in € mln) Group Europe Netherlands Belgium rest of Europe Americas Canada America Asia/Pacific Asia Corp LineFire -24 -31 -28 -5 1 4 24 -20 - - 2 Marine & Aviation -3 -1 -1 - - -1 - -1 - - - Motor 98 22 16 5 - 73 72 1 - - 2 Health 17 2 - 1 - 15 - 15 - - - Income/Accident 107 106 100 6 1 - - - - - 1 Misc. 44 15 13 2 - 28 23 5 - - 1 Indirect business -10 -1 -1 - - 4 - 4 - - -13 Total 229 111 99 10 2 123 119 5 1 1 -7


Fire 358 150 120 26 4 207 181 26 1 1 - Marine & Aviation 26 12 12 - - 14 - 14 0 0 - Motor 582 143 109 31 3 438 325 113 1 1 - Health 170 16 - 13 2 152 - 152 2 2 - Income/Accident 429 428 403 22 2 - - - 2 2 - Misc. 182 103 93 10 1 78 51 28 - - - Indirect business 5 1 1 - - - - - - - 4 Total 1,752 853 738 102 12 889 557 333 6 6 3


INSURANCE


ING Insurance The Central and Insurance Latin Insurance Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineGross premium income 1,830 869 749 106 14 947 588 359 12 12 2 Commission income 37 24 24 - - 12 13 -1 - - 1

Direct investment income 178 69 56 12 1 90 60 30 1 1 17 Realised gains and fair value changes on investments 107 18 19 -1 - 36 30 6 - - 51

Total investment and other income 285 87 75 11 1 126 90 36 1 1 68


Reinsurance and retrocession premiums 94 42 30 9 3 59 20 39 2 2 -9 Changes in provision for unearned premiums 244 347 322 24 1 -102 -110 8 1 1 -1

Net claims non-Life 864 254 208 42 4 578 373 205 4 4 29 Changes in claims provision -76 -21 -24 2 1 -2 -4 2 - - -52

Total claims incurred 788 233 184 44 5 576 369 207 4 4 -23 Profit sharing and rebates 8 7 7 - - 1 - 1 - - - Amortisation of deferred acquisition costs -18 -41 -37 -4 - 24 19 5 - - - Other underwriting expenditure 274 122 103 17 2 149 112 37 2 2 2 Underwriting expenditure 1,390 709 609 89 11 707 410 297 9 9 -31 Operating expenses 353 140 119 18 3 203 136 67 2 2 9 Other interest expenses 10 3 1 2 - 5 - 5 - - 2 Other impairments - - - - - - - - - - -

Total underlying expenditure 1,753 852 729 109 14 915 546 369 11 11 -20

Underlying profit before tax 399 132 119 12 1 174 145 25 2 2 91 Taxation 84 39 35 3 1 33 27 6 - - 12 Minority interests 36 - - - - 36 36 - - - - Underlying net profit 279 93 84 9 - 101 82 19 2 2 79 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 279 93 84 9 - 101 82 19 2 2 79

Key figuresCombined ratio (YTD) 86.9% 76.8% 73.9% 92.4% 88.7% 98.1% 97.9% 100.1% 87.1% 87.1%Claims ratio (YTD) 58.8% 55.8% 53.8% 66.5% 53.0% 63.4% 59.6% 71.7% 48.6% 48.6%Expense ratio (YTD) 28.1% 21.0% 20.1% 25.9% 35.7% 34.7% 38.3% 28.4% 38.5% 38.5%Insurance and Investment contracts (gross non-life reserves) 11,470 4,940 4,111 776 53 6,197 4,145 2,052 50 50


INSURANCE



(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineIncome from debt securities and loans 130 64 53 10 1 64 38 26 1 1 - Dividend income 23 2 2 - - 20 20 - - - - Rental income 4 2 2 - - 1 - 1 - - - Other 21 1 -1 2 - 5 2 3 - - 17 Direct investment income 178 69 56 12 1 90 60 30 1 1 17 Realised gains/losses and impairments on debt securities 27 - - - - 27 20 7 - - - Realised gains/losses and impairments on equity securities 65 1 2 -1 - 11 12 -1 - - 51 Realised gains/losses and fair value changes on private equity 9 9 9 - - - - - - - - Changes in fair value real estate investments 6 6 6 - - - - - - - - Changes in fair value non-trading derivatives - 2 2 - - -2 -2 - - - - Realised gains/losses and fair value changes on investments 107 18 19 -1 - 36 30 6 - - 51 Total investment and other income 285 87 75 11 1 126 90 36 1 1 68


(in € mln) Group Europe Netherlands Belgium rest of Europe Americas Canada America Asia/Pacific Asia Corp LineFire 48 19 16 3 - 20 34 -14 - - 9 Marine & Aviation 6 2 2 - - 4 1 3 - - - Motor 127 27 20 6 1 101 85 16 1 1 -2 Health 2 - -1 1 - 2 - 2 - - - Income/Accident 77 76 73 3 - - - - 1 1 - Misc. 103 7 8 -1 - 43 25 18 - - 50 Indirect business 36 1 1 - - - - - - - 34 Total 399 132 119 12 1 174 145 25 2 2 91


Fire 385 163 135 24 4 219 191 28 2 2 - Marine & Aviation 25 12 12 - - 13 1 12 1 1 - Motor 614 152 118 30 4 460 336 124 2 2 - Health 189 22 - 20 2 165 - 165 2 2 - Income/Accident 411 407 381 23 3 - - - 3 3 - Misc. 192 102 91 10 1 90 60 30 1 1 - Indirect business 14 12 12 - - - - - - - 2 Total 1,830 869 749 106 14 947 588 359 12 12 2


INSURANCE


ING Insurance The Central and Insurance Latin Insurance Rest of Insurance (in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineGross premium income 1,440 326 254 61 11 1,068 649 419 10 10 36 Commission income 27 12 13 -1 - 15 15 -1 - - -

Direct investment income 173 63 51 11 1 102 69 32 1 1 7 Realised gains and fair value changes on investments 60 22 19 3 - 13 11 2 - - 26

Total investment and other income 234 85 70 14 1 115 80 34 1 1 33


Reinsurance and retrocession premiums 75 17 9 7 1 26 15 11 2 2 30 Changes in provision for unearned premiums -115 -175 -165 -10 - 61 -28 89 - - -1

Net claims non-Life 850 229 201 25 3 599 372 227 4 4 18 Changes in claims provision -114 -122 -131 9 - 25 23 2 - - -17

Total claims incurred 736 107 70 34 3 624 395 229 4 4 1 Profit sharing and rebates -3 -3 -3 - - - - - - - - Amortisation of deferred acquisition costs 16 22 21 1 - -6 5 -11 - - - Other underwriting expenditure 235 68 54 12 2 164 110 54 2 2 1 Underwriting expenditure 947 37 -14 44 6 871 497 372 8 8 31 Operating expenses 348 157 136 19 4 195 129 66 1 1 -6 Other interest expenses 9 1 1 - - 5 - 5 - - 4 Other impairments 1 - - - - 1 - 1 - - -

Total underlying expenditure 1,304 195 123 61 10 1,071 626 444 9 9 29

Underlying profit before tax 396 228 213 13 2 126 118 8 2 2 40 Taxation 95 37 33 2 1 26 31 -5 - - 32 Minority interests 27 - - - - 27 27 - - - - Underlying net profit 276 193 180 11 1 74 60 13 2 2 8 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 276 193 180 11 1 74 60 13 2 2 8

Key figuresCombined ratio (YTD) 91% 87% 85% 99% 88% 93% 89% 101% 91% 91 Claims ratio (YTD) 59% 48% 45% 65% 47% 64% 59% 74% 50% 50 Expense ratio (YTD) 32% 39% 40% 34% 41% 29% 30% 27% 41% 41 Insurance and Investment contracts (gross non-life reserves) 10,099 4,408 3,567 790 51 5,292 3,984 1,308 48 48


INSURANCE



(in € mln) Group Europe Netherlands Belgium Rest of Europe Americas Canada America Asia/Pacific Asia Corp LineIncome from debt securities and loans 148 71 57 13 1 66 38 28 1 1 10 Dividend income 23 4 4 - - 17 17 - - - 2 Rental income 3 3 3 - - - - - - - - Other -2 -15 -13 -2 - 18 14 4 - - -5 Direct investment income 173 63 51 11 1 102 69 32 1 1 7 Realised gains/losses and impairments on debt securities 8 1 - 1 - 6 5 1 - - 1 Realised gains/losses and impairments on equity securities 38 3 2 1 - 11 11 - - - 24 Realised gains/losses and fair value changes on private equity 5 5 5 - - - - - - - - Changes in fair value real estate investments 12 10 10 - - 2 1 1 - - - Changes in fair value non-trading derivatives -2 3 2 1 - -6 -6 - - - 1 Realised gains/losses and fair value changes on investments 60 22 19 3 - 13 11 2 - - 26 Total investment and other income 234 85 70 14 1 115 80 34 1 1 33


(in € mln) Group Europe Netherlands Belgium rest of Europe Americas Canada America Asia/Pacific Asia Corp LineFire 9 25 21 3 1 -19 -9 -10 - - 1 Marine & Aviation 4 -1 -1 - - 5 1 4 - - - Motor 159 36 37 -1 - 91 97 -6 1 1 29 Health 10 10 -1 11 - - - - - - - Income/Accident 148 149 150 -1 - - - - - - - Misc. 84 22 21 1 1 42 29 13 - - 21 Indirect business -16 -13 -14 - - 8 - 8 - - -10 Total 396 228 213 13 2 126 118 9 1 1 41


Fire 378 110 83 22 5 266 225 41 2 2 - Marine & Aviation 21 3 3 - - 18 - 18 - - - Motor 626 86 58 25 3 538 362 176 2 2 - Health 186 - - - - 185 - 185 1 1 - Income/Accident 87 84 73 9 2 - - - 3 3 - Misc. 133 35 30 4 1 97 62 35 1 1 - Indirect business 8 7 7 - - -35 - -35 - - 36 Total 1,440 326 254 61 11 1,068 649 420 9 9 36


INSURANCE

2.3.2 Non-Life insurance: Balance sheet

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Balance sheetCash and balances with central banks 484 270 156 278 127 Non-trading derivatives 1 5 9 9 9

Investments for risk policyholdersOther 1,343 290 112 111 122

Financial assets at fair value through P&L 1,343 290 112 111 122 Investments 10,974 11,948 12,117 11,937 12,570 Loans and advances to customers 815 1,297 1,206 1,230 1,258 Reinsurance contracts 793 757 901 947 1,490 Investments in associates 22 12 13 12 11 Property and equipment 113 152 162 159 160 Deferred tax assets 83 - - - Investment property 16 16 17 18 Intangible assets 145 142 140 126 96 Deferred acquisition costs 454 436 476 485 496 Other assets 2,458 1,862 1,853 1,873 1,854 Total Assets 17,685 17,187 17,161 17,184 18,211

Shareholders' equity (parent) 4,389 4,291 4,111 3,890 4,144 Minority interests 595 682 715 672 661 Total equity 4,984 4,973 4,826 4,562 4,805 Subordinated loans

Provision for unearned premiums and unexpired risks 3,027 2,793 3,076 3,134 3,226 Claims provision 7,296 7,180 7,549 7,597 8,177 Other 61 61 67 73 67

Insurance and investment contracts 10,384 10,034 10,692 10,804 11,470 Debt securities in issue 40 - - - Other borrowed funds 111 229 247 338 335 Non-trading derivatives 2 2 4 4

Deferred tax liabilities 23 -18 -13 -10 5 Other 2,183 1,927 1,407 1,486 1,592



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2.4 Insurance Europe

INSURANCE

2.4.1 Insurance Europe: Income Statement


Direct investment income 1,075 1,055 1,088 1,162 997 Realised gains and fair value changes on investments 196 303 188 202 241




Operating expenses 475 529 376 463 437 Other interest expenses 200 109 156 138 141 Other impairments 1 3 -2 - -


Underlying profit before tax 468 641 540 704 443 Taxation 63 -1 84 104 85 Minority interests 5 45 13 18 24 Underlying net profit 401 597 443 582 334 Net gains/losses on divestments - - - - 19 Net profit from divested units - Special items after tax - - - - - Net profit 401 597 443 582 353

Key figuresValue of new life business 53 45 66 55 53 Internal rate of return (YTD) 14.3% 14.9% 15.3% 14.5% 14.4%Single premiums 975 850 827 690 799 Annual premiums 133 146 127 120 124 New sales (APE) 231 231 210 189 204 Investment in new business 81 91 77 76 78 Assets under Management (in € bln) 164 158 153 145 147 Expenses as % of AuM (YTD) 0.73% 0.76% 0.75% 0.82% 0.79%Expenses as % of gross premiums (YTD) 20.5% 22.5% 20.3% 20.4% 18.1%Expense ratio (YTD) 22.3% 39% 33% 29% 21%Claims ratio (YTD) 58.8% 48% 56% 55% 56%Combined ratio (YTD) 81.1% 87% 89% 84% 77%Insurance and Investment contracts (gross life reserves) 84,182 83,153 82,889 80,164 80,827 Insurance and Investment contracts (gross non-life reserves) 4,760 4,408 4,625 4,831 4,940 Tax ratio 13.4% n.a. 11.7% 15.2% 19.2%Staff (FTEs end of period) 14,853 15,126 15,120 15,549 15,634


INSURANCE

2.4.1 Insurance Europe: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 825 757 801 830 824 Dividend income 30 49 116 193 25 Rental income 15 40 41 45 39 Other 204 209 130 94 109 Direct investment income 1,075 1,055 1,088 1,162 997 Realised gains/losses and impairments on debt securities -0 25 4 1 4 Realised gains/losses and impairments on equity securities 80 56 52 51 52 Realised gains/losses and fair value changes on private equity 49 36 23 47 61 Changes in fair value real estate investments 114 148 75 88 103 Changes in fair value non-trading derivatives -47 38 34 15 21 Realised gains/losses and fair value changes on investments 196 303 188 202 241 Total investment and other income 1,270 1,358 1,276 1,364 1,238


INSURANCE

2.4.1 Insurance Europe: Income Statement by region Q1 2007

Total Life The Central and Non-Life The Central and(in € mln) Insurance Insurance Netherlands Belgium rest of Europe Insurance Netherlands Belgium rest of EuropeGross premium income 3,449 2,596 1,565 489 542 853 738 102 12 Commission income 121 95 35 10 50 26 26 - -

Direct investment income 1,075 1,005 783 132 90 73 60 13 1 Realised gains and fair value changes on investments 196 169 155 9 4 27 24 3 -

Total investment and other income 1,270 1,174 939 141 94 100 84 16 1

Total underlying income 4,840 3,865 2,539 639 687 979 848 118 13

Underwriting expenditure 3,696 2,987 1,880 567 539 709 611 89 9 Operating expenses 475 319 230 21 71 155 135 17 3 Other interest expenses 200 199 177 21 1 3 2 2 - Other impairments 1 1 1 - - - - - -

Total underlying expenditure 4,372 3,508 2,288 609 611 868 749 108 11

Underlying profit before tax 468 357 251 30 76 111 99 10 2 Taxation 63 42 20 7 15 21 17 3 1 Minority interests 5 5 2 - 3 - - - - Underlying net profit 401 310 228 23 58 91 82 7 1 Net gains/losses on divestments - - - - - - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 401 310 228 23 58 91 82 7 1


INSURANCE


Total Life The Central and Non-Life The Central and(in € mln) Insurance Insurance Netherlands Belgium rest of Europe Insurance Netherlands Belgium rest of EuropeGross premium income 3,236 2,367 1,582 334 451 869 749 106 14 Commission income 96 72 32 -1 41 24 24 - -

Direct investment income 997 926 719 123 84 69 56 12 1 Realised gains and fair value changes on investments 241 223 208 11 4 18 19 -1 -

Total investment and other income 1,238 1,149 927 134 88 87 75 11 1


Underwriting expenditure 3,549 2,841 1,977 412 452 709 609 89 11 Operating expenses 437 297 217 20 60 140 119 18 3 Other interest expenses 141 138 123 14 1 3 1 2 - Other impairments - - - - - - - - -


Underlying profit before tax 443 311 224 21 67 132 119 12 1 Taxation 85 45 23 5 17 39 35 3 1 Minority interests 24 24 24 - - - - - - Underlying net profit 334 243 177 16 50 93 84 9 - Net gains/losses on divestments 19 19 - - 19 - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 353 262 177 16 69 93 84 9 -


INSURANCE


Total Life The Central and Non-Life The Central and(in € mln) Insurance Insurance Netherlands Belgium rest of Europe Insurance Netherlands Belgium rest of EuropeGross premium income 2,521 2,195 1,255 378 562 326 254 61 11 Commission income 90 78 25 5 48 12 13 -1 -

Direct investment income 1,055 992 770 117 105 63 51 11 1 Realised gains and fair value changes on investments 303 281 252 20 9 22 19 3 -

Total investment and other income 1,358 1,273 1,022 137 114 85 70 14 1


Underwriting expenditure 2,687 2,651 1,600 476 574 37 -14 44 6 Operating expenses 529 372 271 18 82 157 136 19 4 Other interest expenses 109 108 106 3 -1 1 1 - - Other impairments 3 3 2 - 1 - - - -


Underlying profit before tax 641 413 323 21 69 228 213 13 2 Taxation -1 -38 -52 6 8 37 33 2 1 Minority interests 45 45 37 - 10 - - - - Underlying net profit 597 405 338 15 51 193 180 11 1 Net gains/losses on divestments - - - - - - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 597 405 338 15 51 193 180 11 1


INSURANCE

2.4.2 Life Insurance The Netherlands: Income Statement



Total investment and other income 939 1,022 957 1,053 927


Reinsurance and retrocession premiums 11 18 12 9 16 Net benefits Life insurance for risk company 998 1,303 892 915 859 Changes in Life insurance provisions for risk company 849 81 448 505 1,015 Profit sharing and rebates -17 167 76 81 48 Change in deferred acquisition costs -5 -8 -7 -6 -9 Other underwriting expenditure 44 39 39 37 48

Underwriting expenditure 1,880 1,600 1,459 1,541 1,977 Operating expenses 230 271 152 230 217 Other interest expenses 177 106 137 131 123 Other impairments 1 2 -1 - -


Underlying profit before tax 251 323 327 483 224 Taxation 20 -52 26 56 23 Minority interests 2 37 14 18 24 Underlying net profit 228 338 287 409 177 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 228 338 287 409 177

Key figuresValue of new life business 13 10 15 26 25 Internal rate of return (YTD) 11.1% 12.8% 13.4% 14.1% 14.3%Single premiums 394 362 319 358 455 Annual premiums 36 41 32 41 40 New sales (APE) 76 78 63 78 85 Investment in new business 35 33 32 35 34 Expenses as % of AuM (YTD) 0.81% 0.81% 0.79% 0.91% 0.87%Expenses as % of gross premiums (YTD) 25.1% 30.2% 25.4% 25.7% 21.6%Insurance and Investment contracts (gross life reserves) 62,505 61,898 62,308 60,721 61,050


INSURANCE

2.4.2 Life Insurance The Netherlands: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 580 508 552 588 582 Dividend income 23 36 102 160 20 Rental income 13 36 37 42 37 Other 167 190 102 85 80 Direct investment income 783 770 792 875 719 Realised gains/losses and impairments on debt securities 0 12 1 3 - Realised gains/losses and impairments on equity securities 59 43 41 42 42 Realised gains/losses and fair value changes on private equity 42 31 19 40 52 Changes in fair value real estate investments 104 138 71 82 97 Changes in fair value non-trading derivatives -50 28 33 11 17 Realised gains/losses and fair value changes on investments 155 252 165 178 208 Total investment and other income 939 1,022 957 1,053 927


INSURANCE

2.4.3 Life Insurance Belgium: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 489 378 446 284 334 Commission income 10 5 6 -9 -1



Total underlying income 639 520 596 397 467

Reinsurance and retrocession premiums 3 3 2 2 2 Net benefits Life insurance for risk company 147 142 113 148 136 Changes in Life insurance provisions for risk company 380 286 397 181 246 Profit sharing and rebates 7 22 6 1 6 Change in deferred acquisition costs -1 -4 1 1 1 Other underwriting expenditure 32 27 23 24 21

Underwriting expenditure 567 476 543 357 412 Operating expenses 21 20 19 19 20 Other interest expenses 21 3 14 - 14 Other impairments - - - - -

Total underlying expenditure 609 499 577 376 446

Underlying profit before tax 30 21 19 21 21 Taxation 7 6 6 6 5 Minority interests - - - - - Underlying net profit 23 15 13 15 16 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 23 15 13 15 16



INSURANCE

2.4.3 Life Insurance Belgium: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 103 95 108 93 98 Dividend income 4 3 3 10 3 Rental income - - - - - Other 24 19 19 16 22 Direct investment income 132 117 130 119 123 Realised gains/losses and impairments on debt securities - 9 3 -2 3 Realised gains/losses and impairments on equity securities 6 4 8 3 6 Realised gains/losses and fair value changes on private equity - 1 - - - Changes in fair value real estate investments 1 - - - - Changes in fair value non-trading derivatives 2 6 2 2 2 Realised gains/losses and fair value changes on investments 9 20 13 3 11 Total investment and other income 141 137 143 122 134


INSURANCE

2.4.4 Life Insurance Central and Rest of Europe: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 542 562 446 447 451 Commission income 50 48 41 40 41




Reinsurance and retrocession premiums 19 17 2 2 14 Net benefits Life insurance for risk company 249 233 190 214 207 Changes in Life insurance provisions for risk company 216 258 189 198 180 Profit sharing and rebates 8 10 8 -12 7 Change in deferred acquisition costs -4 -6 -7 -5 -5 Other underwriting expenditure 52 62 56 53 49

Underwriting expenditure 539 574 437 450 452 Operating expenses 71 81 65 64 60 Other interest expenses 1 -1 1 1 1 Other impairments - 1 - - -


Underlying profit before tax 76 69 73 63 67 Taxation 15 8 16 13 17 Minority interests 3 10 -1 - - Underlying net profit 58 51 58 50 50 Net gains/losses on divestments - - - - 19 Net profit from divested units - Special items after tax - - - - - Net profit 58 51 58 50 69



INSURANCE

2.4.4 Life Insurance Central and Rest of Europe: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 74 86 84 80 81 Dividend income 1 6 1 3 - Rental income - 1 - - - Other 15 12 2 5 3 Direct investment income 90 105 86 88 84 Realised gains/losses and impairments on debt securities - 1 -1 1 1 Realised gains/losses and impairments on equity securities 5 7 3 2 3 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - 1 0 - - Changes in fair value non-trading derivatives - - 0 - - Realised gains/losses and fair value changes on investments 4 9 3 3 4 Total investment and other income 94 114 90 91 88


INSURANCE

2.4.5 Non-Life Insurance The Netherlands: Income Statement





Reinsurance and retrocession premiums 30 9 11 12 30 Changes in provision for unearned premiums 317 -165 -114 -90 322

Net claims non-Life 223 201 203 200 208 Changes in claims provision -1 -131 -23 -19 -24

Total claims incurred 222 70 180 181 184 Profit sharing and rebates - -3 5 8 7 Change in deferred acquisition costs -35 21 17 8 -37 Other underwriting expenditure 78 54 45 53 103 Underwriting expenditure 611 -14 144 171 609 Operating expenses 135 136 118 129 119 Other interest expenses 2 1 2 2 1 Other impairments - - - - -





INSURANCE

2.4.5 Non-Life Insurance The Netherlands: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 57 57 49 51 53 Dividend income 3 4 10 19 2 Rental income 1 3 3 3 2 Other -1 -13 0 -5 -1 Direct investment income 60 51 62 68 56 Realised gains/losses and impairments on debt securities - - -0 -1 - Realised gains/losses and impairments on equity securities 7 2 2 2 2 Realised gains/losses and fair value changes on private equity 7 5 4 7 9 Changes in fair value real estate investments 10 10 6 6 6 Changes in fair value non-trading derivatives 1 2 -1 2 2 Realised gains/losses and fair value changes on investments 24 19 11 16 19 Total investment and other income 84 70 74 84 75

Underlying profit before tax by line of businessFire -28 21 -5 17 16 Marine & Aviation -1 -1 - - 2 Motor 16 37 13 20 20 Health 0 -1 2 1 -1 Income/Accident 100 150 83 73 73 Misc. 13 21 -7 5 8 Indirect business -1 -14 16 5 1 Total 99 213 102 120 119


Fire 120 83 72 87 135 Marine & Aviation 12 3 2 5 12 Motor 109 58 52 61 118 Health - - -0 - - Income/Accident 403 73 111 123 381 Misc. 93 30 31 37 91 Indirect business 1 7 12 9 12 Total 738 254 281 322 749


INSURANCE

2.4.6 Non-Life Insurance Belgium: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 102 61 76 78 106 Commission income - -1 - 1 -

Direct investment income 13 11 14 13 12 Realised gains and fair value changes on investments 3 3 -2 2 -1



Reinsurance and retrocession premiums 8 7 7 7 9 Changes in provision for unearned premiums 21 -10 -6 -3 24

Net claims non-Life 53 25 38 38 42 Changes in claims provision - 9 6 4 2

Total claims incurred 53 34 43 42 44 Profit sharing and rebates - - - - - Change in deferred acquisition costs -3 1 2 - -4 Other underwriting expenditure 11 12 7 14 17 Underwriting expenditure 89 44 53 60 89 Operating expenses 17 17 18 18 18 Other interest expenses 2 - 1 1 2 Other impairments - - - - -



Key figuresCombined ratio (YTD) 97.6% 99% 97% 95% 92%Claims ratio (YTD) 71.6% 65% 65% 66% 66%Expense ratio (YTD) 26.0% 34% 32% 29% 26%Insurance and Investment contracts (gross non-life reserves) 812 790 798 764 776


INSURANCE

2.4.6 Non-Life Insurance Belgium: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 12 13 6 17 10 Dividend income - - - 2 - Rental income - - - - - Other - -2 8 -6 2 Direct investment income 13 11 14 13 12 Realised gains/losses and impairments on debt securities - 1 - - - Realised gains/losses and impairments on equity securities 3 1 -3 2 -1 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - 1 - - - Realised gains/losses and fair value changes on investments 3 3 -2 2 -1 Total investment and other income 16 14 12 15 11

Underlying profit before tax by line of businessFire -5 3 3 2 3 Marine & Aviation - - - - - Motor 5 -1 7 5 6 Health 1 10 5 5 1 Income/Accident 6 -1 3 4 3 Misc. 2 1 -1 -1 -1 Indirect business - - - - - Total 10 12 17 15 12


Fire 26 22 23 21 24 Marine & Aviation - - - - - Motor 31 25 26 28 30 Health 13 - 13 12 20 Income/Accident 22 9 9 12 23 Misc. 10 4 5 5 10 Indirect business - - 0 - - Total 102 60 76 78 107


INSURANCE

2.4.7 Non-Life Insurance Central and Rest of Europe: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 12 11 10 12 14 Commission income - - - - -

Direct investment income 1 1 1 1 1 Realised gains and fair value changes on investments - - - - -



Reinsurance and retrocession premiums 4 1 1 1 3 Changes in provision for unearned premiums - - -2 - 1

Net claims non-Life 4 3 3 4 4 Changes in claims provision -1 - 1 - 1

Total claims incurred 4 3 4 4 5 Profit sharing and rebates - - - - - Change in deferred acquisition costs - - 1 - - Other underwriting expenditure 1 2 1 2 2 Underwriting expenditure 9 6 5 7 11 Operating expenses 3 4 3 3 3 Other interest expenses - - - - - Other impairments - - - - -


Underlying profit before tax 2 2 3 4 1 Taxation 1 1 1 1 1 Minority interests - - - - - Underlying net profit 1 1 2 3 - Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 1 1 2 3 -



INSURANCE

2.4.7 Non-Life Insurance Central and Rest of Europe: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 1 1 1 1 1 Dividend income - - - - - Rental income - - - - - Other - - - - - Direct investment income 1 1 1 1 1 Realised gains/losses and impairments on debt securities - - - - - Realised gains/losses and impairments on equity securities - - - - - Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - - - - - Realised gains/losses and fair value changes on investments - - - - - Total investment and other income 1 1 1 1 1

Underlying profit before tax by line of businessFire 1 1 1 1 - Marine & Aviation - - - - - Motor - 1 1 - 1 Health - - - - - Income/Accident 1 - 1 1 - Misc. - - - - - Indirect business - - - - - Total 2 2 3 2 1


Fire 4 5 4 5 4 Marine & Aviation - - - - - Motor 3 3 3 4 4 Health 2 - - - 2 Income/Accident 2 2 2 3 3 Misc. 1 1 - 1 1 Indirect business - - - - - Total 12 11 10 13 14


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2.5 Insurance Americas

INSURANCE

2.5.1 Insurance Americas: Income Statement


Direct investment income 1,218 1,135 1,094 1,200 1,080 Realised gains and fair value changes on investments -27 129 35 -90 94




Operating expenses 608 621 607 633 629 Other interest expenses 74 104 -23 109 126 Other impairments - 1 - -1 -


Underlying profit before tax 533 539 512 457 484 Taxation 146 154 108 136 117 Minority interests 30 28 34 45 38 Underlying net profit 358 357 370 276 329 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 358 357 370 276 329

Key figuresValue of new life business 33 -12 43 65 71 Internal rate of return (YTD) 9.5% 10.3% 11.2% 11.5% 11.6%Single premiums 3,682 4,147 3,935 4,346 4,200 Annual premiums 518 441 411 395 570 New sales (APE) 886 856 805 829 990 Investment in new business 279 168 304 288 271 Assets under Management (in € bln) 204 203 200 194 200 Expenses as % of AuM (YTD) 0.73% 0.72% 0.71% 0.74% 0.72%Expenses as % of gross premiums (YTD) 15.2% 14.3% 14.3% 14.1% 14.1%Expense ratio (YTD) 33.3% 29% 29% 30% 35%Claims ratio (YTD) 71.1% 64% 63% 61% 63%Combined ratio (YTD) 104.4% 93% 92% 91% 98%Insurance and Investment contracts (gross life reserves) 129,272 128,606 128,505 123,955 130,471 Insurance and Investment contracts (gross non-life reserves) 5,179 5,292 5,569 5,674 6,197 Tax ratio 27.3% 28.6% 21.1% 29.6% 24.2%Staff (FTEs end of period) 27,818 28,778 29,710 28,924 28,212


INSURANCE

2.5.1 Insurance Americas: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 1,024 1,058 971 1,248 1,127 Dividend income 38 32 20 37 24 Rental income 5 5 4 5 5 Other 151 40 99 -92 -76 Direct investment income 1,218 1,135 1,094 1,200 1,080 Realised gains/losses and impairments on debt securities 6 26 33 -95 1 Realised gains/losses and impairments on equity securities 21 13 13 14 14 Realised gains/losses and fair value changes on private equity - - -8 - 8 Changes in fair value real estate investments 1 2 3 1 - Changes in fair value non-trading derivatives -56 88 -6 -10 71 Realised gains/losses and fair value changes on investments -27 129 35 -90 94 Total investment and other income 1,190 1,264 1,129 1,110 1,174


INSURANCE

2.5.1 Insurance Americas: Income Statement by region Q1 2007

Total Life United Latin Non-Life Latin(in € mln) Insurance Insurance States America Insurance Canada AmericaGross premium income 5,430 4,540 4,398 142 889 557 333 Commission income 253 238 193 44 15 15 -0

Direct investment income 1,218 1,100 1,017 83 118 73 45 Realised gains and fair value changes on investments -27 -50 -62 11 23 22 1

Total investment and other income 1,190 1,049 955 94 141 94 47

Total underlying income 6,873 5,828 5,547 281 1,045 667 379

Underwriting expenditure 5,658 4,927 4,742 185 731 418 313 Operating expenses 608 419 367 53 188 129 59 Other interest expenses 74 72 63 9 2 - 2 Other impairments - - - - - - -

Total underlying expenditure 6,340 5,418 5,171 247 922 548 374

Underlying profit before tax 533 410 376 34 123 119 5 Taxation 146 121 114 7 25 29 -4 Minority interests 30 3 - 3 27 27 0 Underlying net profit 358 286 261 25 72 63 9 Net gains/losses on divestments - - - - - - - Net profit from divested units - - - - - - - Special items after tax - - - - - - - Net profit 358 286 261 25 72 63 9


INSURANCE


Total Life United Latin Non-Life Latin(in € mln) Insurance Insurance States America Insurance Canada AmericaGross premium income 6,196 5,249 5,066 183 947 588 359 Commission income 249 236 187 49 12 13 -1

Direct investment income 1,080 990 918 72 90 60 30 Realised gains and fair value changes on investments 94 57 47 10 36 30 6

Total investment and other income 1,174 1,047 965 82 126 90 36


Underwriting expenditure 6,380 5,676 5,450 226 707 410 297 Operating expenses 629 426 377 49 203 136 67 Other interest expenses 126 121 115 6 5 - 5 Other impairments - - - - - - -

Total underlying expenditure 7,135 6,223 5,942 281 915 546 369

Underlying profit before tax 484 310 276 33 174 145 25 Taxation 117 84 74 10 33 27 6 Minority interests 38 2 - 2 36 36 - Underlying net profit 329 223 202 21 101 82 19 Net gains/losses on divestments - - - - - - - Net profit from divested units - - - - - - - Special items after tax - - - - - - - Net profit 329 223 202 21 101 82 19


INSURANCE


Total Life United Latin Non-Life Latin(in € mln) Insurance Insurance States America Insurance Canada AmericaGross premium income 5,847 4,779 4,612 167 1,068 649 419 Commission income 243 228 184 44 15 15 -1

Direct investment income 1,135 1,033 956 76 102 69 32 Realised gains and fair value changes on investments 129 117 111 6 13 11 2

Total investment and other income 1,264 1,150 1,067 82 115 80 34


Underwriting expenditure 6,089 5,219 5,027 190 871 497 372 Operating expenses 621 425 374 51 195 129 66 Other interest expenses 104 100 93 7 5 - 5 Other impairments 1 1 - 1 1 - 1

Total underlying expenditure 6,815 5,744 5,494 249 1,071 626 444

Underlying profit before tax 539 413 369 44 126 118 8 Taxation 154 128 120 8 26 31 -5 Minority interests 28 2 - 2 27 27 - Underlying net profit 357 283 249 34 74 60 13 Net gains/losses on divestments - - - - - - - Net profit from divested units - - - - - - - Special items after tax - - - - - - - Net profit 357 283 249 34 74 60 13


INSURANCE

2.5.2 Life Insurance United States: Income Statement


Direct investment income 1,017 956 907 1,008 918 Realised gains and fair value changes on investments -62 111 13 -92 47

Total investment and other income 955 1,067 920 916 965


Reinsurance and retrocession premiums 411 445 374 431 464 Net benefits Life insurance for risk company 4,088 4,555 4,096 3,525 3,960 Changes in Life insurance provisions for risk company 82 -60 344 1,292 933 Profit sharing and rebates 1 11 8 -45 -7 Change in deferred acquisition costs -65 -162 -96 -130 -153 Other underwriting expenditure 225 238 232 263 253

Underwriting expenditure 4,742 5,027 4,958 5,336 5,450 Operating expenses 367 374 357 375 377 Other interest expenses 63 93 -33 100 115 Other impairments - - - - -



Key figuresValue of new life business 27 -3 32 56 60 Internal rate of return (YTD) 9.3% 10.3% 11.1% 11.5% 11.6%Single premiums 3,646 4,104 3,881 4,313 4,120 Annual premiums 441 338 332 316 509 New sales (APE) 805 749 720 747 921 Investment in new business 253 145 274 256 238 Expenses as % of AuM (YTD) 0.73% 0.73% 0.72% 0.75% 0.72%Expenses as % of gross premiums (YTD) 13.7% 13.5% 13.5% 13.3% 13.2%Insurance and Investment contracts (gross life reserves) 126,288 125,608 125,160 121,088 127,436

Breakdown investment and other incomeIncome from debt securities and loans 898 938 812 1,108 1,009 Dividend income 17 14 5 5 4 Rental income -0 3 -0 - 1 Other 102 1 90 -105 -96 Direct investment income 1,017 956 907 1,008 918 Realised gains/losses and impairments on debt securities -10 16 20 -75 -35 Realised gains/losses and impairments on equity securities 2 2 1 2 2 Realised gains/losses and fair value changes on private equity - 1 -8 - 8 Changes in fair value real estate investments 1 - 0 - - Changes in fair value non-trading derivatives -54 92 0 -19 72 Realised gains/losses and fair value changes on investments -62 111 13 -92 47 Total investment and other income 955 1,067 920 916 965


INSURANCE

2.5.2 Life Insurance United States: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Underlying profit before taxWealth Management 207 222 202 160 170 Insurance 80 87 79 48 66 Asset Management 51 55 50 32 24 Other 39 5 -3 -11 17

Total US 376 369 329 229 276

Underlying profit before tax ecluding investment and currency effectsWealth Management 211 203 186 166 165 Insurance 85 81 80 51 71 Asset Management 49 56 51 40 41 Other 17 4 -3 -10 14

Underlying profit before tax excluding investment gains/losses 362 344 314 247 291

Investment gains/losses 14 17 3 -26 -39Currency Effects - 8 12 8 24Total US 376 369 329 229 276

Wealth Management Key figuresValue of new life business 27 13 43 68 48 Internal rate of return (YTD) 10.9% 12.1% 12.9% 13.2% 12.6%Single premiums 2,708 3,037 2,998 3,805 3,555 Annual premiums 284 275 262 256 306 New sales (APE) 555 579 562 636 661 Investment in new business 117 128 144 166 140

Insurance Key figuresValue of new life business -4 -16 -14 -10 8 Internal rate of return (YTD) 6.9% 5.1% 7.3% 6.1% 9.2%Single premiums 51 72 73 20 67 Annual premiums 156 63 70 60 204 New sales (APE) 161 70 77 62 210 Investment in new business 118 -4 118 82 94

Asset Management Key figuresValue of new life business 3 2 3 2 1 Internal rate of return (YTD) 12.4% 13.5% 14.7% 13.8% 12.3%Single premiums 887 994 810 489 497 Annual premiums - - - - New sales (APE) 89 99 81 49 50 Investment in new business 20 20 12 6 7

Other Key figuresValue of new life business 1 -2 - -4 3 Internal rate of return (YTD)Single premiumsAnnual premiumsNew sales (APE)Investment in new business -2 1 - 2 -3


INSURANCE

2.5.3 Life Insurance Latin America: Income Statement


Direct investment income 83 76 101 89 72 Realised gains and fair value changes on investments 11 6 10 -3 10



Reinsurance and retrocession premiums 6 6 5 4 5 Net benefits Life insurance for risk company 117 109 115 115 113 Changes in Life insurance provisions for risk company 35 44 98 78 75 Profit sharing and rebates 1 1 1 1 - Change in deferred acquisition costs -2 -4 -2 -3 -1 Other underwriting expenditure 28 34 34 35 34

Underwriting expenditure 185 190 252 230 226 Operating expenses 53 51 48 47 49 Other interest expenses 9 7 6 4 6 Other impairments - 1 - -1 -



Key figuresValue of new life business 6 -9 11 9 11 Internal rate of return (YTD) 11.8% 10.5% 12.7% 12.7% 12.8%Single premiums 36 43 54 33 80 Annual premiums 77 103 79 79 61 New sales (APE) 81 107 85 82 69 Investment in new business 26 23 30 32 33 Expenses as % of AuM (YTD) 0.66% 0.66% 0.67% 0.68% 0.66%Expenses as % of gross premiums (YTD) 28.8% 21.0% 21.2% 21.0% 21.5%Insurance and Investment contracts (gross life reserves) 2,984 2,999 3,345 2,867 3,035


INSURANCE

2.5.3 Life Insurance Latin America: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 64 54 85 81 54 Dividend income - - - 2 - Rental income 5 2 3 3 3 Other 13 20 12 3 15 Direct investment income 83 76 101 89 72 Realised gains/losses and impairments on debt securities 12 4 6 -5 9 Realised gains/losses and impairments on equity securities - - - - 1 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - 1 3 1 - Changes in fair value non-trading derivatives -1 1 - 1 - Realised gains/losses and fair value changes on investments 11 6 10 -3 10 Total investment and other income 94 82 111 86 82


INSURANCE

2.5.4 Non-Life Insurance Canada: Income Statement





Reinsurance and retrocession premiums 15 15 17 15 20 Changes in provision for unearned premiums -82 -28 42 144 -110

Net claims non-Life 380 372 341 327 373 Changes in claims provision 28 23 33 -8 -4

Total claims incurred 408 395 374 319 369 Profit sharing and rebates - - - - - Change in deferred acquisition costs 15 5 -8 -23 19 Other underwriting expenditure 63 110 119 138 112 Underwriting expenditure 418 497 544 593 410 Operating expenses 129 129 138 145 136 Other interest expenses - - - - - Other impairments - - - - -



Key figuresCombined ratio (YTD) 100.4% 89% 87% 86% 98%Claims ratio (YTD) 65.4% 59% 57% 56% 60%Expense ratio (YTD) 35.0% 30% 30% 30% 38%Insurance and Investment contracts (gross non-life reserves) 3,917 3,984 4,502 4,245 4,145 1) Expense ratio is defined as expenses divided by net written premiums (European method), and is different than the North American method (expenses divided by net earned premiums)


INSURANCE

2.5.4 Non-Life Insurance Canada: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 39 38 46 31 38 Dividend income 20 17 15 31 20 Rental income - - -0 - - Other 14 14 -2 10 2 Direct investment income 73 69 59 72 60 Realised gains/losses and impairments on debt securities 3 5 3 -10 20 Realised gains/losses and impairments on equity securities 20 11 12 12 12 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - 1 - - - Changes in fair value non-trading derivatives -1 -6 -6 9 -2 Realised gains/losses and fair value changes on investments 22 11 9 11 30 Total investment and other income 94 80 68 83 90

Underlying profit before tax by line of businessFire 24 -9 6 55 34 Marine & Aviation -0 1 0 - 1 Motor 72 97 103 125 85 Health - - - - - Income/Accident - - - - - Misc. 23 29 26 25 25 Indirect business - - - - - Total 119 118 135 205 145


Fire 181 225 250 271 191 Marine & Aviation - - 1 1 1 Motor 325 362 419 496 336 Health - - - - - Income/Accident - - - - - Misc. 51 62 62 71 60 Indirect business - - - - - Total 557 649 731 839 588


INSURANCE

2.5.5 Non-Life Insurance Latin America: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 333 419 385 333 359 Commission income - -1 -2 -1 -1

Direct investment income 45 32 28 31 30 Realised gains and fair value changes on investments 1 2 3 -6 6



Reinsurance and retrocession premiums 47 11 85 50 39 Changes in provision for unearned premiums -5 89 -23 -9 8

Net claims non-Life 234 227 216 202 205 Changes in claims provision 8 2 5 -5 2

Total claims incurred 242 229 221 197 207 Profit sharing and rebates - - 1 - 1 Change in deferred acquisition costs 1 -11 0 1 5 Other underwriting expenditure 28 54 44 35 37 Underwriting expenditure 313 372 328 274 297 Operating expenses 59 66 64 66 67 Other interest expenses 2 5 4 5 5 Other impairments - 1 - -1 -


Underlying profit before tax 5 8 18 13 25 Taxation -4 -5 5 4 6 Minority interests 0 - - - - Underlying net profit 9 13 13 9 19 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 9 13 13 9 19



INSURANCE

2.5.5 Non-Life Insurance Latin America: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 23 28 28 28 26 Dividend income - - - - - Rental income - - 1 1 1 Other 22 4 -1 2 3 Direct investment income 45 32 28 31 30 Realised gains/losses and impairments on debt securities 1 1 3 -6 7 Realised gains/losses and impairments on equity securities - - - - -1 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - 1 - - - Changes in fair value non-trading derivatives - - - - - Realised gains/losses and fair value changes on investments 1 2 3 -6 6 Total investment and other income 47 34 31 25 36

Underlying profit before tax by line of businessFire -20 -10 1 -3 -14 Marine & Aviation -1 4 2 1 3 Motor 1 -6 14 8 16 Health 15 - -4 -1 2 Income/Accident - - - - - Misc. 5 13 4 8 18 Indirect business 4 8 2 - - Total 5 8 18 13 25


Fire 26 41 37 52 28 Marine & Aviation 14 18 13 11 12 Motor 113 176 111 99 124 Health 152 185 145 138 165 Income/Accident - - - - - Misc. 28 35 44 33 30 Indirect business - -35 36 - - Total 333 419 385 333 359


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2.6 Insurance Asia/Pacific

INSURANCE

2.6.1 Insurance Asia/Pacific: Income Statement


Direct investment income 362 338 354 257 218 Realised gains and fair value changes on investments -98 -138 -56 27 -71




Operating expenses 259 269 238 220 238 Other interest expenses 14 10 7 2 3 Other impairments - 10 - - -


Underlying profit before tax 159 140 168 157 156 Taxation 44 18 45 49 47 Minority interests 11 8 9 12 9 Underlying net profit 104 114 114 96 100 Net gains/losses on divestments - - - - 11 Net profit from divested units - Special items after tax - - - - - Net profit 104 114 114 96 111

Key figuresValue of new life business 82 95 93 109 124 Internal rate of return (YTD) 15.2% 16.8% 17.1% 17.5% 17.1%Single premiums 1,659 1,193 1,345 1,607 1,465 Annual premiums 402 396 412 384 430 New sales (APE) 567 514 546 544 577 Investment in new business 121 98 124 118 138 Assets under Management (in € bln) 90 84 77 73 73 Expenses as % of AuM (YTD) 0.77% 0.83% 0.83% 0.80% 0.80%Expenses as % of gross premiums (YTD) 9.2% 8.2% 8.0% 8.0% 9.0%Expense ratio (YTD) 40.9% 41% 40% 40% 38%Claims ratio (YTD) 49.9% 50% 49% 49% 49%Combined ratio (YTD) 90.8% 91% 89% 89% 87%Insurance and Investment contracts (gross life reserves) 48,439 46,821 45,438 43,388 42,724 Insurance and Investment contracts (gross non-life reserves) 22 48 45 49 50 Tax ratio 27.6% 12.9% 26.8% 29.3% 29.5%Staff (FTEs end of period) 11,090 10,487 9,783 9,550 9,235


INSURANCE

2.6.1 Insurance Asia/Pacific: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 233 209 253 216 216 Dividend income 34 35 37 19 13 Rental income - - - - - Other 95 94 64 24 -11 Direct investment income 362 338 354 259 218 Realised gains/losses and impairments on debt securities 6 -5 -15 1 - Realised gains/losses and impairments on equity securities 12 8 12 6 11 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives -116 -141 -53 18 -82 Realised gains/losses and fair value changes on investments -98 -138 -56 25 -71 Total investment and other income 264 200 298 284 147


INSURANCE

2.6.1 Insurance Asia/Pacific: Income Statement by region Q1 2007

Total Life Australia & South Rest of Non-Life Rest of (in € mln) Insurance Insurance New Zealand Japan Korea Taiwan Asia Insurance AsiaGross premium income 2,748 2,742 44 913 918 646 222 6 6 Commission income 90 90 67 6 1 - 17 - -

Direct investment income 362 362 24 46 81 153 57 - - Realised gains and fair value changes on investments -98 -98 2 -38 2 -67 4 - -

Total investment and other income 264 264 25 8 83 86 61 - -

Total underlying income 3,103 3,096 136 927 1,001 731 300 7 7

Underwriting expenditure 2,671 2,666 32 861 859 679 235 5 5 Operating expenses 259 258 53 41 58 52 53 1 1 Other interest expenses 14 14 - 13 - - 1 - - Other impairments - - - - - - - - -

Total underlying expenditure 2,944 2,938 86 914 916 731 290 6 6

Underlying profit before tax 159 158 51 13 85 - 10 1 1 Taxation 44 44 15 7 23 - -1 - - Minority interests 11 11 - - 12 - -2 - - Underlying net profit 104 104 36 6 50 - 12 1 1 Net gains/losses on divestments - - - - - - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 104 104 36 6 50 - 12 1 1


INSURANCE


Total Life Australia & South Rest of Non-Life Rest of (in € mln) Insurance Insurance New Zealand Japan Korea Taiwan Asia Insurance AsiaGross premium income 3,088 3,076 35 1,481 727 643 190 12 12 Commission income 69 69 54 4 - - 11 - -

Direct investment income 218 217 19 34 50 80 34 1 1 Realised gains and fair value changes on investments -71 -71 1 -94 10 9 3 - -

Total investment and other income 147 146 20 -60 60 89 37 1 1

Total underlying income 3,304 3,291 109 1,425 787 732 238 13 13

Underwriting expenditure 2,907 2,898 24 1,345 680 661 188 9 9 Operating expenses 238 236 43 40 41 71 41 2 2 Other interest expenses 3 6 - 2 - 3 1 - - Other impairments - - - - - - - - -

Total underlying expenditure 3,148 3,137 67 1,387 721 732 230 11 11

Underlying profit before tax 156 154 42 38 66 - 8 2 2 Taxation 47 46 12 13 18 1 2 - - Minority interests 9 9 - - 9 - - - - Underlying net profit 100 98 30 25 39 -1 5 2 2 Net gains/losses on divestments 11 11 11 - - - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 111 109 42 25 39 - 5 2 2


INSURANCE


Total Life Australia & South Rest of Non-Life Rest of (in € mln) Insurance Insurance New Zealand Japan Korea Taiwan Asia Insurance AsiaGross premium income 2,856 2,846 67 883 867 769 260 10 10 Commission income 83 83 62 5 - - 16 - -

Direct investment income 338 337 23 68 92 107 47 1 1 Realised gains and fair value changes on investments -138 -138 3 -121 -14 -6 - - -

Total investment and other income 200 199 26 -53 78 101 47 1 1

Total underlying income 3,139 3,128 155 835 945 870 323 11 11

Underwriting expenditure 2,710 2,702 50 750 821 815 266 8 8 Operating expenses 269 268 56 46 60 55 51 1 1 Other interest expenses 10 10 - 7 - - 3 - - Other impairments 10 10 9 - 1 - - - -

Total underlying expenditure 2,999 2,990 115 803 882 870 320 9 9

Underlying profit before tax 140 138 40 32 63 - 3 2 2 Taxation 18 18 - 8 14 - -4 - - Minority interests 8 8 - - 8 - - - - Underlying net profit 114 112 40 24 41 - 7 2 2 Net gains/losses on divestments - - - - - - - - - Net profit from divested units - - - - - - - - - Special items after tax - - - - - - - - - Net profit 114 112 40 24 41 - 7 2 2


INSURANCE

2.6.2 Life Insurance Australia & New Zealand: Income Statement





Reinsurance and retrocession premiums 8 9 8 6 3 Net benefits Life insurance for risk company 23 20 22 19 18 Changes in Life insurance provisions for risk company -20 -4 19 -8 -16 Profit sharing and rebates - - - - - Change in deferred acquisition costs -4 -3 -4 -4 -2 Other underwriting expenditure 26 28 26 26 21

Underwriting expenditure 32 50 72 39 24 Operating expenses 53 56 48 47 43 Other interest expenses 0 - - - - Other impairments - 9 - - -


Underlying profit before tax 51 40 36 44 42 Taxation 15 - 7 13 12 Minority interests - - - - - Underlying net profit 36 40 29 31 30 Net gains/losses on divestments - - - - 11 Net profit from divested units - Special items after tax - - - - - Net profit 36 40 29 31 42



INSURANCE

2.6.2 Life Insurance Australia & New Zealand: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 9 9 9 8 6 Dividend income 8 6 6 8 7 Rental income - - - - - Other 6 8 6 5 6 Direct investment income 24 23 22 21 19 Realised gains/losses and impairments on debt securities - 1 - - - Realised gains/losses and impairments on equity securities 1 2 1 1 1 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - - - - - Realised gains/losses and fair value changes on investments 2 3 1 1 1 Total investment and other income 25 26 23 22 20


INSURANCE

2.6.3 Life Insurance Japan: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 913 883 1,141 1,435 1,481 Commission income 6 5 5 4 4

Direct investment income 46 68 53 11 34 Realised gains and fair value changes on investments -38 -121 -5 49 -94

Total investment and other income 8 -53 48 60 -60

Total underlying income 927 835 1,194 1,499 1,425

Reinsurance and retrocession premiums 9 8 9 4 11 Net benefits Life insurance for risk company 376 350 304 326 345 Changes in Life insurance provisions for risk company 439 317 761 1,090 927 Profit sharing and rebates - - - -2 - Change in deferred acquisition costs -24 21 -61 -77 -41 Other underwriting expenditure 60 54 74 91 103

Underwriting expenditure 861 750 1,087 1,432 1,345 Operating expenses 41 46 40 40 40 Other interest expenses 13 7 6 2 2 Other impairments - - - - -

Total underlying expenditure 914 803 1,133 1,474 1,387


Key figuresValue of new life business 8 -5 7 31 32 Internal rate of return (YTD) 10.1% 12.1% 12.9% 13.8% 13.4%Single premiums 568 608 791 1,119 1,086 Annual premiums 63 46 80 71 94 New sales (APE) 119 107 159 182 203 Investment in new business 39 14 51 59 66 Expenses as % of AuM (YTD) 0.53% 0.53% 0.51% 0.48% 0.48%Expenses as % of gross premiums (YTD) 6.0% 6.9% 6.3% 6.8% 6.0%Insurance and Investment contracts (gross life reserves) 16,196 15,736 15,769 15,023 14,692


INSURANCE

2.6.3 Life Insurance Japan: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 21 -4 44 19 20 Dividend income 1 - - - - Rental income - - - - - Other 24 72 10 -8 14 Direct investment income 46 68 53 11 34 Realised gains/losses and impairments on debt securities -0 - - -3 1 Realised gains/losses and impairments on equity securities 2 1 - - - Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives -40 -122 -5 52 -95 Realised gains/losses and fair value changes on investments -38 -121 -5 49 -94 Total investment and other income 8 -53 48 60 -60


INSURANCE

2.6.4 Life Insurance South Korea: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 918 867 854 776 727 Commission income 1 - - - -

Direct investment income 81 92 69 62 50 Realised gains and fair value changes on investments 2 -14 -1 5 10


Total underlying income 1,001 945 922 843 787

Reinsurance and retrocession premiums 18 17 17 17 13 Net benefits Life insurance for risk company 177 171 156 141 159 Changes in Life insurance provisions for risk company 636 600 598 531 471 Profit sharing and rebates 4 - 2 -3 2 Change in deferred acquisition costs -99 -84 -77 -79 -95 Other underwriting expenditure 122 117 123 111 130

Underwriting expenditure 859 821 818 718 680 Operating expenses 58 60 49 46 41 Other interest expenses - - - - - Other impairments - 1 - - -





INSURANCE

2.6.4 Life Insurance South Korea: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 75 74 68 66 63 Dividend income 2 2 5 1 1 Rental income - - - - - Other 4 16 -5 -5 -14 Direct investment income 81 92 69 62 50 Realised gains/losses and impairments on debt securities 0 -16 -5 - - Realised gains/losses and impairments on equity securities 3 1 1 -1 2 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives -1 1 3 6 8 Realised gains/losses and fair value changes on investments 2 -14 -1 5 10 Total investment and other income 83 78 68 67 60


INSURANCE

2.6.5 Life Insurance Taiwan: Income Statement


Direct investment income 153 107 161 124 80 Realised gains and fair value changes on investments -67 -6 -52 -30 9



Reinsurance and retrocession premiums 11 10 4 4 4 Net benefits Life insurance for risk company 236 357 259 205 187 Changes in Life insurance provisions for risk company 419 423 376 681 458 Profit sharing and rebates - - - - - Change in deferred acquisition costs -31 -34 -31 -24 -37 Other underwriting expenditure 45 60 43 43 46

Underwriting expenditure 679 815 651 909 661 Operating expenses 52 55 56 46 71 Other interest expenses - - - - 3 Other impairments - - - - -


Underlying profit before tax - - - - - Taxation - - - - - Minority interests - - - - - Underlying net profit - - - - - Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit - - - - -



INSURANCE

2.6.5 Life Insurance Taiwan: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 93 95 94 91 95 Dividend income - 12 14 3 - Rental income - - - - - Other 61 - 53 30 -15 Direct investment income 153 107 161 124 80 Realised gains/losses and impairments on debt securities 3 10 -12 4 -2 Realised gains/losses and impairments on equity securities 5 4 10 4 5 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives -75 -20 -49 -38 6 Realised gains/losses and fair value changes on investments -67 -6 -52 -30 9 Total investment and other income 86 101 109 94 89


INSURANCE

2.6.6 Life Insurance Rest of Asia: Income Statement


Direct investment income 57 46 48 39 34 Realised gains and fair value changes on investments 4 - 1 - 3



Reinsurance and retrocession premiums 11 7 6 7 7 Net benefits Life insurance for risk company 60 52 45 44 45 Changes in Life insurance provisions for risk company 103 145 85 92 87 Profit sharing and rebates 39 38 29 30 29 Change in deferred acquisition costs -10 -22 -14 -13 -13 Other underwriting expenditure 33 45 36 36 33

Underwriting expenditure 235 265 187 196 188 Operating expenses 53 51 43 39 41 Other interest expenses 1 3 1 1 1 Other impairments - - - - -


Underlying profit before tax 10 3 13 8 8 Taxation -1 -4 4 2 2 Minority interests -2 - 1 - - Underlying net profit 12 7 8 6 5 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 12 7 8 6 5

Key figuresValue of new life business - 3 3 1 3 Internal rate of return (YTD) 7.5% 8.8% 8.9% 9.1% 10.3%Single premiums 22 40 23 19 16 Annual premiums 44 47 37 37 40 New sales (APE) 46 50 40 38 42 Investment in new business 19 27 17 17 14 Expenses as % of AuM (YTD) 0.76% 1.03% 0.95% 0.99% 0.98%Expenses as % of gross premiums (YTD) 14.2% 14.2% 16.7% 16.6% 16.8%Insurance and Investment contracts (gross life reserves) 3,364 3,178 3,004 2,853 2,902


INSURANCE

2.6.6 Life Insurance Rest of Asia: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans 34 33 33 31 31 Dividend income 23 14 12 7 5 Rental income - - - - - Other - -1 3 1 -2 Direct investment income 57 46 48 39 34 Realised gains/losses and impairments on debt securities 3 - 1 - 1 Realised gains/losses and impairments on equity securities 1 - - - 3 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - - - - -1 Realised gains/losses and fair value changes on investments 4 - 1 - 3 Total investment and other income 61 46 49 39 37


INSURANCE

2.6.7 Non-Life Rest of Asia: Income Statement


Direct investment income - 1 1 1 1 Realised gains and fair value changes on investments - - - - -

Total investment and other income - 1 1 1 1


Reinsurance and retrocession premiums 1 2 2 2 2 Changes in provision for unearned premiums 1 - - - 1

Net claims non-Life 2 4 4 4 4 Changes in claims provision - - -1 1 -

Total claims incurred 2 4 3 5 4 Profit sharing and rebates - - - - - Change in deferred acquisition costs - - - - - Other underwriting expenditure 1 2 2 2 2 Underwriting expenditure 5 8 7 9 9 Operating expenses 1 1 2 2 2 Other interest expenses - - - - - Other impairments - - - - -


Underlying profit before tax 1 2 3 1 2 Taxation - - - - - Minority interests - - - - - Underlying net profit 1 2 3 1 2 Net gains/losses on divestments - - - - - Net profit from divested units - Special items after tax - - - - - Net profit 1 2 3 1 2



INSURANCE

2.6.7 Non-Life Rest of Asia: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans - 1 1 1 1 Dividend income - - - - - Rental income - - - - - Other - - - - - Direct investment income - 1 1 1 1 Realised gains/losses and impairments on debt securities - - - - - Realised gains/losses and impairments on equity securities - - - - - Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - - - - - Realised gains/losses and fair value changes on investments - - - - - Total investment and other income - 1 1 1 1

Underlying profit before tax by line of businessFire - - - 1 - Marine & Aviation - - - - - Motor - 1 1 - 1 Health - - - - - Income/Accident - - 1 - 1 Misc. - - - - - Indirect business - - - - - Total 1 1 2 1 2


Fire 1 2 2 2 2 Marine & Aviation - - - - 1 Motor 1 2 2 2 2 Health 2 1 1 2 2 Income/Accident 2 3 3 3 3 Misc. - 1 1 1 1 Indirect business - - - - - Total 6 10 11 11 12


www.ing.com

2.7 Insurance Corporate Line

INSURANCE

2.7.1 Insurance Corporate Line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 6 41 -27 9 5 Commission income 2 2 2 1 1

Direct investment income -137 -99 -117 31 89 Realised gains and fair value changes on investments 134 96 119 103 60

Total investment and other income -3 -3 2 134 149

Total underlying income 5 40 -23 143 155

Underwriting expenditure 25 32 -34 34 -32 Staff expenses 8 3 -9 7 6 Other expenses 20 8 7 7 -14

Operating expenses 28 11 -2 13 -8 Other interest expenses 35 -23 207 95 72 Other impairments - - 1 - -


Underlying profit before tax -84 20 -195 -2 122 Taxation -64 -84 -91 -67 -21 Minority interests -6 -11 2 1 7 Underlying net profit -15 115 -106 64 137 Net gains/losses on divestments - - - - - Net profit from divested units - - - - - Special items after tax - - - - - Net profit -15 115 -106 64 137


INSURANCE

2.7.1 Insurance Corporate Line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Breakdown investment and other incomeIncome from debt securities and loans -375 -306 -230 -244 -214 Dividend income - -8 1 2 9 Rental income - - - -3 3 Other 238 215 111 277 291 Direct investment income -137 -99 -117 32 89 Realised gains/losses and impairments on debt securities -1 - - - - Realised gains/losses and impairments on equity securities 124 148 8 111 112 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - 2 - 3 - Changes in fair value non-trading derivatives 12 -54 111 -9 -51 Realised gains/losses and fair value changes on investments 134 96 119 105 59 Total investment and other income -3 -2 2 137 148


INSURANCE

2.7.2 Life Insurance Corporate Line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 3 5 3 4 3 Commission income 1 1 2 - 1

Direct investment income -154 -105 -130 4 72 Realised gains and fair value changes on investments 131 71 90 85 8

Total investment and other income -22 -34 -40 89 80

Total underlying income -18 -28 -35 93 84

Reinsurance and retrocession premiums - - -1 -1 Net benefits Life insurance for risk company - - 1 3 - Changes in Life insurance provisions for risk company - - 1 -5 - Profit sharing and rebates - - - - - Change in deferred acquisition costs - - - - - Other underwriting expenditure - 1 - 1 -

Underwriting expenditure - 1 2 -2 Operating expenses 25 17 6 8 -16 Other interest expenses 37 -26 205 93 69 Other impairments - - - -1 -

Total underlying expenditure 59 -8 213 98 53

Underlying profit before tax -77 -22 -245 -6 31 Taxation -60 -117 -111 -66 -31 Minority interests -4 -12 3 1 7 Underlying net profit -13 109 -140 60 55 Net gains/losses on divestments - - - - - Net profit from divested units - - - - - Special items after tax - - - - - Net profit -13 109 -140 60 55

Breakdown investment and other incomeIncome from debt securities and loans -377 -316 -231 -249 -215 Dividend income - -11 1 1 9 Rental income - - - -3 3 Other 223 222 100 255 275 Direct investment income -154 -105 -130 4 72 Realised gains/losses and impairments on debt securities - - - - - Realised gains/losses and impairments on equity securities 120 123 -18 89 60 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - -4 3 - Changes in fair value non-trading derivatives 11 -52 112 -7 -52 Realised gains/losses and fair value changes on investments 131 71 90 85 8 Total investment and other income -22 -34 -40 89 80


INSURANCE

2.7.3 Non-Life Insurance Corporate Line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Gross premium income 3 36 -30 5 2 Commission income - - - - 1




Reinsurance and retrocession premiums -5 30 -37 -6 -9 Changes in provision for unearned premiums -1 -1 -1 -1 -1

Net claims non-Life 16 18 25 53 29 Changes in claims provision 14 -17 -23 -9 -52

Total claims incurred 30 1 2 44 -23 Profit sharing and rebates - - - - - Change in deferred acquisition costs - - - - - Other underwriting expenditure 1 1 1 1 2 Underwriting expenditure 25 31 -36 38 -31 Operating expenses 6 -6 -8 4 9 Other interest expenses 1 4 2 3 2 Other impairments - - - - -

Total underlying expenditure 32 29 -41 45 -20

Underlying profit before tax -7 42 50 4 91 Taxation -3 32 17 -1 12 Minority interests -2 - - - - Underlying net profit -1 8 33 5 79 Net gains/losses on divestments - - - - - Net profit from divested units - - - - - Special items after tax - - - - - Net profit -1 8 33 5 79


INSURANCE

2.7.3 Non-Life Insurance Corporate Line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown investment and other incomeIncome from debt securities and loans 5 10 2 6 - Dividend income - 2 - 1 - Rental income - - - - - Other 14 -5 9 15 17 Direct investment income 19 7 12 22 17 Realised gains/losses and impairments on debt securities -1 1 - - - Realised gains/losses and impairments on equity securities 4 24 26 22 51 Realised gains/losses and fair value changes on private equity - - - - - Changes in fair value real estate investments - - - - - Changes in fair value non-trading derivatives - 1 - - - Realised gains/losses and fair value changes on investments 3 26 26 22 51 Total investment and other income 22 33 37 44 68

Underlying profit before tax by line of businessFire 2 1 6 - 9 Marine & Aviation - - - - - Motor 2 28 1 5 -2 Health - - - - - Income/Accident 1 - - 1 - Misc. 1 21 22 22 50 Indirect business -13 -10 21 -24 34 Total -7 42 50 4 91


Fire - - - - - Marine & Aviation - - - - - Motor - - - - - Health - - - - - Income/Accident - - - - - Misc. - - - - - Indirect business 4 36 -30 5 2 Total 3 36 -30 5 2


www.ing.com

3.1 Banking

BANKING

3.1.1 Income statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Interest income 17,463 15,733 14,632 14,234 13,024 Minus: interest expense 15,279 13,365 12,318 12,021 10,673

Interest result 2,184 2,368 2,314 2,213 2,351 Commission income 744 691 618 649 690

Investment income 106 69 62 93 45 Realised gains and fair value changes on investments 213 156 12 56 68

Total investment income 320 225 74 149 113 Valuation results non-trading derivatives -22 110 -52 9 51 Net trading income 349 58 185 405 247 Other income 181 161 241 112 143

Total other income 508 329 374 526 441


Personnel expenses 1,379 1,377 1,216 1,220 1,235 Other expenses 994 1,000 990 996 942

Operating expenses 2,373 2,377 2,206 2,216 2,177 Gross result 1,384 1,236 1,174 1,321 1,418 Additions to loan loss provisions -0 88 44 -15 -20

Underlying profit before tax 1,384 1,148 1,130 1,336 1,438 Taxation 313 197 280 335 369 Minority interests 26 15 18 11 11 Underlying net profit 1,045 936 832 990 1,058 Net gains/losses on divestments - -23 -83 -9 - Net profit from divested units - 5 1 14 19 Special items after tax - - - - - Net profit 1,045 918 750 995 1,077

Key figuresInterest margin 0.95% 1.05% 1.06% 1.00% 1.12%Underlying cost/income ratio 63.2% 65.8% 65.3% 62.7% 60.6%Risk cost in bp of average credit-risk-weighted assets - 11 5 - -3 Total risk weighted assets (end of period) 333,722 337,926 332,016 342,642 333,365

Underlying RAROC before tax 1) 29.3% 26.2% 26.9% 29.2% 31.0%

Underlying RAROC after tax 1) 23.4% 20.5% 20.6% 22.0% 24.6%

Economic Capital (average over period) 1) 14,832 15,726 15,626 15,335 15,023

Net return on capital and reserves 1) 20.7% 19.4% 19.7% 22.0% 23.2%Staff (FTEs end of period) 64,767 65,356 65,753 65,326 64,813 1) Year-to-date figures


BANKING

3.1.1 Income statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 150 113 152 138 155 Securities business 190 185 135 162 210 Insurance broking 52 46 42 41 42 Management fees 190 210 175 181 175 Brokerage and advisory fees 70 54 49 50 52 Other 93 83 65 77 56 Commission income 744 691 618 649 690

Breakdown investment incomeRental income 66 41 35 27 27 Other investment income 40 28 27 66 18 Investment income 106 69 62 93 45 Realised gains/losses on bonds 74 31 3 17 42 Realised gains/losses on equities 114 88 - 26 18 Change in fair value real estate investments 26 37 9 13 8 Realised gains and fair value changes on investments 213 156 12 56 68 Total investment income 320 225 74 149 113


BANKING

3.1.1 Income statement Q1 2007

Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineInterest result 2,184 593 311 117 48 121 -21 575 18 1,145 837 227 46 35 480 -33 Commission income 744 351 55 96 9 -6 104 259 92 372 147 137 36 52 27 -5

Investment income 106 71 8 63 34 - - - 34 1 - Realised gains and fair value changes on investments 213 176 151 25 - - - - - 38 -

Total investment income 320 247 78 4 - 61 14 158 89 34 - - - 34 38 - Valuation results non-trading derivatives -22 -28 -30 2 25 17 1 - 6 - -19 Net trading income 349 317 314 4 17 - 11 2 4 6 9 Other income 181 100 33 67 34 18 2 7 7 9 38

Total other income 508 389 7 9 70 237 -8 316 73 75 36 14 9 16 16 28

Total underlying income 3,757 1,580 452 226 127 414 90 1,308 271 1,627 1,020 378 91 137 561 -11

Operating expenses 2,373 884 268 90 74 183 153 766 118 1,060 634 275 66 84 383 46 Gross result 1,384 696 184 136 54 231 -63 542 153 567 386 103 25 53 178 -56 Additions to loan loss provisions - -41 -30 13 3 -0 -22 -37 -4 28 25 -1 1 3 12 -

Underlying profit before tax 1,384 737 214 124 51 232 -41 579 158 539 361 104 24 50 165 -56 Taxation 313 126 11 28 21 26 -2 84 42 116 85 26 5 - 50 22 Minority interests 26 18 3 -0 - 3 1 7 11 8 - - 5 2 - - Underlying net profit 1,045 593 200 96 30 203 -40 489 104 415 276 78 14 48 115 -78 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units - - - - - - - - - - - Special items after tax - - - - - - - - - - - Net profit 1,045 593 489 104 415 276 78 14 48 115 -78

Key figuresUnderlying cost/Income ratio 63.2% 56.0% 59.3% 39.8% 57.9% 44.1% 170.5% 58.6% 43.4% 65.1% 62.2% 72.8% 72.7% 61.2% 68.3% n.a. Risk cost in bp of average credit-risk-weighted assets - -10 -20 21 6 - -325 -12 -5 11 14 -2 40 16 7 - Total risk weighted assets (end of period) 333,722 163,138 61,769 24,653 17,393 26,781 2,219 132,815 30,323 103,367 73,583 20,561 1,235 7,988 72,082 -4,865

Underlying RAROC before tax 1) 29.3% 27.7% 15.8% 56.2% 23.6% 36.2% -78.8% 24.3% 45.6% 51.1% 63.8% 66.2% 81.6% 13.8% 20.5% n.a.

Underlying RAROC after tax 1) 23.4% 24.6% 14.3% 45.5% 14.9% 33.4% -32.0% 22.9% 33.6% 40.5% 48.8% 50.5% 65.5% 15.5% 14.4% n.a.

Economic Capital (average over period) 1) 14,832 7,734 2,418 811 608 2,362 318 6,517 1,217 3,897 2,160 569 112 1,056 2,919 282 Staff (FTEs end of period) 64,767 19,899 17,702 2,197 37,045 14,667 8,250 5,951 8,177 7,823 - 1) Year-to-date figures


BANKING


Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineBreakdown commission incomeFunds transfer 150 33 33 - 109 73 14 12 10 7 - Securities business 190 41 41 - 131 24 70 15 22 18 - Insurance broking 52 7 7 - 45 20 25 - - - - Management fees 190 107 16 91 80 26 53 - 1 3 - Brokerage and advisory fees 70 65 65 - 0 0 - - - 2 3 Other 93 98 97 1 7 4 -24 9 19 -4 -8 Commission income 744 351 55 96 9 -6 104 259 92 372 147 137 36 52 27 -5

Breakdown investment incomeRental income 66 66 3 62 - - - - - - - Other investment income 40 5 4 1 34 - - - 34 1 - Investment income 106 71 8 63 34 - - - 34 1 - Realised gains/losses on bonds 74 36 36 - - - - - - 38 - Realised gains/losses on equities 114 114 114 - - - - - - - - Change in fair value real estate investments 26 26 1 25 - - - - - - - Realised gains and fair value changes on investments 213 176 151 25 0 - - - - 38 - Total investment income 320 247 78 4 0 61 14 158 89 34 - - - 34 38 -


BANKING


Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineInterest result 2,351 675 323 118 51 181 -29 644 31 1,160 827 261 37 35 533 -17 Commission income 690 325 93 69 10 -16 86 242 83 346 146 139 21 40 20 -1

Investment income 45 40 6 34 7 - - - 7 1 -3 Realised gains and fair value changes on investments 68 52 47 5 5 - 5 - - 11 -

Total investment income 113 92 2 - - 25 26 53 39 12 - 5 - 7 12 -3 Valuation results non-trading derivatives 51 106 103 3 - 3 -3 - - 1 -56 Net trading income 247 208 179 29 15 -1 13 - 3 3 21 Other income 143 68 40 28 34 24 -1 2 9 -1 42

Total other income 441 382 8 12 68 206 28 322 60 49 26 9 2 12 3 7

Total underlying income 3,595 1,474 426 199 129 396 111 1,261 213 1,567 999 414 60 94 568 -14

Operating expenses 2,177 797 282 71 67 160 118 698 99 977 589 264 51 73 397 6 Gross result 1,418 677 144 128 62 236 -7 563 114 590 410 150 9 21 171 -20 Additions to the provision for loan losses -20 -58 -39 -23 5 - 1 -56 -2 22 12 1 -3 12 16 -

Underlying profit before tax 1,438 735 183 151 57 236 -8 619 116 568 398 149 12 9 155 -20 Taxation 369 156 55 23 17 24 -3 116 40 160 111 44 2 3 64 -11 Minority interests 11 10 4 - - 4 2 10 - 1 - - 3 -2 - - Underlying net profit 1,058 569 124 128 40 208 -7 493 76 407 287 105 7 8 91 -9 Net gains/losses on divestments - - - - - - - - - - - Net profit from divested units 19 15 15 - - - - - - 4 - Special items after tax - - - - - - - - - - - Net profit 1,077 584 508 76 407 287 105 7 8 95 -9

Key figuresUnderlying cost/Income ratio 60.6% 54.1% 66.2% 35.7% 51.9% 40.4% 106.3% 55.4% 46.5% 62.3% 59.0% 63.8% 85.0% 77.7% 69.9% n.a. Risk cost in bp of average credit-risk-weighted assets -3 -16 -24 -36 13 - -2 -19 -3 9 7 2 -188 68 8 - Total risk weighted assets (end of period) 333,365 166,430 72,870 27,636 15,183 23,436 2,442 141,567 24,863 96,187 70,243 18,008 689 7,247 79,903 -9,155

Underlying RAROC before tax 1) 31.0% 28.0% 10.0% 53.4% 32.8% 42.1% -7.9% 26.2% 39.7% 54.6% 71.6% 79.0% 13.0% 4.3% 18.4% n.a.

Underlying RAROC after tax 1) 24.6% 24.2% 8.2% 43.3% 23.1% 42.0% -0.3% 23.9% 26.1% 39.3% 51.6% 55.7% 10.4% 3.6% 11.5% n.a.

Economic Capital (average over period) 1) 15,023 8,017 2,890 843 573 2,193 420 6,919 1,098 3,855 2,103 687 126 939 3,067 84 Staff (FTEs end of period) 64,813 20,436 18,588 1,848 37,069 15,195 8,488 5,289 8,097 7,308 - 1) Year-to-date figures


BANKING


Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineBreakdown commission incomeFunds transfer 155 42 42 - 107 73 16 8 10 7 -1 Securities business 210 73 73 - 123 27 75 6 15 15 -1 Insurance broking 42 6 6 - 36 15 21 - - - - Management fees 175 95 14 81 80 26 53 - 1 - - Brokerage and advisory fees 52 51 51 - -1 - -2 - 1 1 1 Other 56 58 56 2 1 5 -24 7 13 -3 - Commission income 690 325 93 69 10 -16 86 242 83 346 146 139 21 40 20 -1

Breakdown investment incomeRental income 27 29 - 29 1 - - - 1 - -3 Other investment income 18 11 6 5 6 - - - 6 1 - Investment income 45 40 6 34 7 - - - 7 1 -3 Realised gains/losses on bonds 42 26 26 - 5 - 5 - - 11 - Realised gains/losses on equities 18 18 18 - - - - - - - - Change in fair value real estate investments 8 8 3 5 - - - - - - - Realised gains and fair value changes on investments 68 52 47 5 5 - 5 - - 11 - Total investment income 113 92 2 - - 25 26 53 39 12 - 5 - 7 12 -3


BANKING


Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineInterest result 2,368 793 353 179 40 220 6 798 -5 1,070 763 235 34 38 530 -25 Commission income 691 377 81 98 13 -16 92 268 109 298 126 107 29 36 17 -1

Investment income 69 -38 -83 45 107 61 45 - 1 2 -2 Realised gains and fair value changes on investments 156 151 115 36 4 - 3 1 - 2 -1

Total investment income 225 113 -7 -55 8 40 46 32 81 111 61 48 1 1 4 -3 Valuation results non-trading derivatives 110 116 91 25 11 - - - 11 15 -32 Net trading income 58 19 21 -2 8 - 7 -2 3 -1 32 Other income 161 108 -67 175 23 19 2 3 -1 -10 40

Total other income 329 243 1 - 81 -15 -22 45 198 42 19 9 1 13 4 40

Total underlying income 3,613 1,526 428 222 142 229 122 1,143 383 1,521 969 399 65 88 555 11

Operating expenses 2,377 960 283 93 73 207 158 814 146 1,029 639 255 55 80 363 25 Gross result 1,236 566 145 129 69 22 -36 329 237 492 330 144 10 8 192 -14 Additions to the provision for loan losses 88 20 -1 4 13 - -1 15 5 48 36 6 1 5 20 -

Underlying profit before tax 1,148 546 146 125 56 22 -35 314 232 444 294 138 9 3 172 -14 Taxation 197 44 15 13 10 -34 -23 -19 63 114 95 15 3 1 69 -30 Minority interests 15 13 1 - - 2 1 4 9 2 - - 1 1 - - Underlying net profit 936 489 130 112 46 54 -13 329 160 328 199 123 5 1 103 16 Net gains/losses on divestments -23 - - - - - - - - -23 - Net profit from divested units 5 - - - - - - - - 5 - Special items after tax - - - - - - - - - - - Net profit 918 489 329 160 328 199 123 5 1 85 16

Key figuresUnderlying cost/Income ratio 65.8% 62.9% 66.1% 41.9% 51.4% 90.4% 129.5% 71.2% 38.1% 67.7% 65.9% 63.9% 84.6% 90.9% 65.4% n.a. Risk cost in bp of average credit-risk-weighted assets 11 5 - 7 31 - - 5 7 20 20 13 62 25 9 - Total risk weighted assets (end of period) 337,926 160,615 61,519 23,500 16,901 25,186 3,525 130,631 29,984 100,263 72,174 20,063 708 7,318 88,570 -11,522

Underlying RAROC before tax 1) 26.2% 24.3% 10.5% 39.0% 31.3% 22.1% -5.0% 19.2% 58.6% 44.4% 65.9% 60.5% 22.5% -1.9% 19.4% n.a.

Underlying RAROC after tax 1) 20.5% 20.6% 7.3% 36.6% 22.6% 22.6% 7.5% 17.7% 40.1% 32.0% 46.4% 45.5% 17.6% -0.5% 11.8% n.a.

Economic Capital (average over period) 1) 15,726 8,135 2,794 1,059 582 2,227 420 7,082 1,053 4,113 2,107 711 129 1,166 3,218 260 Staff (FTEs end of period) 65,356 20,605 18,485 2,120 37,186 15,255 8,420 5,178 8,333 7,565 - 1) Year-to-date figures


BANKING


Total Wholesale GL& Structered Leasing & Financial Other WHS excl. ING Real Retail The ING Banking(in € mln) Banking banking PCM Finance Factoring Markets products Real Est. Estate Banking Netherlands Belgium Poland Other Direct Corp. LineBreakdown commission incomeFunds transfer 113 28 28 - 77 52 5 10 10 8 - Securities business 185 77 77 - 99 23 53 11 12 10 -1 Insurance broking 46 3 3 - 43 19 24 - - - - Management fees 210 133 23 110 76 26 50 - - 1 - Brokerage and advisory fees 54 51 51 - 1 - - - 1 3 -1 Other 83 85 86 -1 2 6 -25 8 13 -5 1 Commission income 691 377 81 98 13 -16 92 268 109 298 126 107 29 36 17 -1

Breakdown investment incomeRental income 41 42 -1 43 - - - - - - -1 Other investment income 28 -80 -82 2 107 61 45 - 1 2 -1 Investment income 69 -38 -83 45 107 61 45 - 1 2 -2 Realised gains/losses on bonds 31 30 30 - - - - - - 2 -1 Realised gains/losses on equities 88 84 84 - 4 - 3 1 - - - Change in fair value real estate investments 37 37 1 36 - - - - - - - Realised gains and fair value changes on investments 156 151 115 36 4 - 3 1 - 2 -1 Total investment income 225 113 -7 -55 8 40 46 32 81 111 61 48 1 1 4 -3


BANKING

3.1.2 Balance sheet

ING Bank NV31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March

(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Balance sheetCash and balances with central banks 14,541 11,769 9,689 12,295 7,480 Amounts due from banks 55,693 39,868 51,745 56,275 56,402 Financial assets at fair value through P&L 224,908 203,639 195,766 189,600 183,188 Investments 161,545 171,091 173,471 184,045 185,456 Loans and advances to customers 458,974 437,774 431,766 433,993 413,728 Property and equipment 5,047 4,980 5,130 4,757 4,729

Deferred tax assets 1,831 1,753 1,740 2,111 2,060 Other 23,824 24,111 20,687 20,957 19,886

Other Assets 25,655 25,864 22,427 23,068 21,946 Total Assets 946,363 894,985 889,994 904,033 872,929

Shareholders' equity (parent) 21,210 21,298 21,591 20,339 20,769 Minority interests 1,086 1,204 432 450 487 Total equity 22,296 22,502 22,023 20,789 21,256 Preference sharesSubordinated loans 17,642 18,073 18,162 18,674 18,350 Amounts due to banks 124,285 120,839 113,772 116,212 119,419 Customer deposits and other funds on deposits 519,315 496,775 501,560 504,326 483,319 Debt securities in issue/other borrowed funds 72,048 67,464 64,139 76,790 73,314 Financial liabilities at fair value through P&L 163,195 141,627 145,470 139,623 130,105 Non-trading derivatives 3,791 4,296 3,591 5,925 5,408


Other liabilities 23,791 23,409 21,277 21,694 21,758 Total liabilities 924,067 872,483 867,971 883,244 851,673 Total shareholders equity and liabilities 946,363 894,985 889,994 904,033 872,929


BANKING

3.1.3 Cash flow statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Net cash flow from operating activities -11,607 -830 -7,642 6,824 -806 Investments and advances:

Group companies -2,132 -110 -587 Associates -57 -128 -22 -99 -25 Available for sale investments -24,298 -24,909 -21,841 -30,148 -30,004 Held-to-maturity investmentsInvestment properties -30 -80 -15 -110 -83 Property and equipment -71 -112 -106 -74 -67 Assets subject to operating leases -384 -611 43 -295 -301 Investments for risk policyholdersOther investments -20 -55 -29 -30 -28

Disposals and redemptions:Group companies -24 295 Associates 91 175 51 72 71 Available-for-sale investments 31,985 24,380 21,071 23,856 20,597 Held-to-maturity investments 249 123 663 40 517 Investment properties 94 58 146 6 101 Property and equipment 24 181 14 8 7 Assets subject to operating leases 100 119 59 104 120 Investments for risk policyholdersOther investments 7 11 -1 1 5

Net cash flow from investing activities 7,690 -3,004 218 -7,256 -9,090 Proceeds from issuance of subordinated loans 116 4,209 198 929 1,890 Repayment of subordinated loans -473 -3,870 -600 -197 -408 Proceeds from borrwowedfunds and debt securities 75,048 66,786 77,304 42,477 50,335 Repayments from borrowed funds and debt securities -70,410 -63,014 -69,960 -39,864 -48,043 Deposits by reinsurersIssuance of ordinary sharesPurchase of treasury sharesSale of treasury shares 217 Dividends paid/received -800 -600 -400 -400 -400 Net cash flow from financing activities 3,698 3,511 6,542 2,945 3,374

Net cash flow -219 -323 -882 2,513 -6,522 Cash and equivalents at the begining of period -4,352 -3,967 -3,141 -5,619 969 Effect of exchange-rate on cash and equivalents -54 -62 56 -35 -66 Cash and equivalents at end of period -4,625 -4,352 -3,967 -3,141 -5,619 - of which treasury bills and other eligible bills 6,445 4,333 4,427 7,432 11,530 - of which amounts due to/from banks -25,610 -20,454 -18,083 -22,869 -24,629 - of which Cash and balances with central banks 14,540 11,769 9,689 12,296 7,480


BANKING

3.1.4 Additional information

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q12007 2007 2007 2007 2006 2006 2006 2006

Underlying RAROC before tax (YTD figures)General Lending & PCM 15.8% 10.5% 10.0% 10.5% 10.0%Structured Finance 56.2% 39.0% 40.8% 46.2% 53.4%Leasing & Factoring 23.6% 31.3% 29.5% 32.5% 32.8%Financial Markets 36.2% 22.1% 28.3% 36.0% 42.1%Other Wholesale products -78.8% -5.0% 4.6% 12.8% -7.9%Subtotal 24.3% 19.2% 21.4% 25.3% 26.2%ING Real Estate 45.6% 58.6% 49.0% 42.1% 39.7%Wholesale banking 27.7% 24.3% 24.9% 27.6% 28.0%The Netherlands 63.8% 65.9% 68.8% 69.7% 71.6%Belgium 66.2% 60.5% 56.6% 67.4% 79.0%Poland 81.6% 22.5% 23.9% 20.0% 13.0%Other 13.8% -1.9% -1.7% -4.4% 4.3%Retail banking 51.1% 44.4% 45.6% 47.7% 54.6%ING Direct 20.5% 19.4% 19.6% 20.0% 18.4%Other n.a. n.a. n.a. n.a. n.a. Total 29.3% 26.2% 26.9% 29.2% 31.0%

Underlying RAROC after tax (YTD figures)General Lending & PCM 14.3% 7.3% 6.1% 7.1% 8.2%Structured Finance 45.5% 36.6% 37.7% 40.2% 43.3%Leasing & Factoring 14.9% 22.6% 20.1% 22.4% 23.1%Financial Markets 33.4% 22.6% 27.0% 33.7% 42.0%Other Wholesale products -32.0% 7.5% 19.0% 8.7% -0.3%Subtotal 22.9% 17.7% 19.1% 21.3% 23.9%ING Real Estate 33.6% 40.1% 32.2% 28.8% 26.1%Wholesale banking 24.6% 20.6% 20.8% 22.4% 24.2%The Netherlands 48.8% 46.4% 48.9% 49.5% 51.6%Belgium 50.5% 45.5% 38.8% 47.0% 55.7%Poland 65.5% 17.6% 19.7% 16.7% 10.4%Other 15.5% -0.5% 0.0% -1.7% 3.6%Retail banking 40.5% 32.0% 32.6% 34.2% 39.3%ING Direct 14.4% 11.8% 12.0% 11.7% 11.5%Other n.a. n.a. n.a. n.a. n.a. Total 23.4% 20.5% 20.6% 22.0% 24.6%

Economic Capital (average over YTD period)General Lending & PCM 2,418 2,794 2,836 2,777 2,890Structured Finance 811 1,059 992 910 843Leasing & Factoring 608 582 576 564 573Financial Markets 2,362 2,227 2,246 2,205 2,193Other Wholesale products 318 420 410 431 420Subtotal 6,517 7,082 7,060 6,887 6,919ING Real Estate 1,217 1,053 1,037 1,102 1,098Wholesale banking 7,734 8,135 8,097 7,989 8,017The Netherlands 2,160 2,107 2,119 2,105 2,103Belgium 569 711 711 719 687Poland 112 129 127 131 126Other 1,056 1,166 1,142 1,090 939Retail banking 3,897 4,113 4,099 4,045 3,855ING Direct 2,919 3,218 3,189 3,106 3,067Other 282 260 241 195 84Total 14,832 15,726 15,626 15,335 15,023


BANKING

3.1.4 Additional information

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q12007 2007 2007 2007 2006 2006 2006 2006

Underlying cost/Income ratioGeneral Lending & PCM 59.3% 66.1% 68.1% 67.0% 66.2%Structured Finance 39.8% 41.9% 37.5% 39.0% 35.7%Leasing & Factoring 57.9% 51.4% 56.4% 53.1% 51.9%Financial Markets 44.1% 90.4% 67.1% 49.4% 40.4%Other Wholesale products 170.5% 129.5% 114.0% 77.2% 106.3%Subtotal 58.6% 71.2% 65.8% 57.9% 55.4%ING Real Estate 43.4% 38.1% 44.0% 46.8% 46.5%Wholesale banking 56.0% 62.9% 61.3% 56.1% 54.1%The Netherlands 62.2% 65.9% 59.8% 59.4% 59.0%Belgium 72.8% 63.9% 78.8% 68.6% 63.8%Poland 72.7% 84.6% 80.3% 79.0% 85.0%Other 61.2% 90.9% 73.6% 126.5% 77.7%Retail banking 65.1% 67.7% 66.1% 66.3% 62.3%ING Direct 68.3% 65.4% 64.6% 65.4% 69.9%Other n.a. n.a. n.a. n.a. n.a. Total 63.2% 65.8% 65.3% 62.7% 60.6%

Risk costs ratio (annualised, in bps of average CRWA)General Lending & PCM -20 - -4 -29 -24 Structured Finance 21 7 -11 -10 -36 Leasing & Factoring 6 31 8 20 13 Financial Markets - - - - - Other Wholesale products -325 - - -118 -2 Subtotal -12 5 -3 -17 -19 ING Real Estate -5 7 1 -8 -3 Wholesale banking -10 5 -3 -16 -16 The Netherlands 14 20 21 19 7 Belgium -2 13 -11 28 2 Poland 40 62 -164 3 -188 Other 16 25 60 34 68 Retail banking 11 20 16 22 9 ING Direct 7 9 7 4 8 Other - - - - - Total - 11 5 - -3

Loan portfolio ratios (end of period, in € bln)Total provisions 2.5 2.6 2.7 2.9 3.1 Provisioned loans 5.2 5.2 5.2 6.1 6.6 Total Loans (incl. amounts due from banks) 514.7 477.6 483.5 490.3 470.1 Provisioned loans/total loans in % 1.0% 1.1% 1.1% 1.2% 1.4%Total provisions/provisioned loans in % 49% 50% 52% 48% 47%Provisions/total loans (in bps) 0.49% 0.54% 0.56% 0.59% 0.66%

Loans and advances to customers (end of period, in € bln)Public authorities 11.7 11.9 11.9 20.5 19.2Other corporate 231.0 217.7 216.7 218.3 207.2Total corporate 242.6 229.6 228.6 238.8 226.4Mortgages 193.8 185.3 180.7 174.4 167.0Other personnal 25.0 25.5 25.2 23.7 23.4Total personal 218.9 210.8 205.9 198.1 190.4Provisions for bank lending -2.5 -2.6 -2.7 -2.9 -3.1Total bank lending 459.0 437.8 431.8 434.0 413.7


www.ing.com

3.2 Wholesale Banking

BANKING

3.2.1 Wholesale banking: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 593 793 632 599 675 Commission income 351 377 304 327 325

Investment income 71 -38 62 92 40 Realised gains and fair value changes on investments 176 151 -4 43 52

Total investment income 247 113 58 135 92 Valuation results non-trading derivatives -28 116 -142 -28 106 Net trading income 317 19 289 370 208 Other income 100 108 198 62 68



Operating expenses 884 960 821 822 797 Gross result 696 566 518 643 677 Additions to loan loss provisions -41 20 -9 -74 -58

Underlying profit before tax 737 546 527 717 735 Taxation 126 44 106 148 156 Minority interests 18 13 8 9 10 Underlying net profit 593 489 413 560 569 Net gains/losses on divestments - - -83 -9 - Net profit from divested units - - - 12 15 Special items after tax - - - - - Net profit 593 489 330 563 584

Key figuresUnderlying cost/income ratio 56.0% 62.9% 61.3% 56.1% 54.1%Risk cost in bp of average credit-risk-weighted assets -10 5 -3 -16 -16 Total risk weighted assets (end of period) 163,138 160,615 157,462 170,809 166,430



Economic Capital (average over period) 1) 7,734 8,135 8,097 7,989 8,017 Staff (FTEs end of period) 19,899 20,605 20,473 20,405 20,436 Value at Risk trading and Treasury positions (avg.) 31.8 32.2 30.1 32.1 31.4 1) Year-to-date figures


BANKING

3.2.1 Wholesale banking: Income Statement


Breakdown investment incomeRental income 66 42 38 28 29 Other investment income 5 -80 24 64 11 Investment income 71 -38 62 92 40 Realised gains/losses on bonds 36 30 -13 4 26 Realised gains/losses on equities 114 84 - 26 18 Change in fair value real estate investments 26 37 9 13 8 Realised gains and fair value changes on investments 176 151 -4 43 52 Total investment income 247 113 58 135 92


BANKING

3.2.2 Wholesale banking General Lending & PCM: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 311 353 327 327 323 Commission income 55 81 84 92 93 Investment income 78 -7 2 2 2 Other income 7 1 4 6 8


Operating expenses 268 283 284 286 282 Gross result 184 145 133 141 144 Additions to the provision for loan losses -30 -1 -6 -61 -39

Underlying profit before tax 214 146 139 202 183 Taxation 11 15 39 52 55 Minority interests 3 1 5 5 4 Underlying net profit 200 130 95 145 124 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 200 130 95 145 124

Key figuresUnderlying cost/income ratio 59.3% 66.1% 68.1% 67.0% 66.2%Risk cost in bp of average credit-risk-weighted assets -20 - -4 -29 -24 Total risk weighted assets (end of period) 61,769 61,519 62,252 75,759 72,870



Economic Capital (average over period) 1) 2,418 2,794 2,836 2,777 2,890 1) Year-to-date figures


BANKING

3.2.3 Wholesale banking Structured Finance: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 117 179 102 105 118 Commission income 96 98 62 72 69 Investment income 4 -55 1 - - Other income 9 - 11 10 12


Operating expenses 90 93 66 73 71 Gross result 136 129 110 114 128 Additions to the provision for loan losses 13 4 -7 -8 -23

Underlying profit before tax 124 125 117 122 151 Taxation 28 13 11 23 23 Minority interests -0 - - - - Underlying net profit 96 112 106 99 128 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 96 112 106 99 128

Key figuresUnderlying cost/income ratio 39.8% 41.9% 37.5% 39.0% 35.7%Risk cost in bp of average credit-risk-weighted assets 21 7 -11 -10 -36 Total risk weighted assets (end of period) 24,653 23,500 26,033 30,060 27,636



Economic Capital (average over period) 1) 811 1,059 992 910 843 1) Year-to-date figures


BANKING

3.2.4 Wholesale banking Leasing & Factoring: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 48 40 42 51 51 Commission income 9 13 9 7 10 Investment income - 8 - - - Other income 70 81 66 70 68


Operating expenses 74 73 66 68 67 Gross result 54 69 51 60 62 Additions to the provision for loan losses 3 13 3 7 5

Underlying profit before tax 51 56 48 53 57 Taxation 21 10 16 17 17 Minority interests - Underlying net profit 30 46 32 36 40 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 30 46 32 36 40

Key figuresUnderlying cost/income ratio 57.9% 51.4% 56.4% 53.1% 51.9%Risk cost in bp of average credit-risk-weighted assets 6 31 8 20 13 Total risk weighted assets (end of period) 17,393 16,901 15,937 15,470 15,183



Economic Capital (average over period) 1) 608 582 576 564 573 1) Year-to-date figures


BANKING

3.2.5 Wholesale banking Financial Markets: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 121 220 132 77 181 Commission income -6 -16 -24 -24 -16 Investment income 61 40 -5 21 25 Other income 237 -15 149 258 206


Operating expenses 183 207 169 164 160 Gross result 231 22 83 168 236 Additions to the provision for loan losses - - - - -

Underlying profit before tax 232 22 83 168 236 Taxation 26 -34 2 7 24 Minority interests 3 2 2 2 4 Underlying net profit 203 54 79 159 208 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 203 54 79 159 208

Key figuresUnderlying cost/income ratio 44.1% 90.4% 67.1% 49.4% 40.4%Risk cost in bp of average credit-risk-weighted assets - - - - - Total risk weighted assets (end of period) 26,781 25,186 23,098 20,625 23,436



Economic Capital (average over period) 1) 2,362 2,227 2,246 2,205 2,193 1) Year-to-date figures


BANKING

3.2.6 Wholesale banking Other products: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result -21 6 -10 1 -29 Commission income 104 92 83 90 86 Investment income 14 46 17 66 26 Other income -8 -22 10 1 28


Operating expenses 153 158 114 122 118 Gross result -63 -36 -14 36 -7 Additions to the provision for loan losses -22 -1 - -7 1

Underlying profit before tax -41 -35 -14 43 -8 Taxation -2 -23 -21 12 -3 Minority interests 1 1 1 2 2 Underlying net profit -40 -13 6 29 -7 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit -40 -13 6 29 -7

Key figuresUnderlying cost/income ratio 170.5% 129.5% 114.0% 77.2% 106.3%Risk cost in bp of average credit-risk-weighted assets -325 - - -118 -2 Total risk weighted assets (end of period) 2,219 3,525 3,102 2,951 2,442

Underlying RAROC before tax 1) -78.8% -5.0% 4.6% 12.8% -7.9%

Underlying RAROC after tax 1) -32.0% 7.5% 19.0% 8.7% -0.3%

Economic Capital (average over period) 1) 318 420 410 431 420 1) Year-to-date figures


BANKING

3.2.7 Wholesale banking excl. ING Real Estate: Income Statement


Investment income 8 -83 30 59 6 Realised gains and fair value changes on investments 151 115 -15 30 47

Total investment income 158 32 15 89 53 Valuation results non-trading derivatives -30 91 -136 -31 103 Net trading income 314 21 338 346 179 Other income 33 -67 38 30 40



Operating expenses 766 814 699 713 698 Gross result 542 329 363 519 563 Additions to loan loss provisions -37 15 -10 -69 -56

Underlying profit before tax 579 314 373 588 619 Taxation 84 -19 47 111 116 Minority interests 7 4 8 9 10 Underlying net profit 489 329 318 468 493 Net gains/losses on divestments - - -83 -9 - Net profit from divested units - - - 12 15 Special items after tax - - - - - Net profit 489 329 235 471 508




Economic Capital (average over period) 1) 6,517 7,082 7,060 6,887 6,919 Staff (FTEs end of period) 17,702 18,485 18,462 18,444 18,588 1) Year-to-date figures


BANKING

3.2.7 Wholesale banking excl. ING Real Estate: Income Statement


Breakdown investment incomeRental income 3 -1 2 1 - Other investment income 4 -82 28 58 6 Investment income 8 -83 30 59 6 Realised gains/losses on bonds 36 30 -13 4 26 Realised gains/losses on equities 114 84 - 26 18 Change in fair value real estate investments 1 1 -2 - 3 Realised gains and fair value changes on investments 151 115 -15 30 47 Total investment income 158 32 15 89 53


BANKING

3.2.8 Wholesale banking excl. ING Real Estate: Income Statement by Country

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

NetherlandsInterest result 147 250 137 199 233 Commission income 109 80 88 86 97 Investment income 85 -63 -4 3 -7 Other income 205 168 174 161 173 Total underlying income 546 435 395 449 496

Operating expenses 286 283 250 263 253 Gross result 260 152 145 186 243 Additions to loan loss provisions 25 9 7 -34 -16

Underlying profit before tax 235 143 138 220 259 Taxation 42 38 27 63 73 Minority interests - - - 1 1 Underlying net profit 193 105 111 156 185

Key figuresUnderlying cost/income ratio 52.4% 65.1% 63.3% 58.6% 51.0%Risk cost in bp of average credit-risk-weighted assets 20 7 5 -25 -12 Total risk weighted assets (end of period) 50,969 50,407 50,856 55,096 52,457



Economic Capital (average over period) 1) 2,429 2,895 2,869 2,809 2,781 Staff (FTEs end of period) 7,837 7,833 7,836 7,704 7,688

BelgiumInterest result 176 222 187 181 128 Commission income 43 59 50 58 65 Investment income 33 82 1 49 30 Other income 86 -59 74 103 100 Total underlying income 338 304 312 391 323

Operating expenses 181 203 192 180 186 Gross result 157 101 120 211 137 Additions to loan loss provisions -6 16 8 -2 -6

Underlying profit before tax 163 85 112 213 143 Taxation 14 -34 5 48 -7 Minority interests - - - - - Underlying net profit 150 119 107 165 150

Key figuresUnderlying cost/income ratio 53.5% 66.8% 61.5% 46.0% 57.6%Risk cost in bp of average credit-risk-weighted assets -7 18 10 -2 -7 Total risk weighted assets (end of period) 35,941 36,344 34,782 36,913 37,061





BANKING


Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Rest of WorldInterest result 253 326 268 182 281 Commission income 94 115 63 77 66 Investment income 27 -8 17 8 24 Other income 23 -55 -3 78 48 Total underlying income 396 378 345 345 419

Operating expenses 251 278 229 249 226 Gross result 145 100 116 96 193 Additions to loan loss provisions -56 -10 -25 -33 -34

Underlying profit before tax 201 110 141 129 227 Taxation 35 -12 27 -2 49 Minority interests 6 4 8 8 9 Underlying net profit 160 118 106 123 169

Key figuresUnderlying cost/income ratio 63.3% 73.5% 66.4% 72.2% 53.9%Risk cost in bp of average credit-risk-weighted assets -53 -8 -23 -19 -33 Total risk weighted assets (end of period) 46,016 42,828 44,061 52,195 51,444



Economic Capital (average over period) 1) 2,029 2,316 2,316 2,249 2,267 Staff (FTEs end of period) 5,428 6,068 6,009 6,120 6,100

OtherInterest result -2 - 1 -1 2 Commission income 13 14 13 16 14 Investment income 14 21 1 29 6 Other income 3 -9 -5 3 1 Total underlying income 28 26 10 47 23

Operating expenses 49 50 28 21 33 Gross result -21 -24 -18 26 -10 Additions to loan loss provisions - - -

Underlying profit before tax -21 -24 -18 26 -10 Taxation -7 -11 -12 2 1 Minority interests - - - - - Underlying net profit -14 -13 -6 24 -11

Key figuresUnderlying cost/income ratio 172.4% 192.3% 280.0% 44.7% 143.5%Risk cost in bp of average credit-risk-weighted assets - - - - - Total risk weighted assets (end of period) -111 1,052 723 661 605

Underlying RAROC before tax 1) -79.8% -17.6% -1.8% 21.1% -25.6%

Underlying RAROC after tax 1) -53.0% -3.6% 6.8% 17.8% -28.2%

Economic Capital (average over period) 1) 96 142 148 152 156 Staff (FTEs end of period) 270 348 350 340 325 1) Year-to-date figures


BANKING


Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Total Wholesale Banking excl. ING Real EstateInterest result 575 798 593 561 644 Commission income 259 268 214 237 242 Investment income 158 32 15 89 53 Other income 316 45 240 345 322 Total underlying income 1,308 1,143 1,062 1,232 1,261

Operating expenses 766 814 699 713 698 Gross result 542 329 363 519 563 Additions to the provision for loan losses -37 15 -10 -69 -56

Underlying profit before tax 579 314 373 588 619 Taxation 84 -19 47 111 116 Minority interests 7 4 8 9 10 Underlying net profit 489 329 318 468 493 Of which: Netherlands 193 105 111 156 185 Of which: Belgium 150 119 107 165 150 Of which: Rest of World 160 118 106 123 169 Of which: Other -14 -13 -6 24 -11






BANKING

3.2.9 Wholesale banking ING Real Estate: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 18 -5 39 38 31 Commission income 92 109 90 90 83

Investment income 63 45 32 33 34 Realised gains and fair value changes on investments 25 36 11 13 5

Total investment income 89 81 43 46 39 Valuation results non-trading derivatives 2 25 -6 3 3 Net trading income 4 -2 -49 24 29 Other income 67 175 160 32 28



Operating expenses 118 146 122 109 99 Gross result 153 237 155 124 114 Additions to loan loss provisions -4 5 1 -5 -2

Underlying profit before tax 158 232 154 129 116 Taxation 42 63 59 37 40 Minority interests 11 9 - - - Underlying net profit 104 160 95 92 76 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 104 160 95 92 76

Key figuresUnderlying cost/income ratio 43.4% 38.1% 44.0% 46.8% 46.5%Risk cost in bp of average credit-risk-weighted assets -5 7 1 -8 -3 Total risk weighted assets (end of period) 30,323 29,984 27,040 25,944 24,863





BANKING

3.2.9 Wholesale banking ING Real Estate: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transferSecurities businessInsurance brokingManagement fees 91 110 87 89 81 Brokerage and advisory feesOther 1 -1 3 1 2 Commission income 92 109 90 90 83

Breakdown investment incomeRental income 62 43 36 27 29 Other investment income 1 2 -4 6 5 Investment income 63 45 32 33 34 Realised gains/losses on bondsRealised gains/losses on equities 0 Change in fair value real estate investments 25 36 11 13 5 Realised gains and fair value changes on investments 25 36 11 13 5 Total investment income 89 81 43 46 39

Underlying profit before taxInvestment Management 27 44 29 32 32 Investment portfolio 81 86 42 37 34 Finance 53 35 48 57 43 Development -3 67 35 3 7 Total 158 232 154 129 116

ING Real Estate portfolio (in € bn)Investment Management 69.2 65.6 54.8 51.5 49.9 Development AuM 2.1 2.5 2.7 2.7 2.6 Total Assets under Management 71.3 68.1 57.5 54.2 52.5 Real Estate Finance portfolio 23.1 22.6 21.7 20.9 20.2 Total portfolio 94.4 90.7 79.2 75.1 72.7


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3.3 Retail Banking

BANKING

3.3.1 Retail banking: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 1,145 1,070 1,138 1,163 1,160 Commission income 372 298 303 303 346

Investment income 34 107 4 2 7 Realised gains and fair value changes on investments - 4 - -1 5

Total investment income 34 111 4 1 12 Valuation results non-trading derivatives 25 11 -2 - - Net trading income 17 8 19 19 15 Other income 34 23 33 17 34



Operating expenses 1,060 1,029 988 996 977 Gross result 567 492 507 507 590 Additions to loan loss provisions 28 48 38 53 22

Underlying profit before tax 539 444 469 454 568 Taxation 116 114 137 130 160 Minority interests 8 2 8 4 1 Underlying net profit 415 328 324 320 407 Net gains/losses on divestments - - - - - Net profit from divested units - - - - - Special items after tax - - - - - Net profit 415 328 324 320 407






BANKING

3.3.1 Retail banking: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 109 77 103 87 107 Securities business 131 99 92 92 123 Insurance broking 45 43 38 36 36 Management fees 80 76 74 77 80 Brokerage and advisory fees - 1 3 -1 -1 Other 7 2 -7 12 1 Commission income 372 298 303 303 346

Breakdown investment incomeRental income - - - 1 1 Other investment income 34 107 4 1 6 Investment income 34 107 4 2 7 Realised gains/losses on bonds - - - -1 5 Realised gains/losses on equities - 4 - - - Change in fair value real estate investments - - - - - Realised gains and fair value changes on investments - 4 - -1 5 Total investment income 34 111 4 1 12

BANKING

Retail banking -of which Private Banking-

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Total income 182 160 159 160 171 Operating expenses 107 105 98 101 100 Gross result 75 55 61 59 71 Additions to the provision for loan losses - 3 - - 1

Underlying profit before tax 76 52 61 59 70 - of which Netherlands 17 12 19 18 18 - of which Belgium 35 33 28 31 37 - of which Rest of World 24 7 14 10 15

Key figuresUnderlying cost/income ratio 58.8% 65.6% 61.6% 63.1% 58.5%Assets under Management (in € bn) 63.3 59.2 56.6 54.9 55.8


BANKING

3.3.2 Retail banking The Netherlands: Income Statement


Investment income - 61 - 1 - Realised gains and fair value changes on investments - - -

Total investment income - 61 - 1 - Valuation results non-trading derivatives 17 - -3 1 3 Net trading income - - 4 2 -1 Other income 18 19 21 12 24


Total underlying income 1,020 969 980 970 999

Operating expenses 634 639 586 576 589 Gross result 386 330 394 394 410 Additions to loan loss provisions 25 36 37 33 12

Underlying profit before tax 361 294 357 361 398 Taxation 85 95 103 109 111 Minority interests - - - - - Underlying net profit 276 199 254 252 287 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 276 199 254 252 287






BANKING

3.3.2 Retail banking The Netherlands: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 73 52 63 53 73 Securities business 24 23 18 20 27 Insurance broking 20 19 17 11 15 Management fees 26 26 25 28 26 Brokerage and advisory fees 0 - - - - Other 4 6 4 6 5 Commission income 147 126 127 118 146

Breakdown investment incomeRental income 0 - - 1 Other investment income 0 61 Investment income 0 61 - 1 - Realised gains/losses on bondsRealised gains/losses on equitiesChange in fair value real estate investmentsRealised gains and fair value changes on investments - - - - - Total investment income - 61 - 1 -


BANKING

3.3.3 Retail banking Belgium: Income Statement


Investment income - 45 1 - Realised gains and fair value changes on investments - 3 -1 5

Total investment income - 48 - - 5 Valuation results non-trading derivatives 1 - 1 -1 -3 Net trading income 11 7 11 11 13 Other income 2 2 1 -2 -1



Operating expenses 275 255 286 266 264 Gross result 103 144 77 122 150 Additions to loan loss provisions -1 6 -5 13 1

Underlying profit before tax 104 138 82 109 149 Taxation 26 15 29 35 44 Minority interests - - -1 1 - Underlying net profit 78 123 54 73 105 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 78 123 54 73 105

Key figuresUnderlying cost/income ratio 72.8% 63.9% 78.8% 68.6% 63.8%Risk cost in bp of average credit-risk-weighted assets -2 13 -11 28 2 Total risk weighted assets (end of period) 20,561 20,063 19,675 19,058 18,008



Economic Capital (average over period) 1) 569 711 711 719 687 Staff (FTEs end of period) 8,250 8,420 8,402 8,339 8,488 1) Year-to-date figures


BANKING

3.3.3 Retail banking Belgium: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 14 5 18 14 16 Securities business 70 53 55 54 75 Insurance broking 25 24 21 25 21 Management fees 53 50 48 49 53 Brokerage and advisory fees - - 3 -1 -2 Other -24 -25 -31 -18 -24 Commission income 137 107 114 123 139

Breakdown investment incomeRental income - Other investment income - 45 1 Investment income - 45 - 1 - Realised gains/losses on bonds - -1 5 Realised gains/losses on equities - 3 Change in fair value real estate investmentsRealised gains and fair value changes on investments - 3 - -1 5 Total investment income - 48 - - 5


BANKING

3.3.4 Retail banking Poland: Income Statement


Investment income - Realised gains and fair value changes on investments - 1

Total investment income - 1 - - - Valuation results non-trading derivativesNet trading income 2 -2 - 2 Other income 7 3 2 - 2



Operating expenses 66 55 49 49 51 Gross result 25 10 12 13 9 Additions to loan loss provisions 1 1 -3 - -3

Underlying profit before tax 24 9 15 13 12 Taxation 5 3 3 2 2 Minority interests 5 1 4 3 3 Underlying net profit 14 5 8 8 7 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 14 5 8 8 7

Key figuresUnderlying cost/income ratio 72.7% 84.6% 80.3% 79.0% 85.0%Risk cost in bp of average credit-risk-weighted assets 40 62 -164 3 -188 Total risk weighted assets (end of period) 1,235 708 736 701 689



Economic Capital (average over period) 1) 112 129 127 131 126 Staff (FTEs end of period) 5,951 5,178 5,106 5,250 5,289 1) Year-to-date figures


BANKING

3.3.4 Retail banking Poland: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 12 10 9 9 8 Securities business 15 11 6 6 6 Insurance brokingManagement feesBrokerage and advisory fees - Other 9 8 7 8 7 Commission income 36 29 22 23 21

Breakdown investment incomeRental income - Other investment incomeInvestment income - - - - - Realised gains/losses on bondsRealised gains/losses on equities 1 Change in fair value real estate investmentsRealised gains and fair value changes on investments - 1 - - - Total investment income - 1 - - -


BANKING

3.3.5 Retail banking Other: Income Statement


Investment income 34 1 4 - 7 Realised gains and fair value changes on investments - - - - -

Total investment income 34 1 4 - 7 Valuation results non-trading derivatives 6 11 - - - Net trading income 4 3 4 4 3 Other income 7 -1 9 7 9



Operating expenses 84 80 67 105 73 Gross result 53 8 24 -22 21 Additions to loan loss provisions 3 5 9 7 12

Underlying profit before tax 50 3 15 -29 9 Taxation - 1 2 -16 3 Minority interests 2 1 5 - -2 Underlying net profit 48 1 8 -13 8 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 48 1 8 -13 8


Underlying RAROC before tax 1) 13.8% -1.9% -1.7% -4.4% 4.3%

Underlying RAROC after tax 1) 15.5% -0.5% 0.0% -1.7% 3.6%

Economic Capital (average over period) 1) 1,056 1,166 1,142 1,090 939 Staff (FTEs end of period) 8,177 8,333 8,769 8,572 8,097 1) Year-to-date figures


BANKING

3.3.5 Retail banking Other: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 10 10 13 11 10 Securities business 22 12 13 12 15 Insurance broking - - - - - Management fees 1 - 1 - 1 Brokerage and advisory fees 0 1 - - 1 Other 19 13 13 16 13 Commission income 52 36 40 39 40

Breakdown investment incomeRental income - - - - 1 Other investment income 34 1 4 - 6 Investment income 34 1 4 - 7 Realised gains/losses on bonds - - - - Realised gains/losses on equities - - - - Change in fair value real estate investments - - - - Realised gains and fair value changes on investments - - - - - Total investment income 34 1 4 - 7


BANKING

3.3.6 Retail banking -of which Private Banking: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result 62 57 67 64 66 Commission income 109 94 83 92 96 Investment income - - - - - Other income 12 9 9 4 9


Operating expenses 107 105 98 101 100 Gross result 75 55 61 59 71 Additions to loan loss provisions - 3 - - 1

Underlying profit before tax 76 52 61 59 70 Taxation 15 9 20 10 21 Minority interests - - - - - Underlying net profit 60 43 41 49 49 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit 60 43 41 49 49

Key figuresUnderlying cost/income ratio 58.7% 65.6% 61.6% 63.1% 58.5%Total risk weighted assets (end of period) 8,298 7,982 7,731 7,762 7,738



Economic Capital (average over period) 1) 239 404 414 442 384 Assets under Administration (in € bln, end of period) 63.3 59.2 56.6 54.9 55.8 1) Year-to-date figures

Underlying profit before taxNetherlands 17 12 19 18 18 Belgium 35 33 28 31 37 Rest of World 24 7 14 10 15 Total 76 52 61 59 70


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3.4 ING Direct

BANKING

3.4.1 ING Direct: Income Statement


Investment income 1 2 -3 2 1 Realised gains and fair value changes on investments 38 2 16 12 11

Total investment income 38 4 13 14 12 Valuation results non-trading derivatives - 15 1 7 1 Net trading income 6 -1 1 1 3 Other income 9 -10 5 -3 -1



Operating expenses 383 363 351 371 397 Gross result 178 192 192 196 171 Additions to loan loss provisions 12 20 15 6 16

Underlying profit before tax 165 172 177 190 155 Taxation 50 69 59 77 64 Minority interests - - - - - Underlying net profit 115 103 118 113 91 Net gains/losses on divestments -23 Net profit from divested units 5 1 2 4 Special items after taxNet profit 115 85 119 115 95

Key figuresInterest margin 0.76% 0.87% 0.85% 0.90% 0.94%Underlying cost/income ratio 68.3% 65.4% 64.6% 65.4% 69.9%Risk cost in bp of average credit-risk-weighted assets 7 9 7 4 8 Total risk weighted assets (end of period) 72,082 88,570 86,532 82,419 79,903





BANKING

3.4.1 ING Direct: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer 7 8 6 5 7 Securities business 18 10 8 15 15 Insurance broking - - 1 - - Management fees 3 1 1 1 - Brokerage and advisory fees 2 3 1 2 1 Other -4 -5 -4 -4 -3 Commission income 27 17 13 19 20

Breakdown investment incomeRental income - - - - - Other investment income 1 2 -3 2 1 Investment income 1 2 -3 2 1 Realised gains/losses on bonds 38 2 16 12 11 Realised gains/losses on equities - - - - Change in fair value real estate investments - - - - Realised gains and fair value changes on investments 38 2 16 12 11 Total investment income 38 4 13 14 12


BANKING

3.4.2 ING Direct: Additional information

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Underlying profit before taxCanada 8 14 16 18 14 Spain 15 11 13 16 15 Australia 21 21 23 22 20 France 11 8 10 11 5 United States 12 9 8 33 35 Italy 14 15 14 9 5 Germany 90 91 94 78 69 Austria -6 -2 -4 -5 -11 United Kingdom - 5 3 8 3 Total 165 172 177 190 155

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Number of clients (x 1,000)Canada 1,529 1,491 1,449 1,400 1,361 Spain 1,501 1,455 1,420 1,380 1,342 Australia 1,456 1,414 1,369 1,324 1,282 France 663 626 600 576 556 United States 4,949 4,629 4,379 4,080 3,786 Italy 829 792 762 742 700 Germany 5,834 5,703 5,739 5,621 5,488 Austria 349 302 249 233 211 United Kingdom 1,108 1,099 1,098 1,078 1,039 Total 18,218 17,511 17,065 16,434 15,765

Funds entrustedCanada 12,476 12,304 12,810 12,558 12,579 Spain 12,974 13,027 13,255 12,234 13,698 Australia 11,301 11,248 10,766 10,375 10,757 France 13,115 12,280 11,841 12,087 11,472 United States 39,079 36,032 36,865 36,717 39,031 Italy 14,524 14,038 14,018 13,583 13,426 Germany 58,095 57,175 59,671 59,273 57,549 Austria 3,946 3,474 3,262 2,891 2,473 United Kingdom 31,539 36,344 37,673 37,198 33,703 Total 197,049 195,922 200,161 196,916 194,688

Funds entrusted in local currencyCanada (CAD) 19,155 18,801 18,086 17,751 17,702 Spain (Euro) 12,974 13,027 13,255 12,234 13,698 Australia (AUD) 18,629 18,770 18,289 17,772 18,259 France (Euro) 13,115 12,280 11,841 12,087 11,472 United States (USD) 52,010 47,499 46,688 46,671 47,220 Italy (Euro) 14,524 14,038 14,018 13,583 13,426 Germany (Euro) 58,095 57,175 59,671 59,273 57,549 Austria (Euro) 3,946 3,474 3,262 2,891 2,473 United Kingdom (GBP) 21,427 24,405 25,538 25,770 23,474


BANKING

3.4.2 ING Direct: Additional information

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006

Residential MortgagesCanada 9,864 9,500 9,918 8,996 7,980 Spain 5,251 4,776 4,424 4,214 3,941 Australia 16,214 15,350 14,253 13,413 12,575 France - - - - - United States 13,749 12,525 12,092 11,133 10,791 Italy 1,989 1,767 1,491 1,281 1,018 Germany 26,647 24,970 24,664 22,004 19,949 Austria - - - - - United Kingdom 891 132 - - - Total 74,605 69,020 66,842 61,041 56,254

Residential Mortgages in local currencyCanada (CAD) 15,144 14,516 14,003 12,716 11,230 Spain (Euro) 5,251 4,776 4,424 4,214 3,941 Australia (AUD) 26,728 25,616 24,213 22,976 21,344 France (Euro) - - - - - United States (USD) 18,299 16,511 15,314 14,151 13,055 Italy (Euro) 1,989 1,767 1,491 1,281 1,018 Germany (Euro) 26,647 24,970 24,664 22,004 19,949 Austria (Euro) - - - - - United Kingdom (GBP) 605 89 - - -

Investment portfolio (breakdown in %)Government 7% 8% 7% 8% 8%Provincials 3% 3% 3% 4% 4%Municipals 1% 1% 1% 2% 1%RMBS-GOV 6% 7% 7% 8% 9%RMBS 35% 34% 36% 35% 35%CMBS 2% 2% 2% 1% 1%ABS 6% 6% 5% 4% 4%Financials 14% 13% 13% 13% 14%Covered bonds 25% 25% 25% 24% 23%Corporates 1% 1% 1% 1% 1%Overall portfolio rating AA AA AA AA AA

mrt-07 feb-07 jan-07 dec-06 sep-06 apr-06 mrt-06 dec-05

ING Direct client savings ratesDiBa 3.00% 2.75% 2.75% 2.75% 2.65% 2.50% 2.25% 2.25%Spain 3.00% 3.00% 3.00% 2.65% 2.45% 2.25% 2.25% 2.25%France 3.00% 3.00% 3.00% 3.00% 3.00% 2.75% 2.75% 2.75%Italy 3.00% 3.00% 2.80% 2.80% 2.80% 2.60% 2.60% 2.40%United States 4.50% 4.50% 4.50% 4.50% 4.40% 4.00% 3.80% 3.75%Australia 6.00% 6.00% 6.00% 6.00% 5.85% 5.40% 5.40% 5.40%Canada 3.50% 3.50% 3.50% 3.50% 3.50% 3.00% 3.00% 2.75%United Kingdom 4.75% 4.75% 4.75% 4.75% 4.75% 4.50% 4.50% 4.75%Austria 3.25% 3.25% 3.00% 3.00% 3.00% 2.75% 2.75%


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3.5 Banking Corporate Line

BANKING

3.5.1 Banking Corporate line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Interest result -33 -25 34 -78 -17 Commission income -5 -1 -2 - -1

Investment income - -2 -1 -3 -3 Realised gains and fair value changes on investments - -1 2

Total investment income - -3 -1 -1 -3 Valuation results non-trading derivatives -19 -32 91 30 -56 Net trading income 9 32 -124 15 21 Other income 38 40 5 36 42

Total other income 28 40 -28 81 7

Total underlying income -11 11 3 2 -14

Operating expenses 46 25 46 27 6 Gross result -56 -14 -43 -25 -20 Additions to loan loss provisions - - - - -

Underlying profit before tax -56 -14 -43 -25 -20 Taxation 22 -30 -22 -20 -11 Minority interests - - 2 -2 - Underlying net profit -78 16 -23 -3 -9 Net gains/losses on divestmentsNet profit from divested unitsSpecial items after taxNet profit -78 16 -23 -3 -9

Key figuresUnderlying cost/income ratio n.a. n.a. n.a. n.a. n.a. Risk cost in bp of average credit-risk-weighted assets - - - - - Total risk weighted assets (end of period) -4,865 -11,522 -10,409 -8,762 -9,155

Underlying RAROC before tax 1) n.a. n.a. n.a. n.a. n.a.

Underlying RAROC after tax 1) n.a. n.a. n.a. n.a. n.a.

Economic Capital (average over period) 1) 282 260 241 195 84 Staff (FTEs end of period) - - - - - 1) Year-to-date figures


BANKING

3.5.1 Banking Corporate line: Income Statement

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1(in € mln) 2007 2007 2007 2007 2006 2006 2006 2006Breakdown commission incomeFunds transfer - -1 2 -1 Securities business - -1 -4 -1 Insurance broking -1 1 Management fees - 1 -1 Brokerage and advisory fees 3 -1 1 -2 1 Other -8 1 2 Commission income -5 -1 -2 - -1

Breakdown investment incomeRental income - -1 -3 -2 -3 Other investment income - -1 2 -1 Investment income - -2 -1 -3 -3 Realised gains/losses on bonds -1 2 Realised gains/losses on equities - Change in fair value real estate investmentsRealised gains and fair value changes on investments - -1 - 2 - Total investment income - -3 -1 -1 -3


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4. Interim Accounts

4. Introduction

This section includes the ING Group Condensed consolidated interim accounts, prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and including the review report of Ernst & Young. These condensed consolidated interim accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). Other sections of this Group Statistical Supplement are presented on an underlying basis, i.e. excluding gains/losses on divestments, profit from divested units and certain special items. A reconciliation between Underlying net profit and Net profit (attributable to shareholders of parent) in accordance with IFRS-EU is provided in Section 1.1 'ING Group: Income Statement' of this Group Statistical Supplement.


31 March 31 December(in € mln) 2007 2006

AssetsCash and balances with central banks 17,333 14,326Amounts due from banks 55,693 39,868Financial assets at fair value through profit and loss 343,786 317,470Investments 302,487 311,581Loans and advances to customers 495,535 474,437Reinsurance contracts 6,481 6,529Property and equipment 5,863 6,031Other assets 55,027 56,065Total assets 1,282,205 1,226,307

EquityShareholders' equity (parent) 40,117 38,266Minority interests 1,938 2,949Total equity 42,055 41,215

LiabilitiesPreference shares 215 215Subordinated loans 5,976 6,014Debt securities in issue/other borrowed funds 111,203 107,772Insurance and investment contracts 272,217 268,683Amounts due to banks 124,285 120,839Customer deposits and other funds on deposit 518,796 496,680Financial liabilities at fair value through profit and loss 167,697 146,611Other liabilities 39,761 38,278Total liabilities 1,240,150 1,185,092

Total equity and liabilities 1,282,205 1,226,307

* Unaudited

The accompanying notes referenced from 4.5.1 to 4.5.7 are an integral part of these condensed consolidated interim accounts

4.1 Condensed consolidated balance sheet* of ING Group for the three month period ended


31 March 31 March(in € mln) 2007 2006Interest income banking operations 17,435 13,742 Interest expense banking operations -15,293 -11,375 Interest result banking operations 2,142 2,367 Gross premium income 11,634 12,525 Investment Income 2,897 2,645 Commission income 1,209 1,121 Other income 634 652 Total income 18,516 19,310

Underwriting expenditure 12,051 12,805 Addition to loan loss provision (release) -25 Other impairments (reversals) -9 -2Staff expenses 2,100 1,993 Other interest expenses 261 293 Other operating expenses 1,653 1,519 Total expenses 16,056 16,583

Profit before tax 2,460 2,727

Taxation 502 629 Net profit (before minority interests) 1,958 2,098

Attributable to:Shareholders of the parent 1,894 2,006 Minority interests 65 92

1,958 2,098

31 March 31 March(in Euro) 2007 2006Earnings per ordinary share (attributable to shareholders of the parent) 0.88 0.93 Diluted earnings per ordinary share 0.87 0.92

* Unaudited


4.2 Condensed consolidated profit and loss account* of ING Group for the three month period ended


31 March 31 March(in € mln) 2007 2006

Net cash flow from operating activities -8,383 3,050

Investments and advances:Group companies -59 Associates -168 -65Available-for-sale investments -74,822 -83,379Real estate investments -196 -137Property and equipment -99 -116Assets subject to operating lease -384 -301Investments for risk of policyholders -12,362 -10,364Other investments -82 -48

Disposals and redemptions:Group companies 1 Associates 212 78Available-for-sale investments 80,529 71,567Held-to-maturity investments 249 517Real estate investments 178 170Property and equipment 27 42Assets subject to operating lease 100 120Investments for risk of policyholders 11,734 9,275Other investments 9 21

Net cash flow from investing activities 4,867 -12,620

Proceeds from issuance of subordinated loans 865Repayments of subordinated loansProceeds from borrowed funds and debt securities 90,475 67,404Repayments from borrowed funds and debt securities -86,833 -63,681Issuance of ordinary shares 7 1Sale of treasury shares -372 -503Purchase of treasury shares 136 151Dividends paid -8 Net cash flow from financing activities 3,405 4,237

Net cash flow -111 -5,333

Cash and cash equivalents at beginning of period -1,795 3,335Effect of exchange rate changes on cash and cash equivalents 74 -219Cash and cash equivalents at end of period -1,832 -2,217

Cash and cash equivalents comprises the following itemsTreasury bills and other eligible bills 6,445 11,530Amounts due from/to banks -25,610 -24,629Cash and balances with central banks 17,333 10,882Cash and cash equivalents at end of period -1,832 -2,217

* Unaudited


4.3 Condensed consolidated statement of cash flows* of ING Group for the three month period ended


31 March 31 March(in € mln) 2007 2006

Total shareholders'

equity (parent) Minority interests Total

Total shareholders'

equity (parent) Minority interests TotalBalance as at 1 January 38,266 2,949 41,215 36,736 1,689 38,425

Unrealised revaluations after taxation 860 1 861 -1,947 -2 -1,949 Realised gains/losses transferred to profit and loss -640 -640 -218 -218 Change in cash flow hedge reserve -353 -353 -457 -457 Transfer to insurance liabilities/DAC 232 -1 231 977 977 Employee stock options and share plans 27 27 26 26 Exchange rate differences -59 -59 -412 -412 Total amount recognised directly in equity 67 - 67 -2,031 -2 -2,033 Net profit 1,894 65 1,959 2,006 92 2,098 Change in composition of the group -1,068 -1,068 Purchase/sale of treasury shares -64 -64 -347 -347 Exercise of warrants and options 7 7 Other revaluations -53 -8 -61 -2 1 -1 Balance as at 31 March 40,117 1,938 42,055 36,362 1,780 38,142

* Unaudited

The change in the composition of the group is mainly attributable to the deconsolidation of real estate funds following a reduction in ownership percentage


4.4 Condensed consolidated statement of changes in equity* of ING Group for the three month period ended


4.5 Notes to the condensed consolidated interim accounts*

4.5.1 Basis of preparation

* Unaudited

These condensed consolidated interim accounts have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The accounting principles used to prepare these condensed consolidated interim accounts comply with International Financial Reporting Standards as adopted by the European Union and are consistent with those set out in the notes to the 2006 Consolidated Annual Accounts of ING Group except that as of 1 January 2007, the level at which the adequacy test of the provision for insurance contracts is evaluated has been aligned to the business lines, which is the level at which performance is evaluated and segments are reported.

Previously, if it was determined using a best estimate (50%) confidence level that a shortfall existed in a business unit, then this shortfall was immediately recorded in the profit and loss account. Under the new policy, if it is determined using a best estimate (50%) confidence level that a shortfall exists in a business unit, and there are no offsetting amounts within other business units in the Business Line, then this shortfall is immediately recorded in the profit and loss account. This change in accounting policy has no effect on the financial information presented in these condensed consolidated interim accounts.

IFRS 7 "Financial Instruments: Disclosure" became effective as of 1 January 2007. Also in the first quarter of the year, IFRIC 11 Group and treasury share transactions became effective. None of these recent standards and interpretations have had a material effect on equity or profit for the period. No other new standards became effective in the first quarter of 2007 and recently issued standards that became effective after 31 March 2007 are not expected to have a material effect on equity or profit for the period. ING Group has not early adopted any new International Financial Reporting Standards in the first quarter. International Financial Reporting Standards as adopted by the EU provide several options in accounting principles. ING Group's accounting principles under International FinancialReporting Standards as adopted by the EU and its decision on the options available are set out in the section "Principles of valuation and determination of results" in the 2006 Annual Accounts.

These condensed consolidated interim accounts should be read in conjunction with ING Group’s 2006 Annual Accounts.

Certain amounts recorded in the condensed consolidated interim accounts reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative of full-year results.

The presentation of, and certain terms used in, these condensed consolidated interim accounts have been changed in the first quarter to provide more relevant information. Certain comparative amounts have been reclassified to conform with the current period presentation. None of the changes are significant in nature.


4.5.2 Loans and advances to customers by insurance and banking operations

31 March 31 December(in € mln) 2007 2006Insurance operations 38,048 37,606 Banking operations 461,282 440,375

499,330 477,981 Eliminations -3,795 -3,544 495,535 474,437

4.5.3a Loans and advances to customers by type - banking operations

31 March 31 December(in € mln) 2007 2006Loans to or guaranteed by public authorities 25,432 25,953 Loans secured by mortgages 217,610 208,211 Loans guaranteed by credit institutions 2,815 2,408 Other personal lending 23,057 22,906 Other corporate loans 194,910 183,535

463,824 443,013 Provision for loan losses -2,542 -2,638 461,282 440,375

4.5.3b Changes in loan loss provision

31 March 31 December(in € mln) 2007 2006Opening balance 2,642 3,313 Changes in the composition of the group -101 Write-offs -114 -691 Recoveries 13 86 Increase in loan loss provision 103 Exchange differences -5 -67 Other changes 7 -1 Closing balance 2,543 2,642

The closing balance is included in- amounts due from banks 1 4 - loan and advances to customers 2,542 2,638

2,543 2,642


4.5.4 Investment income

(in € mln) 2007 2006 2007 2006 2007 2006

Income from real estate investments 20 48 66 27 86 75 Dividend income 102 72 40 18 142 90 Income from investments in debt securities 1,550 1,591 1,550 1,591 Income from loans 645 613 645 613 Realised gains/losses on disposal of debt securities 10 74 42 84 42 Impairments of available-for-sale debt securities 1 5 1 5 Realised gains/losses on disposal of equity securities 245 191 117 20 362 211 Reversals/impairments of available-for-sale equity securities -8 -3 -3 -2 -11 -5 Change in fair value of real estate investments 12 15 26 8 38 23 2,577 2,532 320 113 2,897 2,645

4.5.5 Segment Reporting

Insurance Insurance Insurance Wholesale Retail ING Total(in € mln) Europe Americas Asia/Pacific Banking Banking Direct Other Eliminations Group31 March 2007Total income 4,840 6,873 3,103 1,580 1,627 561 -68 18,516 Underlying profit before tax 468 533 159 737 539 165 -141 2,460 DivestmentsProfit before income tax 468 533 159 737 539 165 -141 - 2,460

31 March 2006Total income 4,570 7,619 3,304 1,521 1,567 587 142 19,310 Underlying profit before tax 443 484 156 735 568 155 102 - 2,643 Divestments 34 15 29 6 - 84 Profit before income tax 477 484 171 764 568 161 102 - 2,727

Total31 March 31 March 31 MarchInsurance Banking


4.5.6 Acquisitions and Disposals

4.5.7 Issuances, repurchases and repayment of debt and equity securities in issueTo rebalance the delta hedge portfolio for employee options ING sold 2,650,000 (depository receipt for) ordinary shares in February. In March ING Group issued 5,215,790 (depository receipt for) ordinary shares to fulfil the obligation arising from the employee share plan and bought 4,075,830 of these newly issued ordinary shares back from ING employees. As of 31 March 2007 the hedge book holds 53.7 million (depositary receipts for) ordinary ING shares representing 2.4% of the total 2,211 million shares outstanding.

Given ING's strong capital position and the increased leverage capacity that is expected to develop under Basel II, ING announced that it plans to buy back up to EUR 5 billion in shares. ING expects to begin the buyback in June and continue for a period of 12 months.

On 2 January 2007 ING announced that it completed the sale of Degussa Bank on 31 December 2006, a unit of ING-DiBa, to MM Warburg & Co and various private investors. The loss on the sale in the fourth quarter of 2006 was € 23 mln after tax.

On 4 January 2007 ING announced the intention to sell ING Trust to management and Foreman Capital. The sale is expected to be completed in the second quarter of 2007 and has no material impact on the p&l account.

On 9 January 2007 ING Group signed a letter of intent to acquire AZL, an independent Dutch provider of pension fund management services, for EUR 65 mln. The acquisition was completed on 5 April 2007 and has no material impact on the capital adequacy ratios of ING Group.

On 19 January 2007 ING announced its intention to restructure its Belgian insurance business. It was decided to concentrate its life and non-life insurance activities in two entities, which will exclusively distribute through the retail banking channels of ING in Belgium. ING is currently seeking to identify parties interested in acquiring its broker and employee benefits insurance business in Belgium.


4.6 Review report

IntroductionWe have reviewed the accompanying interim condensed consolidated balance sheet of ING Groep N.V. (the ‘Company’), Amsterdam, as at 31 March 2007 and the related interim condensed consolidated profit and loss account, statement of cash flows and statement of changes in equity for the three-month period then ended and explanatory notes. Management of the company is responsible for the preparation and presentation of these condensed consolidated interim accounts in accordance with International Financial Reporting Standards as adopted by the European Union (‘IAS 34’). Our responsibility is to express a conclusion on these condensed consolidated interim accounts based on our review.

Scope of Review We conducted our review in accordance with Dutch law, including Standard 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim accounts are not prepared, in all material respects, in accordance with IAS 34.

Amsterdam, 15 May 2007

for Ernst & Young Accountants

C.B. Boogaart


ING Group Statistical Supplement

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Transcript of ING Group Statistical Supplement