Financial highlights
Results impacted by dislocation in financial markets
In 2008, ING's results were adversely impacted by the global financial crisis. The sharp market deterioration led to significant impairments and negative revaluations across almost all asset classes. Several steps were taken to strengthen ING Group's capital position, including a capital support facility of EUR 10 billion by the Dutch State. ING also actively reduced risk exposures. The turmoil in financial markets caused a sharp decline in results for ING's insurance operations. At the same time, the banking business reported positive net results despite the challenging circumstances.
ING results 2008*
| Year-end 2008 | ||||
|---|---|---|---|---|
| in EUR million | Bank | Insurance | Group | |
| Underlying result, excluding market volatility and risk costs | 5,263 | 2,057 | 7,319 | |
| Impairments and FV changes on pressurised assets | –2,039 | –560 | –2,599 | |
| Impairments on equity securities | –331 | –1,376 | –1,707 | |
| Impairments on other debt securities | –255 | –520 | –775 | |
| Impairments and losses | –2,625 | –2,455 | –5,081 | |
| Revaluations on real estate/ impairments on development projects | –732 | –452 | –1,184 | |
| Revaluations on private equity | –399 | –399 | ||
| Revaluations | –732 | –851 | –1,583 | |
| Equity capital gains/equity hedge | 30 | 1,181 | 1,211 | |
| Equity related DAC unlocking | –567 | –567 | ||
| FX hedge/Other | –206 | –600 | –806 | |
| Other market impacts | –176 | 14 | –162 | |
| Risk costs Bank | –1,280 | –1,280 | ||
| Underlying result before tax | 449 | –1,235 | –786 | |
| Tax and third-party interests | 273 | 343 | 615 | |
| Underlying net result | 722 | –893 | –171 | |
| Divestments and special items | –267 | –291 | –558 | |
| Total net result | 454 | –1,183 | –729 | |
- *
- Numbers may not add up due to rounding.
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