Insurance Asia/Pacific Well-positioned to strengthen the franchise
Key points
- Despite lower sales, Insurance Asia/Pacific maintained or improved market positions across the region
- Declining equity markets and weak economic conditions eroded demand for investment linked products
- Bank distribution reach extended: number of tied agents reached 100,000
- Brand awareness rose through the global and regional advertising campaigns
Growth in the Asia/Pacific region was adversely affected by global economic developments in 2008. However, as one of the leading international insurance and asset management companies in the region with a strong and diversified distribution network, ING remains well–positioned to maintain its franchise. Based on annual premium equivalent, ING maintained or improved its market positions across the region in 2008, a sign of its sound product portfolio and distribution capabilities. Active repositioning of its product portfolio was at the core of ING's response to changing customer needs due to the economic downturn.
Profit and loss account (underlying)
| in EUR million | 2008 | 2007 | change |
|---|---|---|---|
| Premium income | 11,040 | 12,632 | –12.6% |
| Operating expenses | 1,040 | 1,115 | –6.7% |
| Underlying result before tax | 116 | 576 | –79.9% |
| Total result before tax* | –213 | 576 | –137.0% |
- *
- Total result before tax is defined as underlying result before tax including divestments and special items.
Key figures
| 2008 | 2007 | |
|---|---|---|
| Value of new life business (EUR million) | 321 | 442 |
| Internal rate of return | 14.0% | 16.8% |
| New sales (EUR million) | 2,055 | 2,680 |
| Economic Capital (EUR billion) | 2.8 | 7.0 |
- *
- India, China, Hong Kong, Thailand and Malaysia.
