UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For November 10, 2005.

Commission File Number 1-14642

ING Groep N.V.

(Translation of registrant’s name into English)

Amstelveenseweg 500
1081-KL Amsterdam
The Netherlands

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                     

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                     

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-84226), AND THE REGISTRATION STATEMENTS ON FORM S-8 (FILE NOS: 333-11368, 333-11414, 333-13038, 333-13664, 333-13668, 333-14254, 333-14252, 333-81564, 333-92220 AND 333-108833) OF ING GROEP N.V. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

 

 

This Report contains a copy of the following:

(1)

The Press Release issued on November 10, 2005

Amsterdam • 10 November 2005

ING Group net profit rises 23.5% to EUR 5,370 million in 1^st 9 months
Key growth engines continue to drive strong results across the Group

•

Earnings per share rise 20% to EUR 2.47 from EUR 2.06

•

Underlying profit before tax increases 17% to EUR 6,360 million

•

Value of new life insurance business in developing markets up 34%, driven by Asia

•

Strong growth of retirement services and pensions in U.S. and Central Europe

•

Higher returns due to focus on value creation: RAROC after tax 22.8%, IRR 12.8%

•

ING Direct profit rises 41% in third quarter from second as interest margin improves

Chairman’s statement
“ING posted strong profit growth, driven by a solid performance of the underlying business due to our continued focus on improving execution and investing for growth and value creation. Underlying results in the third quarter were particularly strong, resulting in a record profit,” said Michel Tilmant, Chairman of the Executive Board.

“Our three growth engines continued to show solid growth. ING Direct’s profit grew 41% in the third quarter from the second quarter as the interest margin improved and robust growth continued in both savings and mortgages. The life insurance activities in developing markets, in particular Central Europe and Asia, posted strong growth in both premium income and the value of new business, accounting for 42% of the total new business value of the Group. The retirement services business in the U.S. posted good growth in earnings by focusing on the most attractive market segments, and the pension fund assets in Central Europe grew by 33%.”

“ING’s businesses in the mature markets also made a solid contribution to profit growth. The retail banking activities in the Netherlands and Belgium both posted sharp increases, driven by growth in savings and mortgages. The wholesale banking activities showed top-line growth while continuing to benefit from low risk costs in a benign credit environment. Profit from the U.S. life businesses grew strongly, driven by asset growth and higher margins.”

“We continue to focus our attention on controlling underlying expenses, and have taken steps to improve efficiency in mature markets, resulting in some one-time costs. We announced an efficiency programme at Nationale-Nederlanden in May, and in the third quarter we took steps to streamline our IT organisation in the Benelux. Further measures were announced last week, including outsourcing and a reduction of internal and third-party staff. Combined, those measures are expected to reduce annual expenses by more than EUR 460 million in the coming years.”

“The strong underlying performance of the business was underpinned by favourable market conditions, including investment gains and historically low credit losses both for bank lending and fixed-income investments. We see no sign yet of a deterioration in the credit environment, however risk costs are expected to gradually return to normal levels. We remain positive about results for the remainder of the year, barring unforeseen circumstances in financial markets.”

	All figures compare first nine months 2005 with first nine months 2004 unless otherwise stated.
	Comparable figures for 2004 exclude IAS 32, 39 and IFRS 4.
	Press conference call: 10 November, 9:30 a.m. CET. Presentation at www.ing.com
	Listen in: NL +31 20 796-5001 UK +44 207-154-2666
	Analyst presentation: 10 November, 11:15 a.m. CET, ING House, Amsterdam. Presentation & webcast www.ing.com
	Analyst call: 10 November, 4 p.m. CET. Listen in: NL +31 20-794-8504 UK +44 207-190-1595 US +1 303-262-0078
	Media relations +31 20 541 6522			Investor relations +31 20 541 5571

1.1 ING Group

Table 1. ING Group key figures

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Underlying profit before tax1:
- Insurance Europe			1,460				1,247				17.1	%			465				397				17.1	%
- Insurance Americas			1,555				1,184				31.3	%			569				395				44.1	%
- Insurance Asia/Pacific			339				361				-6.1	%			114				97				17.5	%
- Other2			-397				-93								-44				253
Underlying profit before tax from Insurance			2,957				2,699				9.6	%			1,104				1,142				-3.3	%
- Wholesale Banking			1,774				1,555				14.1	%			568				471				20.6	%
- Retail Banking			1,309				994				31.7	%			501				350				43.1	%
- ING Direct			433				317				36.6	%			179				114				57.0	%
- Other3			-113				-131								-3				-85
Underlying profit before tax from Banking			3,403				2,735				24.4	%			1,245				850				46.5	%
Total underlying profit before tax			6,360				5,434				17.0	%			2,349				1,992				17.9	%
Special items							296												67
Total profit before tax excluding divestments			6,360				5,730				11.0	%			2,349				2,059				14.1	%
Gains/losses on divestments			349				-30								4				-165
Profit before tax from divested units			26				170												-10
Total profit before tax			6,735				5,870				14.7	%			2,353				1,884				24.9	%
Taxation			1,169				1,312				-10.9	%			403				262				53.8	%
Third-party interests			196				211				-7.1	%			72				68				5.9	%
Net profit			5,370				4,347				23.5	%			1,878				1,554				20.8	%
- of which Insurance			2,407				2,474				-2.7	%			977				931				4.9	%
- of which Banking			2,963				1,873				58.2	%			901				623				44.6	%
Net profit per share (in EUR)			2.47				2.06				20.0	%			0.86				0.73				17.8	%
Key figures
Net return on capital and reserves4			26.7	%			25.4	%
Debt/equity ratio5			9.9	%			10.9	%
Total staff (average FTEs)			114,800				113,200				1.4	%

Nine-month profit
Underlying profit before tax increased 17.0% to EUR 6,360 million in the first nine months of 2005, with strong growth and higher returns in both banking and insurance as the company continues to focus on execution and value creation. Profit growth was driven by the three key growth engines — insurance in emerging markets, ING Direct, and retirement services — as well as strong growth in the home markets in the Benelux.

Underlying profit before tax from insurance increased 9.6% to EUR 2,957 million, driven by growth in developing markets in Central Europe and Asia, as well as higher results in the U.S., and continued strong underwriting results from the non-life insurance businesses in Canada and the Netherlands. Growth was somewhat offset by high realised gains on equities in 2004 which are reported under the Other insurance line. Underlying profit before tax from banking rose 24.4% to EUR 3,403 million, driven by strong commercial growth at ING Direct, growth in savings and mortgages at Retail Banking, continued low risk costs, particularly at Wholesale Banking, and an improvement in the cost/income ratio from 67.1% to 63.1%.

Insurance
Insurance Europe posted a 17.1% increase in underlying profit before tax to EUR 1,460 million, driven by a 42.6% increase in profit in Central Europe, as well as favourable underwriting results at the non-life businesses in the Netherlands and Belgium, and a 10.6% increase in investment income, particularly in the Netherlands.

Insurance Americas posted a 31.3% increase in underlying profit before tax to EUR 1,555 million, driven by strong growth in the U.S. and Canada. Profit from the U.S. life businesses was up 35.5%, driven by annuities and retirement services due to improved margins and strong growth in assets. The non-life insurance operations in Canada also continued to benefit from strong underwriting results and the purchase of the Allianz Canada business.

Insurance Asia/Pacific posted a 6.1% decline in underlying profit before tax to EUR 339 million due to a decision to apply the full profit in Taiwan of EUR 143 million to strengthen reserves as a result of the low interest rate environment. That offset strong growth elsewhere in the region, particularly South Korea and Australia. Excluding reserve strengthening in Taiwan for both periods, profit for Insurance Asia/Pacific increased 10.6% to EUR 482 million.

Other Insurance results declined to EUR —397 million from EUR —93 million in the first nine months of 2004, due to high realised gains on equities in the year-earlier period. Results in the first nine months of 2004 included EUR 436 million in realised gains on equities compared with EUR 176 million in the same period of 2005. That was partially compensated by lower interest expenses on core debt which is not allocated to the business lines.

Banking
Wholesale Banking posted a 14.1% increase in underlying profit before tax to EUR 1,774 million, driven by historically low risk costs, which were supported by releases of provisions as a result of the benign credit environment. Income also increased, particularly from Structured Finance and Leasing. The international activities outside the Benelux posted a sharp improvement, driven by higher results in the U.K., Central & Eastern Europe and the Americas. ING Real Estate’s profit rose 12.2%.

Retail Banking’s underlying profit before tax increased 31.7% to EUR 1,309 million, driven by strong growth in the Benelux. The business in the Netherlands benefited from strong mortgage sales as well as prepayment penalties on mortgages as people refinanced to take advantage of low interest rates. Higher profit from Belgium was driven by growth in savings and current accounts as well as the purchase of Mercator Bank, while ING Bank Slaski in Poland benefited from lower risk costs due to an improvement in the quality of the credit portfolio.

ING Direct posted a 36.6% increase in profit before tax to EUR 433 million, driven by strong growth in income in the third quarter due to an improvement in the interest margin after client rates were adjusted following declines in capital market interest rates in the second quarter. Profit rose 40.9% in the third quarter from the second, supported by client-rate adjustments which improved the interest margin by 10 basis points to 0.87%. Funds entrusted and the number of customers continued to grow in the third quarter, despite the rate adjustments, adding 647,000 clients and EUR 6.3 billion in funds entrusted. The mortgage portfolio grew by EUR 5.2 billion to EUR 48.1 billion.

Divestments & special items
Divestments resulted in a pre-tax gain of EUR 349 million in the first nine months of 2005 compared with a loss of EUR 30 million in the same period last year. Divested units contributed EUR 26 million to profit before tax in the first nine months this year compared with EUR 170 million in the year-earlier period. Special items refer to a gain of EUR 200 million on the U.S. dollar hedge and a EUR 96 million gain on old reinsurance business, both in 2004. Including the impact of divestments and special items, total profit before tax increased 14.7% to EUR 6,735 million. (See Appendix 2 for a full specification of gains and losses on divestments and special items.)

Taxes & net profit
The effective tax rate declined to 17.4% in the first nine months of 2005 from 22.4% in the first nine months last year due to a lower statutory tax rate in the Netherlands, high tax-exempt gains on divestments, as well as net releases from tax provisions of EUR 305 million compared with EUR 100 million in net releases in the first nine months of 2004. The effective tax rate for the full year 2005 is expected to be below 20%. Net profit for the first nine months increased 23.5% to EUR 5,370 million, and net profit per share rose 20.0% to EUR 2.47 from EUR 2.06.

Currency impact
Currency rate differences had a positive impact of EUR 29 million on net profit and EUR 39 million on total profit before tax as a lower average rate for the U.S. dollar and some related currencies was more than offset by higher rates for other currencies, notably the Polish zloty.

Impact of IFRS
The 2004 figures have been restated to comply with IFRS. However, as permitted under IFRS 1, the 2004 comparatives exclude the impact of IAS 32, 39 and IFRS 4, which ING implemented from 1 January 2005. In the

first nine months of 2005, IAS 32, 39 and IFRS 4 had an estimated total positive impact of EUR 307 million on total profit before tax of ING Group, or EUR 265 million after tax. The estimated impact on the insurance operations was EUR 127 million before tax in the first nine months, mainly due to realised gains on the sale of bonds and the revaluation of embedded derivatives, which were offset by the absence of amortised income from gains on fixed interest securities, and negative valuation changes on fixed-income investment derivatives. The estimated impact on the banking operations was EUR 180 million, mainly due to valuation adjustments on non-trading derivatives, prepayment penalties, and fair value changes on designated assets and liabilities. As anticipated, the application of IAS 32, 39 and IFRS 4 has led to increased volatility, particularly quarter-to-quarter. The three standards had a total positive impact of EUR 242 million before tax in the third quarter of 2005, compared with a negative impact of EUR 24 million in the second quarter, and a positive impact of EUR 89 million in the first quarter. The swing in the third quarter was caused mainly by the negative valuation changes on fixed-income investment derivatives and core debt swaps in the insurance operations, and the valuation result on non-trading derivatives in the banking operations.

Third-quarter profit
Underlying profit before tax rose 17.9% to EUR 2,349 million compared with EUR 1,992 million in the third quarter of 2004, driven by strong results from all six business lines. Underlying profit from Insurance Europe grew 17.1% due to strong growth in Central Europe and higher results in the Netherlands, supported by gains on private equity and the revaluation of derivatives and real estate under IFRS. Insurance Americas posted a 44.1% increase, driven by strong results in the U.S. life businesses and continued strong underwriting results at the Canadian non-life business. Profit from Insurance Asia/Pacific increased 17.5%, mainly due to higher results in South Korea and Australia, which was partially offset by reserve strengthening in Taiwan. Total underlying profit from insurance declined 3.3% as a result of EUR 348 million in realised gains on equities in the year-earlier period, compared with EUR 50 million in the third quarter of 2005, which are reported under Other. Excluding those gains, total profit from insurance rose 36.2%. Wholesale Banking posted a 20.6% increase in underlying profit, due to higher income and the release of loan loss provisions in the third quarter of 2005. Retail Banking profit climbed 43.1%, driven by growth in mortgages and savings in the Benelux and a sharp improvement of results in Poland due to lower risk costs. ING Direct’s profit climbed 57.0%, driven by continued strong commercial growth in both savings and mortgages. Total underlying profit before tax from banking increased 46.5%. Divestments resulted in a gain of EUR 4 million in the third quarter of 2005 and a loss of EUR 165 million in the same quarter last year. Divested units also posted a loss of EUR 10 million in the third quarter of 2004. Special items include EUR 67 million in the year-earlier period from a gain the U.S. dollar hedge. Including those items, total profit before tax increased 24.9% to EUR 2,353 million. The effective tax rate increased to 17.1% from 13.9% in the year-earlier period. Net profit rose 20.8% to EUR 1,878 million. Excluding the impact of divestments and special items, profit on a net basis increased 19.7% to EUR 1,710 million, the highest quarterly result to date, supported in part by the positive impact of IFRS. (See Appendix 3 for a specification of divestments and special items in the third quarter.)

Third quarter vs. second quarter
Underlying profit before tax rose 28.2% to EUR 2,349 million from EUR 1,833 million in the second quarter of 2005, driven by higher profit from both insurance and banking as well as a positive swing from IFRS-related items as outlined above. Total underlying profit from insurance increased 27.3% to EUR 1,104 million from EUR 867 million, due to a sharp increase at Insurance Asia/Pacific from EUR 54 million to EUR 114 million. Insurance Americas posted a 3.6% increase to EUR 569 million, while Insurance Europe posted a 5.1% decline in underlying profit to EUR 465 million. Other insurance results improved strongly from EUR —226 million to EUR —44 million, due to EUR 116 million lower interest expenses on outstanding debt and EUR 66 million higher realised gains on shares. Total underlying profit before tax from banking climbed 28.9% to EUR 1,245 million, led by a 40.9% increase at ING Direct to EUR 179 million. Wholesale Banking rose 18.1% to EUR 568 million, and Retail Banking posted a 21.0% increase to EUR 501 million. Other banking results improved to EUR —3 million from EUR —56 million. Divestments contributed a gain of EUR 4 million in the third quarter and a loss of EUR 26 million in the second quarter. Including those items, total profit before tax increased 30.2% to EUR 2,353 million from EUR 1,807 million. Net profit rose 21.1% to EUR 1,878 million from EUR 1,551 million, and net profit per share rose to EUR 0.86 from EUR 0.72. (See Appendix 4 for an overview of quarterly profit developments including the impact of divestments and special items.)

1.2 Balance Sheet & Capital and reserves

     Table 2. Key Balance Sheet Figures

		30 September				1 January				9M				30 June				3Q
In EUR billion		2005				2005				Change				2005				Change
Capital and reserves			35.4				28.3				25.0	%			35.3				0.2	%
- insurance operations			19.4				15.3				26.8	%			18.6				4.3	%
- banking operations			20.6				17.2				19.8	%			21.2				-2.8	%
- eliminations1			-4.6				-4.2								-4.5
Total assets			1,134.5				964.5				17.6	%			1,107.1				2.5	%
Net return on capital and reserves2			26.7	%			25.4	%							25.7	%
- insurance operations			21.5	%			27.0	%							19.7	%
- banking operations			24.0	%			15.8	%							24.0	%

1.		Own shares, subordinated loans, third-party interests, debenture loans and other eliminations
2.		The comparable figures shown under 1 January 2005 are FY 2004 figures based on net profit and average capital and reserves under ING GAAP; 2005 figures are annualised

Capital and reserves
On 30 September 2005, ING’s capital and reserves amounted to EUR 35.4 billion, an increase of EUR 7.1 billion, or 25.0%, compared with 1 January 2005. The increase was driven by the addition of net profit from the first nine months of 2005 (EUR 5.4 billion), unrealised revaluations of debt securities (EUR 1.0 billion net after transfer of deferred profit sharing to insurance liabilities), unrealised revaluations on equities (EUR 1.4 billion), exchange rate differences (EUR 1.7 billion) and a change in cash-flow/net investment hedge reserve (EUR 0.8 billion). That was offset mainly by the cash dividend payment (EUR —2.5 billion).

Capital ratios
The debt/equity ratio of ING Groep N.V. improved to 9.9% from 10.9% at 1 January 2005. The improvement was mainly due to the above-mentioned EUR 7.1 billion increase in the Group capital and reserves (excluding third-party interests). That was partially offset by an increase of EUR 0.4 billion in core debt. The capital coverage ratio for ING’s insurance operations increased to 246% of EU-regulatory requirements at the end of September, compared with 201% at 1 January 2005. The Tier-1 ratio of ING Bank N.V. stood at 7.21% on 30 September 2005, up from 7.00% on 1 January 2005. The solvency ratio (BIS ratio) for the bank improved to 10.83% at the end of September from 10.59% on 1 January 2005. Total risk-weighted assets increased by EUR 39.8 billion, or 14.5%, to EUR 313.9 billion, driven by growth in all three banking business lines.

Return on capital and reserves
The net return on capital and reserves increased to 26.7% in the first nine months of 2005 from 25.4% for full-year 2004. The insurance operations posted a 21.5% net return on capital and reserves in the first nine months of 2005, compared with 27.0% for full-year 2004, while the banking operations posted an increase to 24.0% from 15.8%. The comparable figures for net return on capital and reserves are based on net profit and average capital and reserves under ING GAAP, while the 2005 figures are based on IFRS.

Assets under management
Assets under management increased 17.8% to EUR 538.0 billion at the end of September from EUR 456.8 billion at the end of 2004, excluding the impact of divestments and restatements. The increase was driven by a net inflow of EUR 23.1 billion, the impact of higher currencies (EUR 32.6 billion) and higher stock markets (EUR 25.5 billion). Including the impact of divested units and a restatement due in part to IFRS, which had a combined effect of EUR 35.1 billion, total assets under management increased 9.4%.

1.3 Insurance operations

     Table 3. ING Group: Insurance profit & loss account

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Life premium income			28,955				27,567				5.0	%			9,908				9,428				5.1	%
Non-life premium income			5,109				5,181				-1.4	%			1,532				1,426				7.4	%
Total premium income			34,064				32,748				4.0	%			11,440				10,854				5.4	%
Investment income			7,289				7,433				-1.9	%			2,563				2,715				-5.6	%
Commission income			1,052				886				18.7	%			430				299				43.8	%
Other income			409				508				-19.5	%			233				144				61.8	%
Total income			42,814				41,575				3.0	%			14,666				14,012				4.7	%
Underwriting expenditure			35,227				34,168				3.1	%			11,898				11,554				3.0	%
Other interest expenses			853				852				0.1	%			318				311				2.3	%
Operating expenses			3,787				3,401				11.3	%			1,321				1,129				17.0	%
Impairments/investment losses			8				67				-88.1	%			6				43				-86.0	%
Total expenditure			39,875				38,488				3.6	%			13,543				13,037				3.9	%
Total profit before tax			2,939				3,087				-4.8	%			1,123				975				15.2	%
Taxation			358				532				-32.7	%			81				15				440.0	%
Third-party interests			174				81				114.8	%			65				29				124.1	%
Net profit			2,407				2,474				-2.7	%			977				931				4.9	%
Underlying profit
Total profit before tax			2,939				3,087				-4.8	%			1,123				975				15.2	%
Gains/losses on divestments			-30				-33								19				-252
Profit before tax from divested units			12				100												18
Profit before tax excluding divestments			2,957				3,020				-2.1	%			1,104				1,209				-8.7	%
Special items							321												67
Underlying profit before tax			2,957				2,699				9.6	%			1,104				1,142				-3.3	%
- of which life insurance			1,947				1,909				2.0	%			787				840				-6.3	%
- of which non-life insurance			1,010				790				27.8	%			317				302				5.0	%
Key figures
Value of new life business			583				466				25.1	%
Internal rate of return			12.8	%			11.9	%
Annual premium equivalent (APE)			4,664				3,982				17.1	%
Combined ratio non-life business			93	%			92	%
Net return on capital and reserves1			21.5	%			27.0	%
Staff (average FTEs)			51,300				49,600				3.4	%

1.		2004 figures are full-year on ING GAAP basis

Nine-month profit
Underlying profit before tax from insurance rose 9.6% to EUR 2,957 million, driven by a 27.8% increase in non-life insurance, due to continued strong underwriting performance in Canada, the Netherlands and Belgium. Underlying profit before tax from life insurance increased 2.0% to EUR 1,947 million, as strong growth in the U.S. and the developing markets of Asia and Central Europe was largely offset by EUR 242 million higher realised gains on equities in the first nine months of 2004. Excluding those realised gains, profit from life insurance increased 18.0%. Results in the first nine months of 2005 were supported by higher private equity gains and revaluations under IFRS, particularly in the Netherlands.

Divestments resulted in a loss of EUR 30 million in the first nine months of 2005 and a loss of EUR 33 million in the same period last year. Divested units contributed EUR 12 million to profit before tax in the first nine months this year and EUR 100 million in the same period of 2004. Results in the first nine months of 2004 also included a gain of EUR 321 million from the U.S. dollar hedge and old reinsurance activities. (See Appendix 2 for an overview of divestments and special items.)

Including the impact of divestments and special items, total profit before tax declined 4.8% to EUR 2,939 million. That was partially offset by a decline in the effective tax rate to 12.2% from 17.2%. Net profit from insurance declined 2.7% to EUR 2,407 million.

Income
Total premium income increased 4.0% to EUR 34,064 million, driven by 5.0% growth in life premium income, supported by strong sales in Asia, particularly South Korea and Japan. The growth was partially offset by

divestments and the reclassification of some life products to investment contracts from the beginning of 2005 under IFRS 4, notably in Australia, the U.S. and Belgium, which had a combined impact of EUR 1,539 million. Excluding divestments and reclassifications, life premium income rose 11.8% and total premium income increased 9.6%. Non-life premiums declined 1.4% to EUR 5,109 million, reflecting the sale of the Australian non-life business. Excluding the impact of divestments, non-life premium income rose 3.1% to EUR 5,091 million, due to the acquisition of Allianz Canada.

Investment income declined 1.9% to EUR 7,289 million, due to divestments. Investment income included EUR 233 million in realised gains on bonds in the first nine months of 2005, which was more than offset by EUR 260 million in higher realised capital gains on equities in 2004.

Commission income increased 18.7% to EUR 1,052 million, mainly driven by a reclassification of products from life insurance to investment products under IFRS 4. Other income declined 19.5% to EUR 409 million, reflecting the impact of divestments in both periods and the gain on the U.S. dollar hedge in 2004, which offset higher profit from associates.

Expenses
Operating expenses from the insurance operations increased 11.3% to EUR 3,787 million, driven by costs to support the continued growth of the business in Asia and the Americas, as well as the impact of the collective labour agreement, severance costs and IT expenses in the Netherlands. Expenses as a percentage of assets under management for investment products improved slightly to 81 basis points compared with 82 basis points in the first nine months last year. Expenses as a percentage of premiums for life products deteriorated from 13.04% to 13.58%. The expense ratio for non-life insurance was 31%, up from 29% in the first nine months of 2004.

Impairments/investment losses declined to EUR 8 million in the first nine months 2005, compared with EUR 67 million in the first nine months 2004, supported by recoveries in the U.S.

Value of new business
The total value of new life insurance business written in the first nine months increased 25.1% to EUR 583 million, driven by strong sales and a higher internal rate of return in all three regions, particularly in developing markets. The overall internal rate of return expected on the new business is 12.8%, up from 11.9% in the same period of 2004. Life insurance in developing markets world-wide contributed EUR 247 million to the total value of new business, up 34.2%, representing 42% of the Group total. The internal rate of return on the business in developing markets increased to 15.6% from 13.5%. Total new sales, measured by annual premium equivalent (100% of annual premiums + 10% of single premiums), increased 17.1% to EUR 4,664 million, driven by strong growth at Insurance Asia/Pacific, where new sales increased 67%. Acquisition expense overruns increased to EUR 60 million from EUR 41 million, due to higher costs in the Americas, partially as a result of one-time items. ING invested EUR 1,361 million to write new life business in the first nine months of 2005, up 6.1% from the same period a year earlier. (See Appendix 8 for additional value of new business statistics.)

     Table 4. New life insurance production and value by region

		New production 9M 2005																New production 9M 2004
										Value of																Value of
		Annual				Single				New								Annual				Single				New
In EUR million		premium				Premium				Business				IRR				Premium				Premium				Business				IRR
Insurance Europe			350				2,399				151				14.0	%			330				2,620				98				11.9	%
Insurance Americas			1,148				11,464				149				11.0	%			1,167				11,583				123				10.3	%
Insurance Asia/Pacific			1,288				4,920				283				14.3	%			839				2,257				245				14.0	%
Total			2,786				18,783				583				12.8	%			2,336				16,460				466				11.9	%
Developing markets			1,225				592				247				15.6	%			813				489				184				13.5	%

1.4 Banking operations

     Table 5. ING Group: Banking profit & loss account

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Interest result			6,753				6,476				4.3	%			2,456				2,144				14.6	%
Investment income			899				327				174.9	%			59				178				-66.9	%
Commission income			1,775				1,991				-10.8	%			639				639				0.0	%
Other income			1,037				770				34.7	%			290				200				45.0	%
Total income			10,464				9,564				9.4	%			3,444				3,161				9.0	%
Operating expenses			6,606				6,415				3.0	%			2,198				2,151				2.2	%
Gross result			3,858				3,149				22.5	%			1,246				1,010				23.4	%
Addition to provisions for loan losses			62				366				-83.1	%			16				101				-84.2	%
Total profit before tax			3,796				2,783				36.4	%			1,230				909				35.3	%
Taxation			811				780				4.0	%			322				247				30.4	%
Third-party interests			22				130				-83.1	%			7				39				-82.1	%
Net profit			2,963				1,873				58.2	%			901				623				44.6	%
Underlying profit
Total profit before tax			3,796				2,783				36.4	%			1,230				909				35.3	%
Gains/losses on divestments			379				3								-15				87
Profit before tax from divested units			14				70												-28
Profit before tax excluding divestments			3,403				2,710				25.6	%			1,245				850				46.5	%
Special items							-25
Underlying profit before tax			3,403				2,735				24.4	%			1,245				850				46.5	%
Key figures
Cost/income ratio			63.1	%			67.1	%							63.8	%			68.0	%
RAROC (pre-tax)			28.2	%			21.7	%
RAROC (after tax)			22.8	%			16.2	%
Net return on capital and reserves1			24.0	%			17.9	%
Total risk-weighted assets2 (in EUR billion)			313.9				274.1				14.5	%
Addition to provisions for loan losses in basis points of average credit-risk-weighted assets			3				19
Staff (average FTEs)			63,500				63,600				-0.2	%

1.		2004 figures are full-year on ING GAAP basis
2.		30 September 2005 compared with year-end 2004

Nine-month profit
Underlying profit before tax from banking rose 24.4% to EUR 3,403 million, supported by strong income growth and a sharp decline in risk costs. Profit growth was driven by higher savings and strong demand for mortgages at both Retail Banking and ING Direct, due in part to mortgage refinancing as interest rates declined. Profit was also supported by the sale of equity investments and fair value changes under IFRS.

Divestments had a positive impact on profit in the first nine months, including EUR 379 million in realised gains compared with a gain of EUR 3 million in the year-earlier period. Divested units contributed EUR 14 million to profit in the first nine months this year, compared with EUR 70 million in the same period last year. Results in 2004 also included a loss of EUR 25 million on the U.S. dollar hedge. (See Appendix 2 for an overview of divestments and special items.)

Including the above items, total profit before tax increased 36.4% to EUR 3,796 million. The effective tax rate declined from 28.0% in the first nine months of 2004 to 21.4%, mainly due to non-taxable gains on divestments, a decrease of the statutory tax rate in the Netherlands, a low effective tax rate in Belgium and a EUR 35 million release from the tax provision. Net profit from banking rose 58.2% to EUR 2,963 million.

Income
Total income from banking rose 9.4% to EUR 10,464 million as growth in lending and savings and higher investment income was partially offset by the impact of divestments. On an underlying basis, excluding gains on divestments and special items as well as income from divested units, banking income rose 12.3% to EUR 10,024 million.

The interest result rose 4.3% to EUR 6,753 million. On an underlying basis the interest result increased 8.3% to EUR 6,748 million, driven by higher interest results in Retail Banking and ING Direct due to strong growth in savings and mortgage lending. That was partially offset by slightly lower interest results in Wholesale Banking due to pressure on margins. The implementation of IAS 32 and 39 from 2005 had a negative impact of approximately EUR 60 million on the interest result in the first nine months. The total interest margin was 1.17%, a decrease of 5 basis points compared to the estimated comparable interest margin (also including IAS 32 and 39) in the first nine months of 2004, caused by a flattening of the yield curve and some pressure on margins. Loans and advances to customers of the banking operations increased by EUR 62.1 billion, or 17.3%, in the first nine months to EUR 420.9 billion at the end of September 2005. Corporate lending rose by EUR 33.9 billion, of which EUR 16.5 billion in the Netherlands and EUR 17.4 billion was from outside the Netherlands. Personal lending grew by EUR 27.8 billion, including a EUR 23.6 billion increase in residential mortgages, of which EUR 14.6 billion was from ING Direct and EUR 7.5 billion was from the Dutch retail banking activities. Customer deposits and other funds on deposit of the banking operations rose by EUR 59.9 billion, or 15.0%, to EUR 458.5 billion at the end of September 2005, driven by the continued strong growth of ING Direct.

Investment income rose from EUR 327 million to EUR 899 million, including EUR 379 million in gains on divestments. On an underlying basis investment income rose from EUR 267 million to EUR 520 million, mainly due to the sale of equity investments in Belgium and the Americas, and the positive impact of the implementation of IAS 32 and 39, including EUR 53 million in realised results on the sale of bonds and EUR 88 million in fair value changes of designated assets and liabilities.

Commission income declined 10.8% to EUR 1,775 million, fully caused by the impact of divestments. On an underlying basis, commission income was up EUR 32 million, or 1.9%, to EUR 1,722 million, driven by higher commissions from the securities business, management fees (mainly from ING Real Estate) and brokerage and advisory fees, while Other commission and funds transfer commission decreased.

Other income rose 34.7% to EUR 1,037 million. On an underlying basis the increase was 40.3% to EUR 1,034 million, including a EUR 97 million positive valuation result on non-trading derivatives. The proportional (50%) consolidation of Postkantoren BV from 2005, which had no impact on total profit, added EUR 120 million to Other income. The share of profit from associates, such as minority shareholdings, increased by EUR 74 million, notably at ING Real Estate. The underlying result of the trading portfolio increased by EUR 20 million to EUR 476 million, despite a reclassification of interest-related components from trading results to interest results and the EUR 48 million loss taken on Postbank´s unit-linked mortgage product ´MeerWaardehypotheek ´ in the first quarter of 2004.

Expenses
Total operating expenses increased 3.0% to EUR 6,606 million as divestments partially offset the impact of consolidations, restructuring expenses and higher labour costs. Excluding the impact of divestments, operating expenses increased by EUR 732 million, or 12.6% to EUR 6,559 million. Of that increase, EUR 120 million was related to the consolidation of Postkantoren BV, EUR 33 million was restructuring costs to streamline the IT organisation, EUR 27 million was related to accelerated depreciation of software, EUR 38 million was impairments on development projects at ING Real Estate in the second quarter, and EUR 99 million was from provisions taken in Belgium in the first half. The remaining 7.1% increase was due to continued strong growth at ING Direct, the acquisition of Mercator Bank in Belgium, investments to expand the Retail Banking activities in Romania, Poland and India, as well as increased IT costs and higher personnel expenses, particularly in the Netherlands as a result of a new collective labour agreement. The total cost/income ratio of the banking operations improved to 63.1% from 67.1%. The average number of staff decreased slightly to 63,500 from 63,600 as the impact of divestments was largely offset by the consolidation of Postkantoren BV, some small acquisitions and growth in ING Direct, Poland and India.

ING announced a programme on 2 November 2005 for Operations & IT activities in the Benelux to improve the efficiency of the banking operations through outsourcing and streamlining. As part of the programme up to 500 positions are expected to become redundant, partially through natural attrition. In addition, 2,200 staff are expected

to be transferred to third-party suppliers through outsourcing projects, and contracts for 1,400 external staff will not be renewed. As a result of these initiatives, ING expects annual cost savings of approximately EUR 190 million as of 2008. The estimated non-recurrent costs are expected to amount to approximately EUR 120 million over the coming years. The measures are in addition to a streamlining initiative announced in July, which involved a reduction in staff of 450, for which restructuring costs of EUR 49 million were taken in the third quarter under Retail Banking, Wholesale Banking and Insurance Europe. The costs were lower than the EUR 57 million anticipated at the time of the announcement.

Additions to provisions for loan losses remained exceptionally low, supported by releases in Wholesale Banking. The total addition in the first nine months amounted to EUR 62 million, including EUR 16 million in the third quarter. That compares with additions of EUR 366 million in the first nine months of 2004. The low risk costs were possible due to an improvement of the credit portfolio, the release of provisions previously taken, the absence of new large defaults and improvements in risk management. The addition equalled an annualised 3 basis points of average credit-risk-weighted assets, compared with 19 basis points in the first nine months of 2004. While there is no indication yet of a deterioration of the credit environment, risk costs are expected to gradually return to a more normal level of 15 to 25 basis points.

RAROC
The after-tax Risk-Adjusted Return on Capital (RAROC) of ING’s banking operations improved to 22.8% in the first nine months of 2005 from 16.2% in the first nine months last year. Excluding the impact of divestments, the after-tax RAROC improved to 20.1% from 16.7%. All three banking lines preformed above ING’s target of 12.0% after tax. Excluding divestments, Wholesale Banking’s RAROC improved to 17.3% from 14.6% in the first nine months of 2004. Retail Banking posted a return of 34.0% (excluding the gain on ING Bank Slaski shares) compared with 29.2% in the first nine months last year. The after-tax RAROC of ING Direct improved to 15.5% from 12.7%. In the RAROC calculation, the actual credit-risk provisioning is replaced by statistically expected losses reflecting average credit losses over the entire economic cycle. Figures for 2004 have been adjusted for changes to the model for market risk.

2.1 Insurance Europe profit rises 17.1%: strong growth in Central Europe

•		Profit before tax from Central Europe increases 42.6% led by Poland and Hungary
•		Value of new business increases 54.1% due to enhanced pricing discipline
•		Efficiency programme at Nationale-Nederlanden progressing on plan

     Table 6. Insurance Europe profit & loss account

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Life premium income			6,327				6,990				-9.5	%			2,095				2,261				-7.3	%
Non-life premium income			1,724				1,718				0.3	%			383				401				-4.5	%
Total premium income			8,051				8,708				-7.5	%			2,478				2,662				-6.9	%
Investment income			3,354				3,033				10.6	%			1,113				960				15.9	%
Commission and other income			640				392				63.3	%			209				146				43.2	%
Total income			12,045				12,133				-0.7	%			3,800				3,768				0.8	%
Underwriting expenditure			8,807				9,411				-6.4	%			2,728				2,920				-6.6	%
Other interest expenses			370				230				60.9	%			134				62				116.1	%
Operating expenses			1,393				1,226				13.6	%			472				397				18.9	%
Impairments/investment losses			5				8				-37.5	%			1				-8
Total expenditure			10,575				10,875				-2.8	%			3,335				3,371				-1.1	%
Total profit before tax			1,470				1,258				16.9	%			465				397				17.1	%
Underlying profit
Total profit before tax			1,470				1,258				16.9	%			465				397				17.1	%
Gains/losses on divestments			10
Profit before tax from divested units
Profit before tax excluding divestments			1,460				1,258				16.1	%			465				397				17.1	%
Special items							11
Underlying profit before tax			1,460				1,247				17.1	%			465				397				17.1	%
- of which life insurance			1,166				1,021				14.2	%			375				314				19.4	%
- of which non-life insurance			294				226				30.1	%			90				83				8.4	%
Key figures
Value of new life business			151				98				54.1	%
Internal rate of return			14.0	%			11.9	%
Annual premium equivalent (APE)			590				592				-0.3	%
Assets under management1 (in EUR billion)			164.9				148.4				11.1	%
Staff (average FTEs)			16,000				15,900				0.6	%

1.		2004 figures are year-end

Nine-month profit
Underlying profit before tax at Insurance Europe increased 17.1% to EUR 1,460 million in the first nine months of 2005, driven by a 42.6% increase in Central Europe as well as strong underwriting results at the non-life businesses. Profit from life insurance increased 14.2% to EUR 1,166 million, driven by strong performance of the life and pension business in Central Europe, as well as revaluations under IFRS. Profit from non-life insurance rose 30.1% to EUR 294 million, driven by the Netherlands and Belgium.

Profit in the first nine months included a gain of EUR 10 million from the sale of Freeler in the first quarter of 2005, while the year-earlier period included a gain of EUR 11 million on old reinsurance business. Including those items, total profit before tax rose 16.9% to EUR 1,470 million from EUR 1,258 million in the first nine months of 2004.

Income
Total premium income declined 7.5% to EUR 8,051 million, reflecting the reclassification of some life products in Belgium to investment products under IFRS 4, which had an impact of EUR 600 million. Excluding that impact, total premium income declined 0.7% and life premium income fell 1.0%, as strong growth of life premiums in Belgium and Central Europe was offset by lower life premiums in the Netherlands due to rate adjustments to improve profitability and the acquisition of a large group contract in the third quarter of 2004. Non-life premium income rose 0.3% to EUR 1,724 million, as slightly higher premiums from disability and fire insurance in the Netherlands were offset by a small decline in non-life premiums in Belgium.

Investment income increased 10.6% to EUR 3,354 million, lifted by continued growth in assets under management, as well as EUR 63 million in pre-payment penalties and EUR 30 million in capital gains on bonds in the Netherlands.

Commission and other income increased 63.3% to EUR 640 million due to EUR 226 million higher profits from associates, such as revaluations of minority shareholdings in real estate funds and private equity investments, as well as EUR 75 million higher realised gains on private equity investments.

Expenses
Operating expenses increased 13.6% due to higher expenses in the Netherlands, including EUR 16 million in restructuring costs related to streamlining the IT organisation announced in July, EUR 23 million in severance costs for staff reductions at Nationale-Nederlanden, as well as higher costs related to software depreciation at Nationale-Nederlanden and the impact of the new collective labour agreement. Operating expenses declined 0.9% in Belgium and 5.9% in Central Europe, due to cost containment programmes. Expenses as a percentage of assets under management improved from 0.98% to 0.91% in the first nine months this year, while expenses as a percentage of life premiums deteriorated from 19.53% to 23.64%. The average number of staff increased 0.6% to 16,000, mainly caused by a small increase in Central Europe.

Value of new life business
The value of new business for Insurance Europe increased 54.1% to EUR 151 million, driven by improved margins in the Netherlands as well as strong sales in Central Europe & Spain. The internal rate of return for Insurance Europe rose to 14.0% from 11.9% in the first nine months of 2004, lifted by strong sales at RVS and Postbank Verzekeringen and enhanced pricing discipline in the Netherlands as well as higher sales and a lower expense overrun in Central Europe. New sales, measured in annual premium equivalent, declined 0.3% to EUR 590 million from EUR 592 million, when sales were lifted by a large group unit-linked contract in the Netherlands. Sales in Central Europe increased, driven by life and pension sales in Hungary and Romania as well as the launch of a new pension fund in Slovakia. The acquisition expense overrun improved to EUR 15 million from EUR 24 million, supported by improvements in the Netherlands as well as Central Europe. ING invested EUR 232 million to write new business in the region in the first nine months, up 2.7% compared with the same period a year earlier.

     Table 7. Insurance Europe new life insurance production

		New production 9M 2005																New production 9M 2004
										Value of																Value of
		Annual				Single				New								Annual				Single				New
In EUR million		premium				Premium				Business				IRR				Premium				Premium				Business				IRR
Netherlands1			126				1,077				67				12.9	%			143				1,221				33				9.8	%
Belgium2			34				1,085				28				19.2	%			40				1,277				39				22.9	%
Central Europe3 & Spain			190				237				56				13.8	%			147				122				26				11.7	%
Total			350				2,399				151				14.0	%			330				2,620				98				11.9	%

1.		VNB statistics for 9M 2004 for Nationale-Nederlanden were reported with a lag of one quarter, thus the figures above for the Netherlands represent production for 4Q 2003 and 1H 2004. As of 2005 VNB statistics reflect actual reporting periods.
2.		Including Luxembourg
3.		Poland, Hungary, Czech Republic, Slovakia, Romania, Bulgaria, Greece, Russia

Geographical breakdown Insurance Europe

     Table 8. Insurance Europe underlying profit before tax

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Netherlands			1,136				992				14.5	%			350				303				15.5	%
- of which life			880				797				10.4	%			271				227				19.4	%
- of which non-life			256				195				31.3	%			79				76				3.9	%
Belgium1			128				110				16.4	%			47				39				20.5	%
- of which life			96				88				9.1	%			38				36				5.6	%
- of which non-life			32				22				45.5	%			9				3				200.0	%
Central Europe2 & Spain			196				145				35.2	%			68				55				23.6	%
Underlying profit before tax			1,460				1,247				17.1	%			465				397				17.1	%

1.		Including Luxembourg
2.		Poland, Hungary, Czech Republic, Slovakia, Romania, Bulgaria, Greece, Russia

Netherlands
In the Netherlands, underlying profit before tax increased 14.5% to EUR 1,136 million, as higher investment income more than offset the impact of higher expenses. The results include a EUR 111 million positive revaluation of non-trading derivatives, a EUR 64 million higher result from real estate investments, as well as EUR 109 million higher

results from private equity investments. Operating expenses in the Netherlands rose 20.3% due to the impact of a new collective labour agreement, higher marketing costs, third-party staff expenses, as well as investments in Ops & IT projects at ING Investment Management. Operating expenses at Nationale-Nederlanden increased 15.5%, including severance costs related to staff reductions announced in May. A total reduction of the workforce by 1,000 positions is expected over three years, with total severance costs of EUR 75 million expected over the same period, of which about one-third was taken in the third quarter of 2005. The reduction of staff numbers is proceeding ahead of plan. At the end of the third quarter internal staff had been reduced by 340 positions, while the number of temporary staff was 960, down from a peak of 1,460 in September 2004. Expenses also include higher software depreciation on new policy administration systems, which will continue in 2006. A new system for motor insurance came online in the third quarter with straight-through processing from broker to back-office, significantly improving the speed with which brokers can get quotes and new contracts. New systems for other individual property insurance lines are expected to come into use in the first half of 2006. Progress is continuing on schedule to update group pension contracts to comply with previous legislative changes in the Netherlands, and the project is expected to be completed by the end of 2006. Client satisfaction has also improved substantially at Nationale-Nederlanden over the past two years, due to a sharpened focus on execution and service.

Profit from the Dutch life insurance units rose 10.4% to EUR 880 million, driven by higher investment income and an improved mortality/morbidity result, which more than offset higher operating expenses. Life premiums declined 10.2%, mainly due to lower sales of single-premium Group life products as a result of the inclusion of a large group contract in the first nine months last year, as well as enhanced pricing discipline to improve profitability. Profit from non-life insurance increased 31.3% to EUR 256 million, driven by higher results from real estate and private equity as well as improved underwriting results in fire, motor and personal liability insurance due to a favourable claims development. Non-life premium income increased 0.8% to EUR 1,442 million, primarily due to a premium rate adjustment for fire insurance and the introduction of a new disability product.

Belgium
In Belgium, profit from insurance rose 16.4% to EUR 128 million, bolstered by higher results from both life and non-life insurance. Life results (including Luxembourg) grew 9.1% to EUR 96 million, driven by a strong growth of investment income and a slight decrease in operating expenses. Life premium income declined 24.1% to EUR 1,246 million due to the reclassification of some life products to investment contracts under IFRS, which had an impact of EUR 600 million. Excluding this impact, life insurance premium income increased 19.6%. Profit from non-life insurance rose 45.5% to EUR 32 million, driven by higher investment income and a favourable claims development, especially in health and loss of income/accident insurance. Non-life premiums declined 1.6% to EUR 248 million.

Central Europe & Spain
In Central Europe & Spain, profit increased 35.2% to EUR 196 million. Growth was led by a 42.6% increase in Central Europe to EUR 164 million, driven by strong increases in Poland, Hungary, Greece and Romania due to strong growth in premium income and lower operating expenses. Premium income rose 18.2% to EUR 1,168 million, boosted by sales of a Euro-based unit-linked product in Hungary as well as single premium and annual premium products in Poland. Pension fund assets in Central Europe increased 32.6% to EUR 6.8 billion at the end of September, driven by strong growth in Poland, Hungary and the Czech Republic. Operating expenses declined 5.9% due to cost containment in Poland and a provision in 2004 for a discontinued business.

     Table 9. Insurance Europe premium income

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Netherlands			5,389				5,826				-7.5	%			1,469				1,644				-10.6	%
- of which life			3,947				4,395				-10.2	%			1,166				1,325				-12.0	%
- of which non-life			1,442				1,431				0.8	%			303				319				-5.0	%
Belgium1			1,494				1,894				-21.1	%			618				701				-11.8	%
- of which life			1,246				1,642				-24.1	%			548				629				-12.9	%
- of which non-life			248				252				-1.6	%			70				72				-2.8	%
Central Europe2 & Spain			1,168				988				18.2	%			391				317				23.3	%
Total			8,051				8,708				-7.5	%			2,478				2,662				-6.9	%

1.		Including Luxembourg
2.		Poland, Hungary, Czech Republic, Slovakia, Romania, Bulgaria, Greece, Russia

2.2 Insurance Americas profit up 31.3%: growth in mature markets

•		U.S. profit up 35.5%, driven by annuities, retirement services and investment gains
•		Value of new life business increases 21.1% as strict pricing lifts margins
•		Profit before tax from Canada up 35.1% on sustained strong underwriting results

     Table 10. Insurance Americas profit & loss account

		Nine Months												Third Quarter
In EUR million		2005				2004				Change				2005				2004				Change
Life premium income			13,524				14,127				-4.3	%			4,860				4,803				1.2	%
Non-life premium income			3,345				3,222				3.8	%			1,137				1,016				11.9	%
Total premium income			16,869				17,349				-2.8	%			5,997				5,819				3.1	%
Investment income			3,360				3,149				6.7	%			1,176				1,077				9.2	%
Commission and other income			763				617				23.7	%			499				197				153.3	%
Total income			20,992				21,115				-0.6	%			7,672				7,093				8.2	%
Underwriting expenditure			17,552				18,400				-4.6	%			6,346				6,324				0.3	%
Other interest expenses			180				60				200.0	%			131				20				555.0	%
Operating expenses			1,731				1,618				7.0	%			602				538				11.9	%
Impairments/investment losses			2				56				-96.4	%			5				47				-89.4	%
Total expenditure			19,465				20,134				-3.3	%			7,084				6,929				2.2	%
Total profit before tax			1,527				981				55.7	%			588				164				258.5	%
Underlying profit
Total profit before tax			1,527				981				55.7	%			588				164				258.5	%
Gains/losses on divestments			-40				-252								19				-252
Profit before tax from divested units			12				49												21
Profit before tax excluding divestments			1,555				1,184				31.3	%			569				395				44.1	%
Special items
Underlying profit before tax			1,555				1,184				31.3	%			569				395				44.1	%
- of which life insurance			896				682				31.4	%			359				222				61.7	%
- of which non-life insurance			659				502				31.3	%			210				173				21.4	%
Key figures
Value of new life business			149				123				21.1	%
Internal rate of return			11.0	%			10.3	%
Annual premium equivalent (APE)			2,294				2,325				-1.3	%
Assets under management1 (In EUR billion)			198.4				168.9				17.5	%
Staff (average FTEs)			26,500				25,400				4.3	%