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ING GroupThink Forward, Act Now
Ralph HamersCEO, ING Group
Goldman Sachs Conference, Madrid – 12 June 2014www.ing.com
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN OR AUSTRALIA.
Key points
2
• ING Group announced Intention to Float of NN Group on Euronext Amsterdam
• The IPO of NN Group substantially completes the repositioning of ING as a pure bank
• ING Bank has strong financials, a unique business model and an attractive portfolio
• ING is well positioned to take advantage of the transformation in the banking landscape
• ING Bank posted a strong first quarter 2014 with a RoE of 10.2%
• ING will start paying a dividend over financial year 2015
ING Group announced IPO of NN Group on Euronext Amsterdam
3
• The intended IPO will only consist of existing ordinary shares in NN Group and the proceeds of the offering will be for ING Group
• Following the Offering, ING Group is expected to hold a majority stake in NN Group; complete exit by year-end 2016
• As previously announced, ING has agreed to sell NN Group shares at the IPO to three Asian-based investment firms for a total amount of EUR 150 mln
• In addition, ING Group has issued to each of these 3 investors mandatory exchangeable subordinated notes for a total amount of EUR 1,125 mln, of which EUR 450 mln will exchange at IPO
• Further details of the intended offer to be announced in the prospectus
Strong solvency and disciplined capital framework
4
Resulting in
Pro-forma 1Q14 IGD ratio of 264%3
Commercial capital at operating units
• NN Group intends to manage its operating units to their commercial capital levels
• All surplus capital above commercial levels returned from operating units to holding, subject to regulatory restrictions
• Pro-forma 1Q14 NN Life solvency of 251%1
Cash capital at holding
• NN Group seeks to hold cash capital in the holding to cover stress events and to fund 18 months of holding costs (incl. interest and other holding expenses)
• Pro-forma 1Q14 cash capital at holding of EUR 0.9 bln2
Leverage
• NN Group aims to maintain leverage and fixed charge cover ratios consistent with single ‘A’ financial strength rating
• Last Twelve Months (LTM) fixed charge coverage ratio of 5.6x as of 1Q14
• Pro-forma 1Q14 leverage ratio of 24%1
• Pro-forma 1Q14 gross financial leverage of EUR 3.7 bln1
Note: all pro-forma numbers are approximate1. Pro-forma based on 1Q14 capital positions adjusted for EUR 850 mln injection from ING Group, EUR 200 mln reduction of debt and EUR 450 mln injection into NN Life2. Pro-forma cash at holding of EUR 0.9bln including EUR 0.2 bln capital injection and EUR 0.1 bln proceeds from the sale of ING BoB Life and IIM Taiwan3. Pro-forma 1Q14 IGD solvency ratio of 264% based on 1Q14 IGD solvency ratio of 245% adjusted for EUR 850 mln capital injection from ING Group prior to IPO and issuance of external hybrid debt, which has been used to repay EUR 0.4 bln senior debt to ING Group
NN Group has set medium-term targets to deliver on earnings improvement and cash generation
5
Medium-term goal to increase earnings and recurring cash flows
• Over time and assuming normal markets, current regulatory framework and no material special items, generating free cash available to shareholders in a range around NN Group’s net operating result of the ongoing business
• Annual operating result before tax of the ongoing business* growth rate on average of 5-7%
• Reduction in administrative expenses in Netherlands Life, Non-life and Corporate/Holding by EUR 200 mln by 2016 versus 2013 reported
• Increase the net operating Return on Equity of the ongoing business* (from a pro-forma 7.1% in 2013) in the medium term
Dividend policy is focused on returning cash to shareholders
• 2014 half-year dividend of EUR 175 million, payable in 2015 • For 2015 and beyond, regular and ordinary dividend annually in
line with medium to long-term financial performance• Target pay-out ratio of 40-50% of IFRS net operating result from
ongoing business • Capital generated in excess of NN Group’s capital ambition, which
may change over time, is expected to be returned to shareholders unless it can be used for any other appropriate corporate purpose, including investments in value creating corporate opportunities
• NN Group is committed to distributing excess capital in a form which is most appropriate and efficient for shareholders at that specific point in time, such as cash or share buy backs
Business strategy focused on increasing cash and capital generation through efficiency, while delivering excellent service and products to our customers.
* Ongoing business includes Netherlands Life, Netherlands Non-Life, Insurance Europe, Japan Life, Investment Management and Other
ING Bank
6
ING Bank has a unique starting position
7
Effective business model
• Strong deposit gatherer across Europe• Leading ‘direct first’ bank in Europe• Client-focused Commercial Bank supported by leading Industry Lending franchise
Track record of delivery
• Disciplined cost management• Solid balance sheet• Consistent capital generator
Significant upside potential
• Mix of mature and growth businesses• Increasingly strong positions in “challenger” countries• Well placed to benefit from the European Banking Union
Market Leaders Challengers Growth Markets
Netherlands, Belgium/Luxembourg Germany/Austria, Spain, Italy, France and Australia
Poland, Turkey, Romania and Asian stakes
Commercial Banking International Network
Our business model: strong retail deposit gatherer and profitable Commercial Bank
8
54%
46%
Commercial BankingRetail Banking
Individual customers* (in mln)
30.5 32.9
2010 2013
+8%
Strong retail deposit gathering ability (in EUR bln)
Underlying result before tax(in %)
2013
Commercial Banking continues to deliver solid results (in EUR mln)
Underlying result before tax
338 355381 389
2010 2011 2012 2013
Commercial Banking Return on Equity (based on CET1 ratio of 10%) rose to 12.8%
Percentages based on pre-tax result Bank excluding Corporate Line
* Excluding Asian stakes and Vysya
2,218 2,0711,784
2,160
2010 2011 2012 2013
11.6% 11.5%9.7%
12.8%
2010 2011 2012 2013
Our balance sheet has a strong foundation to grow the business
9
46
42
20
23
5Retail depositsCorporate depositsPublic debtSubordinated debtInterbankRepo
1.18 1.13 1.04 1.02
2011 2012 2013 Mar 14
4.5%
2.5%3.0%
>10%10.0% 10.1%
1Q14 Reported 1Q14 Fully-Loaded Ambition 2017 Required 2019
Minimum CET1 requirement Capital conservation buffer* Systemic buffer*
10.0%
3.0 2.13.0
0.9 1.6
-0.22011 2012 2013
Change Common Equity Tier 1 Dividend upstream
3.9 3.72.8
* Phased-in from 2016-2019** Adjusted for divestments
Strong capital generation allowing EUR 8.1 bln dividend upstream to Group in past 3 years (in EUR bln)
Conservative funding mixPer 31 March 2014 (%)
Fully-loaded CET1 ratio at 10.1%, already above required level
Attractive Loan-to-Deposit Ratio**
435
1,000
640
512
450
11 141532 24 1710
2011 2013 2015F
Branch Calls Mobile Internet
Our ‘direct first’ business model is focused on the self-directed customer
10
0
25
50
75
0 20 40 60 80
Italy
Spain
Germany
PolandTurkey
UKFrance
Netherlands
SwedenSelf-directed consumer segment is expected to reach ~80% in Europe
within 10-15 years
Online banking access
Customers in Northern Europe are most self-directed today (in %)
Level of self-directed consumers
Belgium
Source: McKinsey
Mobile customers have much more frequent contact with their bankING NL, total number of contacts (in mln)
Source: ING Bank Netherlands
30.5 32.9
2010 2013
Increase in Individual customers ING Bank*… (in mln)
Our dedication to customer satisfaction leads to high NPS positions and a growing number of customers
11
Source: ING Analysis
AustriaItaly
1st
1st
2nd
1st
2nd
2nd
1st
1st
1st
2ndFrance
SpainAustralia
Turkey
Romania
Poland
GermanyNetherlandsBelgium
2nd+8%
Net Promoter Score (NPS) ranking vs. local competitors
…driven by strong customer growth in the challenger countries (in mln)
12.8 14.4
2010 2013
+13%
* Excluding Asian stakes and Vysya
We continue to converge towards a ‘direct first’ business model
12
Converging to a ‘direct first’ model with high cross-buy…
Bubble size = ING Client Balances 2013Cross-buy = average # of products per active customer 2013* Based on CET1 ratio of 10% on RWA
Direct first with high cross-buy
High Cross-Buy
Direct firstMainly branch based
Belgium and Germany prove the model is working
ING Belgium – leading market position• Product sales through direct channels increasing, while branches
still dominate cross-buy• C/I ratio declined to 62.5%, supported by reduction of branches• RoE* of 20.5% in 2013
ING Germany – challenger position• Diversifying product offering to customers to increase cross-buy,
while maintaining low cost base• C/I ratio declined to 50.5% in 2013 as scale benefits come
through• RoE* of 16.6% in 2013
ING Bank strategy
13
EMPOWERING PEOPLE TO STAY A STEP AHEAD IN LIFE AND IN BUSINESSPurpose
Enablers
Customer Promise
ANYTIME, ANYWHERE EMPOWER KEEP GETTING BETTERCLEAR AND EASY
OPERATIONAL EXCELLENCE
PERFORMANCE CULTURE
LENDING CAPABILITIES
SIMPLIFY & STREAMLINE
CREATING A DIFFERENTIATING CUSTOMER EXPERIENCEStrategicPriorities
4 THINK BEYOND TRADITIONAL BANKING TO DEVELOP NEW SERVICES AND BUSINESS MODELS
2 DEVELOP ANALYTICS SKILLS TO UNDERSTAND OUR CUSTOMERS BETTER
3 INCREASE THE PACE OF INNOVATION TO SERVE CHANGING CUSTOMER NEEDS
1 EARN THE PRIMARY RELATIONSHIP
14
32.9
14.5
7.2
Customers Active payment customers Primary customers
Growing our share of payment accounts is crucial to winning the primary relationship and increasing cross-buy
15
Primary customer: payment customer with recurrent income and at least one extra product
61%67%
25%
47%
38%
14%
67%
84%
75%
82%
72%
79%
NL Belgium Germany Spain Italy Australia% of multi-product (total active base)% of multi-product clients with payments
Payment accounts customers have more products ING aims to increase the amount of primary customers to at least 10 mln in 2017Total Individual Customers (in mln)
Improving customer service by further developing analytical skills
16
Improving customer service
• Provide an integrated, personalised and easy to use omni-channel offering• Cater to individual customer preferences of channel and mode of interaction
Countering fraud and cybercrime
• Detect and prevent fraudulent activity (e.g., suspicious credit card activity and money laundering)
Operational excellence
• Optimise ATM and branch locations, cash handling and branch staffing
Risk Management
• Optimise underwriting to increase consumer lending and reduce the time it takes to obtain a loan• Detect and prevent future defaults through early-warning systems and processes
Creating commercial opportunities
• Maximise retail banking campaign reactions using digital redesign and response modeling• Define cross-buy opportunities in Commercial Banking by embedding next-product-to-buy modeling into
(automated) account planning
Further reduction of complexity of IT platforms mainly required in the Benelux
Low cost model provides competitive advantage
17
Among the best
Below average
Below average
Among the best
Challengers2013
Benelux 2013
Benelux 2015
CB 2013
CB 2015
Current projects To be developed
Efficiency
Cost effectiveness
0.0
0.5
1.0
1.5
2.0
2.5
0 100 200 300 400
ING Direct trendline
ING non Direct trendlineUniversal banks trendline
Other Direct trendline Economies of scale in Direct modelEconomies of scale in non-Direct model
Loans + Deposits (in EUR bln)
Light branch network enables us to reach scale fasterCost / (Loans + Deposits) (in %)
1 ING internal dataSource: McKinsey Bank Explorer, SNL, Capital IQ, consolidated annual reports, ING
204
96
157144
Netherlands Germany / Spain /Italy
ING Bank well positioned to gain from the European Banking Union (in EUR bln)
We are broadening our asset base while ensuring maximum upside from the European Banking Union
18
Balance Sheet integration progressing well (in EUR bln)
Cumulative BS integration
24
35
48
2011 2012 2013
• Transferability of liquidity and capital to provide room for loan growth or reducing the investment portfolio or professional funding
• ING’s strategy keeps options open as far as direction and timing of a true European Banking Union is concerned
• Our strategy to develop local asset generating capabilities is therefore a no regret decision
Diversify balance sheets of funding rich countries
• Merged Retail Banking franchises with Commercial Banking in most challenger countries
• To create sustainable positions, we need to diversify our balance sheets through lending
LendingFunds entrusted
Mortgages Consumer/SME/MClending
Industry Lending General Lending
We aim to grow customer lending by approximately 4% per annum
Volume growth
General Lending +
IndustryLending ++
SME ++
Consumer Lending ++
Mortgages + / -
Leve
rage
CB
ex
perti
seE
xpan
d re
tail
franc
hise
A more diversified lending mix to result in higher NIM
19
Focus on relatively higher margin lending products
NIM 150-155 bps
56% 50%
19% 23%
15% 16%8% 10%
1%2%
2013 Indicative 2017
Lending to be more diversified
Other CB lending
General Lending & Transaction ServicesIndustry Lending
Consumer / SME / MC lendingMortgages
Industry Lending growth to provide superior returns
20
65.7%
0.5%
33.8%
Structured Finance (SF)Real Estate Finance (REF)Corporate Investments (CI)
18.3%22.3%
18.3% 19.2%
2010 2011 2012 2013
122
74 66
129147
377174
-66
-16-17-1
2001 2003 2005 2007 2009 2011 2013
40-45 bps across the cycle
Industry Lending
• Mature franchise built over 20 years• Deep-rooted relationships, with over 90% repeat business in 2013
• Selected industries: Oil & Gas, Metals & Mining, Power & Infra, Transportation, Commodities, Telecom & Media• Strong risk management and structuring capabilities - focused on solutions to clients needs • Currently building local expertise centres in Germany and Belgium, e.g. through transfer of knowledge
Industry Lending dominated by Structured Finance... ...which generates a high RoE**
...and risk costs across the cycle in line with total bank
EUR72 bln*
* Lending assets** Based on CET1 ratio of 10% on RWA
We will selectively expand our offer in the challenger countries with Consumer and SME Lending
21
…supported by payment accounts Germany (# ‘000s accounts)
Cross-buy likelihood Consumer Lending
2.74.2
1.7
64
2003 2010 2013 Relevant Market
CAGR+9%
Successfully continue building our Consumer Lending portfolio…
• Consumer lending proposition offered in Germany and Spain mainly via direct model. Similar offering was launched in Italy in 2013
• Increase the usage of mobile as additional sales channel providing instant approval
• Use analytical skills to speed up approval process, particularly for payment clients
…ready to explore new segment: SME/self-employed with Direct offer
• SME direct proposition launched in Spain in 2013• Model with focus on self-employed being investigated in Germany• Leverage strength in direct retail banking to move into self-
employed/micro-business segments in challenger countries• Straight-through-processing
Consumer Lending volume Germany (in EUR bln)
w/o Payment with Payment
5x
234
731
1,084
2003 2010 2013
CAGR+17%
Ambition 2017
22
Restructure to a pure bankOngoing
Accelerate2014-2015
Unlock full potential2016 onwards
Finalise restructuring to become a pure bank
• Complete Insurance divestments• Repay the Dutch State
Creating a differentiating customer experience
• Relentless customer focus • Increase primary relationships• Upgrade analytical skills• Increase pace of innovation
• Increase cross-buy
Accelerate operational excellence
• Start cost savings programmes • Deliver current cost savings programmes
• Deliver next wave of IT savings
Expand lending capabilities
• Invest to expand lending capabilities • Expand lending and NIM• Leverage our European franchise
when Banking Union is in place
Simplify and streamline
• Reduce bureaucracy• Appoint new Chief Operating Officer
and Chief Innovation Officer
Think Forward, Act Now
23
57%
9%ROE (%)
C/I (%) ~53-55%
~10-13%
~50-53%
10-13%
Value Creation roadmap is tailored to current market positions
24
2013 – 2017 roadmap
Market leaders Challengers Growth markets ING Bank 2017
Income + ++ ++ ~4% loan growth and margin improvement
Costs - + +Flat till 2015.
Thereafter depending on income growth
C/I - - - 50-53%
RoE + + + 10-13%
Manage for dividend Manage for sustainable profitable growth
We intend to resume dividend payments to shareholders over financial year 2015
25
Ambition 2017 Guidance
CET1(CRD IV) >10%
• Target fully loaded CET1 ratio remains >10% but it is prudent to maintain a comfortable buffer above the minimum to absorb regulatory changes and potential volatility
Leverage ~4%• Approximately 4% leverage; awaiting final regulations
C/I 50-53%• Aim to reach 50-53% cost/income ratio in 2016. Over time, improve
further towards the bottom end of the range.
RoE(IFRS-EU equity) 10-13%
• RoE target range maintained at 10-13% based on IFRS-EU equity (absorbing capital buffer)
Dividend pay-out
>40%• Target dividend pay-out >40%• First payment over the financial year 2015
1Q14 results
26
ING Bank posted another solid quarter…
27
Bank results (in EUR mln)
Gross result Addition to loan loss provisions
Underlying result before tax+
1,730 1,762 1,6551,464
1,644
-561 -616 -552 -560 -468
=
4Q13 1Q141Q13 2Q13 3Q13 4Q13 1Q141Q13 2Q13 3Q13 4Q13 1Q141Q13 3Q132Q13
• Underlying result before tax was EUR 1,176 mln in 1Q14, roughly flat from 1Q13 and up from 4Q13• Gross result was down from 1Q13 due to negative CVA/DVA impacts • Excluding CVA/DVA impacts, gross result was up 1.7% as higher results in Retail Banking were offset by lower results in Commercial Banking,
mainly due to Financial Markets• Risk costs were down from both 1Q13 and 4Q13 as economic conditions improved in certain markets
1,169 1,147 1,103904
1,176
2.51.4
-0.4
2.1
5.1
1Q13 2Q13 3Q13 4Q13 1Q14
...supported by higher margins, volume growth, strict cost control and lower risk costs…
28
8189
80 8165
1Q13 2Q13 3Q13 4Q13 1Q14
40-45 bps over the cycle
138 142150
145144
1Q13 2Q13 3Q13 4Q13 1Q14
Net interest margin increased to 150 bps in 1Q14, driven by higher results in Financial Markets which is volatile by nature (in bps)
Risk costs started to decline from 2013bps (of RWA)
Operating expenses, adjusted for Dutch/Belgian bank taxes and restructuring costs, down from 1Q13 and 4Q13
Increase in net loan growth in 1Q14Net loan growth (Client Balances, in EUR bln)
39 12 11 94
149
2,0802,1152,0522,0782,094
125676
1Q13 2Q13 3Q13 4Q13 1Q14Expenses Belgium bank taxes Restructuring costs Dutch bank tax
…resulting in a Return on Equity of 10.2%
29
ING committed to deliver target RoE of 10-13% in 2015 and beyond
• Normalisation of risk costs supports ROE growth• New business is ROE accretive• Re-pricing of the current balance sheet at the targeted net
interest margin will have a further uplift• Capital buffer to withstand volatility will impact ROE
10-13%10.2%
9.0%
7.0%
2012 2013 1Q14 Ambition 2017
ING committed to deliver target RoE of 10-13% in 2015 and beyond
Wrap up
30
Wrap up
31
• ING Group announced Intention to Float of NN Group on Euronext Amsterdam
• The IPO of NN Group substantially completes the repositioning of ING as a pure bank
• ING Bank has strong financials, a unique business model and an attractive portfolio
• ING is well positioned to take advantage of the transformation in the banking landscape
• ING Bank posted a strong first quarter 2014 with a RoE of 10.2%
• ING will start paying a dividend over financial year 2015
Appendix
32
Netherlands#1 Life & #3 Non-life
Belgium#10 Life & #12 Non-life
Czech Rep.#6 VPF2 Pensions & #4 Life
Poland #1 MPF1 Pension & #7 Life
Slovakia #1 MPF1 & #4 VPF Pensions & #6 LifeHungary#1 MPF1
& #6 VPF Pensions #1 Life
Spain#16 Life3
Romania#1 VPF2/MPF1
Pensions & #1 Life
Bulgaria#3 VPF2 Pensions & #8 Life
Greece #2 Life Turkey#6 VPF2 Pensions & #15 Life
JapanTop 3 player in COLI
Note: Other countries not included above are Luxembourg (#11 Life)1. MPF: Mandatory Pension Fund (2nd pillar); 2. VPF: Voluntary Pension Fund (3rd pillar); 3. Spanish Life market remains dominated by banks4. The EV methodology used by the Company is based on a market consistent approach
Our business
• Strong business positions with international presence• Investment management presence in 18 countries• Deep operating knowledge of markets as market positions were
built organically• Unified international business culture, with best practice sharing
across geographies• Shareholders’ equity of EUR 14.7 bln as at 31 March 2014• 1Q14 pro-forma shareholders’ equity, including capital injection of
EUR 850 mln, of EUR 15.5 bln• Embedded Value (EV) of EUR 10.3 bln as at 31 December 2013• Indicative EV adjusted for Pre-IPO impacts (capital injection and
pension agreement) of EUR 10.7 bln as at 31 December 2013
Our presence
NN Group is leading Dutch insurer with strong European insurance and investment management footprint, and attractive Japanese business
33
All segments NN Group contributing to clear and ambitious financial targets
34
Management objectives
Netherlands Life• Maintain operating result before tax broadly stable at 2013 levels over the medium term
NetherlandsNon-life• Achieve a combined ratio of 97% or below by 2018
Insurance Europe• Achieve mid-single digit operating result before tax annual growth rate on average over the 2013-18 period
Investment Management
• Achieve mid-single digit operating result before tax annual growth rate on average over the 2013-18 period
Japan Life• Achieve low to mid-single digit operating result before tax annual growth rate on average over the
2013-18 period
NN Bank• Achieve a RoE of 7% by 2018, based on the net operating result of NN Bank as a percentage of the average
shareholders' equity of NN Bank.
Double leverage comfortably covered by proceeds from Insurance
35
3.8
-0.2
-3.0
0.8 -1.3
0.2
1Q14 MV 43% Voya MV 10% SulAm Capital injection NN Group Pre-IPO investments NNGroup
Pro-forma balance coveredby IPO NN Group
Group core debt of EUR 3.8 bln at 1Q14 covered by (market) value Voya, SulAm, pre-IPO investments and intended IPO NN Group
• Remaining stake Voya 43% and remaining stake SulAmerica 10% • Ahead of the base case IPO, ING will inject EUR 850 mln of capital into NN Group to finalise the capital structure of NN Group• ING Group secures EUR 1.275 bln investment in NN Group ahead of IPO • Remaining balance of ING Group core debt will be covered by intended IPO of NN Group; IPO to comprise only secondary shares
Group core debt covered by (market) value Voya, SulAm, pre-IPO investments and IPO NN Group (in EUR bln)
Strategic Framework ING bank for Decision Making
36
Strategic Review
Market Attractiveness
Strategic Fit
Connectivity
Sustainable Share
Relevance to Customers
Market Position
Sustainable Balance Sheet
Financial Hurdles
High
Medium / Low
Grow / build scale
Maintain
Repair
Consolidate / Exit
Market leader
Challengers
Business Action Plan
For every business, we will execute one of these
four options
Sub-scale
Growth markets
Net lending increased further in both Retail and Commercial Banking
37
489.4 490.70.61.7 0.5 -0.31.1 1.8 1.5-0.6
-0.5 -4.4
31/12/13 Retail NL Retail Belgium
Retail Germany
Retail RoW CB SF* CB REF* CB GL&TS* CB Other* DeconsolidationVysya /
Transfers
FX 30/03/14
Lending Assets ING Bank (Client Balances, in EUR bln)
Net lending, excluding the impact of FX and deconsolidation Vysya / asset transfers, increased by EUR 5.1 bln
• Net lending in Retail Banking increased by EUR 2.6 bln as higher net lending in Retail Belgium, Retail Germany and Retail RoW more than offset lower net lending in the Netherlands
• Net lending in Commercial Banking increased by EUR 2.4 bln as higher net lending in Structured Finance and General Lending & Transaction Services offset lower net lending in Real Estate Finance and Lease run-off (included in CB Other)
• The impact of the deconsolidation of ING Vysya amounts to EUR -4.0 bln and the transfers to NN Bank were EUR -0.3 bln in 1Q14
Retail Banking: EUR +2.6 bln Commercial Banking: EUR +2.4 bln
* SF is Structured Finance; REF is Real Estate Finance; GL&TS is General lending & Transaction Services; Other includes Lease run-off
ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). In preparing the financial information in this document, the same accounting principles are applied as in the 1Q2014 ING Group Interim Accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) the implementation of ING’s restructuring plan to separate banking and insurance operations, (5) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit ratings, (18) ING’s ability to achieve projected operational synergies and (19) the other risks and uncertainties detailed in the Risk Factors section contained in the most recent annual report of ING Groep N.V. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and, ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. The securities of NN Group have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.www.ing.com
Important legal information
38