ing investor day 2012: customer centricity in retail banking
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TRANSCRIPT
Amsterdam –
13 January 2012
Customer centricity in Retail Banking
Eli Leenaars CEO Retail Banking Direct & International
ING Investor Day
ING Investor Day - 13 January 2012 2
Trends require continuous innovation in the way we offer our services
We are converging our three retail models into one model: Easy and fair, with low cost
ING Direct has to complete the transformation into a full bank
1
2
3
In emerging markets, our retail model is the basis to differentiate and position for future growth
ING has the ingredients to succeed in this environment: customer oriented and low cost from innovative distribution
4
5
Key messages
ING Investor Day - 13 January 2012 3
Trends require continuous innovation in the way we do business
In terms of what we offer our customers
Offer fair pricing, transparent products, easy access and excellent service
Customer Centricity
In terms of how we operate as a company
Streamline processes and improve efficiency as regulatory costs rise
Operational Excellence
And in how we manage our
balance sheet
Optimise the balance sheet to maximise returns and offset higher capital requirements
Balance Sheet Optimisation
ING Investor Day - 13 January 2012 4
Fair pricing –
e.g. lowest cost for customers for current accounts Consumer oriented brand attributes
A loyal customer baseNet Promoter Score ranking
Organic growth of customers since 2000: 20 mln
23
1
Can, Spa, Aus, Fra, Ger, UK, Rom, Pol, Bel
NL, Ita
0 100 200 300
NetherlandsBelgiumPoland
RomaniaGermany
FranceSpain
Italy MarketING
Easy to deal withTran
spar
ency
Good service
Is trustworthy
Goo
d V
alue
Delivers on promises
Treats me fairly
Knowledgeable
Rel
iabl
e
Putting the customer first is a key characteristic of ING
Supported by customer intelligence•
In-depth knowledge of 40 million retail clients•
Low acquisition cost supported by word of mouth•
Allows to develop into multi-product customers faster and cheaper (more cross-buy and higher revenue per customer)
•
Key in successful integrated channel approach
ING Investor Day - 13 January 2012 5
ING is also a leader in innovative distribution…
Leader in Direct•
Largest direct bank in the world •
Best quality contact centres
in most countries•
Direct if possible, advice when needed in the Benelux
•
Most internet bank in Poland
Frontrunner in branch management •
From service point to advice shops in the Netherlands, Belgium and Poland
•
Branch lite
concepts in Spain and Italy
Innovative in mobile and social media•
Mobile websites, highly rated mobile apps•
Social media as a new way to interact with clients
¹
Percentage of adults using internet ²
Percentage of households with internet access SOURCE: data published by Eurostat, EFMA, comScore. Internet World Stats (Nielsen Online, International Telecommunications Union, Official country reports, and other trustworthy research sources).
NL is a leader in online banking
0
20
40
60
80
100
0 20 40 60 80 100
Canada
GermanyUK
Netherlands
India RomaniaTurkey
ItalyPolandSpain
France
Austria
BelgiumAustralia
‘Self-first’
‘Multi
channel’
‘Online
adaptors’
‘Brick & Mortar’
Transformation to ‘Self-first’
is a matter of time
Internet access
Percentage², 2011
Online banking usage
Percentage¹, 2010
ING Investor Day - 13 January 2012 6
…resulting in lower cost
93 92 83 79 79108
2007 2008 2009 2010 3Q11 Market 2010
NetherlandsOperating expenses / Retail balances (bps)
ING DirectOperating expenses / Retail balances (bps)
14098
65 64 55 55 54 57 44 43 45
113
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q11 Market2010
ING Investor Day - 13 January 2012 7
Germany
UKIndia
Netherlands
Belgium
Spain
Italy
France
Canada
AustraliaRomania
Turkey
Poland
Thailand
Bubble size = ING Client Retail Balances 3Q11
Market share
(Savings and mortgages)
Market size
(Savings and mortgages)
25%
0%
ING Direct:
Winning organic growth
model in large mature markets
Benelux:
Strong platform
in mature markets
Emerging markets:
Strong platform
in growing markets
We have three different models in our footprint
ING Investor Day - 13 January 2012 8
Germany
Spain
FranceUK
CanadaAustralia
Poland
Netherlands
Belgium
Italy
For Customers: Easy and fair•
Customer centric culture, with care for customers
•
Limited number of transparent products, serving all customer needs
•
Consistent fair pricing •
Customer centric process management, with breakthrough simplicity
•
Direct when possible, advice when needed
Converging models
ING Direct
Direct (Low cost)
ING model
Easy and fair, with low cost
Mainly branch
based
Direct when
possible
We are converging to one model: Easy and fair, with low cost
Underlying economics: Strong low cost model, stable business•
Superior brand, number one customer choice•
Attractive client segment -
prone to be direct, low credit risk
•
Simplified product range •
Focus on direct channels •
Process excellence, low cost
Mono
product
Optimised product
range for customers
Broad
product
range
Bubble size = ING Client Retail Balances 3Q11
ING Investor Day - 13 January 2012 9
We started to move towards this model a while ago
ING DirectOptimising product offering
Payment account launches to become the primary Bank:•
2005: Spain•
2008: Germany•
2008: Italy•
2009: Australia, France•
2010: Canada
Introducing some face when required
Spain: Lite
branch network of 29 branches covers 83% of population (1)
Italy: 7 branches opened in 2011
(1)
% of ING Direct customers with a branch in their province
(Milan branch)
BeneluxReduction of product offeringNumber of retail savings products offered in NL
Move towards direct channelsIncrease in sales of products online Belgium
1.4% 1.7%19.9%
2.0%
37.4%26.8%
3.8%
29.6%
Investments Insurance Savings Accountsand Cards2009 2010 Aug-11
62
820
Pre MergerPostbank - ING
Post Merger Today
Variable Fixed Other
ING Investor Day - 13 January 2012 10
•
Second bank for clients•
Savings product main acquisition product
•
Direct channels•
Large investment portfolio
•
Second bank for clients•
Own-originated residential mortgages, mutual funds, e-
brokerage and payment accounts
•
Reducing investment portfolio
•
Primary bank for clients•
Full product range, increasing cross buy (share of wallet)
•
Exploring face-to-face
•
Balance sheet optimisation through asset transfers, Commercial banking integration
•
Margin on savings, thanks to cost advantage
•
Improved stickiness of savings
•
High volume, low-risk mortgage production
•
Additional margin from cross-buy
•
Higher yield from consumer loans,
•
Further income diversification and client stickiness
•
Higher yield from Commercial Banking assets
•
Deleverage
Complete, retail bank
Become primary bank
Your other
bank
Full bank
ING Direct has to complete the transformation into a full bank
ING Investor Day - 13 January 2012 11
…but is already a meaningful contributor to ING profits
132 214409
603 442 334697
873483
-123 -105
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q11
ING DirectPre Tax Result (EUR mln)
471 418 734 733
63257
373217
443 482
1
2001 2003 2005 2007 2009 2010 3Q11
ImpairmentsPre Tax Result exc. Impairments
Pre Tax Result
ROE* exc. Impairments 15%9% 14%6% 12%6%9%3%4%ROE* 10%5% 11%5%9% 14%9%3%4%
ING -
DiBaPre Tax Result (EUR mln)*
ING SpainPre Tax Result (EUR mln)*
ROE** 23%16%8%
2050 55 75 79 64
-42
2001 2003 2005 2007 2009 2010 3Q11ROE** 17%17%16%7%8%5%
* pre impairments**
Based on 10% core tier 1 ratio
ING Investor Day - 13 January 2012 12
ING-DiBa’s transformation into a full bank
Roland Boekhout, CEO ING-DiBa
ING Investor Day - 13 January 2012 13
ING-DiBa: A success growth story…
ING acquires remaining 51% in DiBa
ING Group buys 49% stake in
1965
1999
1994
1998
2003
2004
Acquisition of
2010
Acquisition of
2011
4 millionth customer
7 millionth customer
10
161
2001 3Q11
-
Integration with Commercial Bank
-
3rd largest retail private bank in Germany
Retail balances*In EUR bln
CustomersIn mln
Cost/Client Retail BalancesIn bps
ProfitabilityPre-tax (mln)**
0.5
7.4
2001 3Q11
113
35
2001 9M2011
1
482
2001 9M2011• Includes brokerage** pre impairments
ING Investor Day - 13 January 2012 14
Your other bank
Primary bank Full bank
Investment productsSavingsProducts Mortgages Payment
accountConsumer
loansIntegration with
Commercial Banking
...and most advanced in transformation into a full bank
Total client retail balances (EUR bln)
mln Clients
Distribution Mail Telephone Internet Brokers Mobile and social mediaAffiliatesReferrals
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q11
Savings Retail Investment Products Retail LendingPayment Account Clients (mln)
161*
113
10
7,4
* Client retail balances includes brokerage
ING Investor Day - 13 January 2012 15
…leading to a strong market position in a very large market with great potential ...
37%
11%
23%
24%
5% Sparkassen & LandesbankenVolksbankenGroßbanken*ING-DiBaRegionalbanken / Kreditbanken
* Großbanken: Deutsche Bank, Postbank, Commerzbank, HypoVereinsbank
Retail Customers in 2010Savings banks / Cooperative banks
Private Banks
Deposit market (Total: EUR 1,600 bln)
Mortgages Market (Total: EUR 800 bln)
32%
21%
21%
20%
6%Sparkassen & LandesbankenVolksbankenGroßbanken*ING-DiBaRegionalbanken / Kreditbanken
3.3 mln
4.0 mln
7.0 mln
7.1 mln
11 mln
14 10 24 mln
~ 30 mln
~ 50 mln
VR-Banks
3rd largest retail private bank in
Germany
ING Investor Day - 13 January 2012 16
…with ongoing strong and sustainable financial performance
(1) Icon Added Value Panes, March 2011
6.9 7.1 7.4
0.8
6.55.3
3.6
113
35353657 47
73
2001 2003 2005 2007 2009 2010 9M11
Clients (million) Cost per Retail Balances (bps)
136
121
113
120
35
49
107
Market average
Deutsche Bank (Retail)
Cooperative Banks
Deutsche Postbank
Savings Banks
Comdirect
ING-DiBa
*
Based on 10% core tier 1 ratio** pre impairments
4th year in a row as the most preferred consumer bank (NPS) in Germany(1)
Cost to client Retail balances clientsIncl. marketing expenses
With a solid profitability performancePre-Tax Profit (EUR mln)**
Substantial cost advantages (2010)
X3.5
63257
373217
443 482
1
2001 2003 2005 2007 2009 2010 9M2011ROE* 23%16%8%
10%
16%
11%
45%ING-DiBa
Three major German
retail banks
ING Investor Day - 13 January 2012 17
CB Assets Wholesale
funding
Retail
Lending
Investment Portfolio
Deposits
CB Assets
Retail
Lending
Investment Portfolio
Deposits
Intercompany
Pfandbrief
Assets
Align assets with liabilities
•
Merging of German Commercial Banking activities with ING-DiBa
•
Optimises capital use of ING-
DiBa
•
Transfer of Commercial Bank assets
Funding
Integration of ING-DiBa in ING term-funding strategy•
Use of high quality German residential mortgages and Pfandbrief (up to EUR 10 bln) established in April 2011
•
Inaugural issue: EUR 500 mln June ’11•
Strong track record in retail deposit generation
Liquidity
Leverage residential mortgage expertise for investments•
Intercompany transactions (EUR 9 bln):•
Purchase of Orange Lions (backed by Dutch residential mortgages)
•
Intercompany loan (secured by Dutch residential mortgages)
•
Improved liquidity of ING Bank NV
Move towards full bank will unlock further performance improvement
Previous situation (< 2011) Future situation (≥
2012)
Achieved•
EUR 1 bln:
One bank.de
-
Integration of Commercial Banking
•
EUR 9 bln:
Intercompany transactions
Potential•
EUR 1 bln:
Integration of Real Estate Finance
•
Balanced growth in Commercial Banking assets via organic growth and selected portfolio transfers (~EUR 5 bln)
ING Investor Day - 13 January 2012 18
A clear ambition going forward
ING-DiBa: Consequent execution of existing strategy
•
Balanced growth in Commercial Banking assets via selected portfolio transfers and organic growth of top Corporates
•
Capture full benefits of balance sheet integration
•
Limited product portfolio: attractively priced, profitable and transparent
•
Continued strong growth in new clients and deposits
•
Providing high quality of service with few and efficient processes
•
Transparency to all stakeholders
ING Investor Day - 13 January 2012 19
Spain: Zooming in on the economics of the transformation
Mobile Banking and Social mediaCarina Szpilka, CEO ING Direct Spain
ING Investor Day - 13 January 2012 20
Positioning Your other bank
Primary bank
Complete
retail bank
Mobile Banking and Social mediaInternet ATM’s BranchesTelephoneDistribution
Life InsuranceMutual,
Pension and Broker
SavingsProducts Mortgages Payment
AccountConsumer
Loans
ING Direct Spain: The transformation into a multi- product bank with integrated distribution
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11Savings Retail Invtment. Prod. Retail Lending Payment Account Clients (mln)
Total client retail balances (EUR bln)
30mln Clients
2,4
19
ING Investor Day - 13 January 2012 21
6,800
19,50011,600
Savings only Payment +investment
+ Retail lending
Are more satisfied (%)Full bank customers have 2-3x more savingsAvg
balance per client (EUR)
Multi-product clients are more valuable
And generate more operating profitPer client (EUR)
73% 78% 83%
Savings only Payment +investments
+ RetailLending
49146
495
Savings only Payment +Investment
+ Retail lending
Conclusion•
35% of client base are multi-product•
Full bank customers have more savings, are more satisfied and have higher profitability
Multi-product clients
Multi-product clients
Multi-product clients
ING Investor Day - 13 January 2012 22
‘Lite
branch network’
brings additional acquisition and improves cross-buy
29 Branches
= 83% of population1
(1) % of ING Direct customers with a branch into their province
Increases acquisition of new clients outside Madrid1H11 vs. 2009
Lite
network of 29 branches
Branch contacts focuses on cross-buyChannel mix (Sep 2011 split)
Key points•
Branches are there to support moments of truth:
•
First account opening•
Some services, like lost credit card•
Cross-buy•
Branch contacts responsible for 30% of cross-buy
+32%
+63%
Without branches With branches
X 2
30%2% 1%
44%91% 83%26%
3% 12%
Cross-buy Transactions Inquiries
Branch Telephone Internet Mobile
ING Investor Day - 13 January 2012 23
A strong and sustainable performance, with continued growth
35%34%31%6% 8% 13% 25%
56 50 517370
128
75
2001 2003 2005 2007 2009 2010 9M11% Clients with more 1 productTotal expenses to Client Balances
Increasing cross-buy, continued focus on operational excellence
HesitantYes / probably yes No / Likely not
Four major banks in Spain1
TNS Benchmarking Financials Institutions 2010
4th consecutive year most preferred Consumer Bank1
Would you recommend your bank to friends and family?
51
109
ING Market
x2
Substantial cost advantagetotal cost / retail balances (in bps)
With a solid profitability performance3
2050 55 75 79 64
-42
2001 2003 2005 2007 2009 2010 9M11ROE2 17%17%16%7%8%16% 5%
ING Direct
-13% -20% -26%20% 43% 36% 32%
78% 44% 44% 42%
-2%
2
Based on 10% core Tier 1 ratio 3
pre impairments
ING Investor Day - 13 January 2012 24ING Investor Day -
13 January 2012 24
Social media, a new way to interact with clients
Client contacts (ING Direct Spain) (1)
•
Restore trust through transparency and fair pricing
•
Offer convenience and excellent service •
Reduce costs: streamline processes and improve efficiency
•
Keep on innovating
“We are where customers are” “A key channel to better meet and exceed consumer expectations”
(1) September 2011
ING Investor Day - 13 January 2012 25ING Investor Day -
13 January 2012 25
TO COME
We use social media for different purposes
Uses Customer service tool
Brand Dialogue # of countries
Benefits
•
Assisting customers •
Early detection, monitoring & fast follow-up
•
Effective method of gathering feedback and supporting the process and service improvement
•
An open and collaborative product development enables to build better products that meet the needs of Clients
•
Through crowd sourcing, trust is established with consumers
Examples
•
ING Webcare
Team actively participates in social media
•
By handling problems and complaints, answering questions and rebutting any factual inaccuracies
•
With the goal of helping the customer and improving our (online) reputation
2011:•
255.000 ING references•
2.700 dialogues
(3.5x 2010 levels)
•
THRiVE
Chequing
account was launched using crowd sourcing
•
Staff engaged and able to be involved in the product and its development
•
10,000+ clients involved in making product even better (77.000 accounts to date)
•
Winner of Product of the Year award 2011
Facebook (11)
Twitter (10)
YouTube (12)
Blog (4)
Flickr (2)
Other* (8)
*
Mostly dedicated platforms and local SM
ING Investor Day - 13 January 2012 26
•
Increasing market adoption of online banking through smartphones; *Mobile Banking via Smartphone Grew 40% in EU in 2011 (*Comscore May 2011)
•
ING offering mobile banking already in 14 countries, with more than 6% of mobile banking penetration
in our client base
•
Making use of international experience resulting in faster time to market, saving on costs and time, creating a learning loop. (i.e. French app development effort 7 months, Spain app development effort 3 months)
•
Already more than:•
2.5 mln clients already downloaded native applications (IOS-Android-BB)•
0.5 mln unique visitors using M-sites
•
Best in class mobile apps with excellent client ratings (Avg): •
iPhone (4,5) *****•
Android (4,3) *****•
*Others (4/5) *****[(* Others): Blackberry, Windows Phone 7, iPad, Android Tablets)]
Our ambition is to lead in mobile banking…
ING Investor Day - 13 January 2012 27
Emerging markets – differentiation and positioning for growth
Brunon Bartkiewicz, General Manager ING Direct
ING Investor Day - 13 January 2012 28
Progress towards the full bank modelStarting position
Most internet oriented/ modern bank in Poland
(4th player)
CurrentCountry
Innovative business model, >1mln satisfied
customers
(already 10th player)
Transition underway
(12th player)
Growing in line with the market (8th player among
privately owned banks)
Developing into
retail leader
(6th player)
Poland Strategic position from 1994 onwards, currently own 75%
Romania Started in Romania in 1994, Entered retail market in 2003
TurkeyAcquired in 2008
India Strategic position from 2002, currently own 44%
TMB Strategic position from 2005, currently own 30%
Branch network focusing on advice
Internet-oriented
Integrated distribution channels, focus on internet
Introduced savings led strategy
Developing
Internet/mobile
Modern IT solutions
Positioning as savings bank
Developing internet/mobile
Innovative self bank concept
Simplified product range
Positioned as savings bank
Most internet-oriented
position
Customer-driven processes
In our full banks in emerging markets, the retail model is the basis to differentiate and to position for future growth
ING Investor Day - 13 January 2012 29
Key points•
One of the first banks focusing on savings•
With a simplified offer, two products instead of nine
•
Aggressively marketed on ‘easy and free’
functionality
•
Attracting the right customer profile
In Poland ING also used savings as the acquisition product…
Number of retail clients* (mln)Number of accounts (mln)3.0
1.7
2004 2006 2008 2010 3Q11
Retail clients: Retail Balances (PLN bln)
2.2
0.5
2.00.9
Oct.2004 2006 2008 2010 3Q11
Savings accounts Current account
Note: retail clients excl. Mid-Corporates
EUR/PLN = 4.141235 -
average rate Jan-Sep. 2011.
2004 2006 2008 2010 3Q11Current accounts SavingsTerm deposits Structured productsAsset management MortgagesOther lending
41.331.719.2 50.0 51.8
ING Investor Day - 13 January 2012 30
…to develop more active and bankable customers
…and buying moreRetail balances per customer (PLN x1,000) up 70%
Making more transactions…Transactions per client per year x 4
1116 16 17 18
2004 2006 2008 2010 3Q11
1119
2534 38
2004 2006 2008 2010 3Q11
Leave more time to service the customersRetail balances per FTE (PLN x mln)
2.84.3 5.2
6.2 6.4
2004 2006 2008 2010 3Q11
Shifting fast to electronic channels# Branch transaction per customer per year
Total branch manual operations down by 28%
5.26.5
4.92.7 2.3
2004 2006 2008 2010 3Q11
ING Investor Day - 13 January 2012 31
0%
10%
20%
30%
40%
0
200
400
600
800
share of paper transfers (left axis)electronicpaper
148 347 502 758 1,146 1,541 1,856 1,9869%18% 25% 34%
44%56% 63% 65%
2004 2005 2006 2007 2008 2009 2010 3Q11
Number of ING BSK ON-LINE clientsClient base pentration rate
2005 2006 2007 2008 2009 2010 2011
Target to be ‘the most internet bank’
Key points•
Introduced no fee direct current account•
With no fees for internal payments•
Broad variety of transactions/services available on internet/mobile
•
Constantly considered as top 3 internet bank (compared with pure internet banks)
Number of ING BankOnLine
users (th.)Retail Clients –
transfers (December 2004 = 100)
ING Investor Day - 13 January 2012 32
Service points Selling units Advice shops
Stareo
project
1997 -
2001
Franchise network
2006 –
2011
Self service zone
Re-organisation 2011
New model touch and feel
ING Bank Slaski is a frontrunner in branch development
ING Investor Day - 13 January 2012 33
1,6971,821
2,064 2,136
2,5312,721
2,0292,206
2005 2006 2007 2008 2009 2010 9M10 9M11
Total Bank Retail incł. MC*
Solid growth in income and healthy profitability across the cycle
Healthy profitability and returnProfit before tax -
PLN m
Nice growth in income PLN m
CAGR 9.9% +8.7%
706753
787
563
738
934
693
834
2005 2006 2007 2008 2009 2010 9M10 9M11 Total Bank Retail incł. MC*
ROE14% 17% 17% 17% 11% 13% 14% 15%13%
+20%
* FA figures
CAGR 9.2%
+15%
+63%
ING Investor Day - 13 January 2012 34
Setting the agenda and priorities
Eli Leenaars, CEO Retail Banking Direct and International
ING Investor Day - 13 January 2012 35
Priorities
ING Direct -
complete
the transformation
into a full bank -
•
Continue to acquire new clients with our winning retail model•
Continue to lead in internet/mobile•
Optimise channel mix, introduce some face•
Migrate from securities portfolio to own-originated assets (Retail and Commercial Banking)
Emerging Markets -
differentiate
to be positioned for future growth -
•
Continue to fully focus on customer centricity•
Excel in business process management•
Lead in innovation and distribution
Clear priorities for ING Direct and emerging markets…
ING Investor Day - 13 January 2012 36
Netherlands
Belgium
Germany
Spain
Italy
France
UK
CanadaAustralia
Romania
Turkey
Poland
India
…resulting in a well balanced portfolio
Bubble size = ING Client Retail Balances Q3 2011GDP growth*
10%
*GDP Growth est
2012 -2015 –
IMF World economic outlook
Mix of businesses
ROE*
30%
0%
ING Direct:
Winning organic growth model in large mature markets also providing
funding and liquidity
Benelux:
Stable, high returns, but
mature
Emerging markets:
Established platforms for
future growth10%
20%
ING Investor Day - 13 January 2012 37
…while contributing to balance sheet optimisation at ING
Continue strong deposit growth
•
Continue growth of number of retail customers•
Continue growth of stable retail deposits in ING Direct and in emerging markets
•
Increase stickiness of deposits further through transformation into full bank (especially current account offering)
•
Optimise the cost of liabilities within the local markets
Reduce short-term funding •
Complete the balance sheet extension reduction
Replace low-yielding assets with customer
lending
•
Transfer of Commercial Banking assets•
Increase consumer lending•
Re-price assets in line with increased margins in the market
Transform investment book into liquidity
portfolio
•
Convert investment portfolio into liquidity purposes only•
Further shift to high quality liquid assets driven by favourable
maturity profile
Balance sheet integration
•
Fund assets locally•
Coordinate development of assets and liabilities within the countries
ING Investor Day - 13 January 2012 38
Key carrier: People and sharing of best practices
Retail Standards Board•
Define common standards•
Speed-up time to the market and reduce cost
People•
Strong winning culture, with clear and shared values•
Effective best practice sharing and focus on innovation•
Senior people movements across disciplines and cultures effectively distributes best practices
•
Attractive employer
ING Investor Day - 13 January 2012 39
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 the financial information in this document, the same accounting principles are applied as in the 3Q2011 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) the implementation of ING’s restructuring plan to separate banking and insurance operations, (4) 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, (5) the frequency and severity of insured loss events, (6) changes affecting mortality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in general competitive factors, (11) changes in laws and regulations, (12) changes in the policies of governments and/or regulatory authorities, (13) conclusions with regard to purchase accounting assumptions and methodologies, (14) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, and (15) ING’s ability to achieve projected operational synergies. 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, and any other document or presentation to which it refers, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities.www.ing.com