Halfyear Results of ING SR 2005
15.08.2005
Strong six months of success in asset management area, investments for future growth and doubling company – becoming a pension market leader in Slovakia
- Doubled company in terms of assets under management & clients base
- Total life assets increased by 22.6%
- Life Insurance gross written premium grew by 7.5%
- ING Mutual Funds excellent performance, volume of assets exceeding the milestone of SKK 1 bn
Life Insurance
- Total assets increased by 22.6% y/y from SKK 7.3 bn to SKK 8.98 bn
- Assets under Management increased by 32% on y/y base from SKK 6.5 bn to SKK 8.6 bn
- Gross Written Premium grew by 7.5% to SKK 1.2 bn
- Gross profit decreased to 118 million in June 2005, because of strong investment for future growth
- Number of clients grew to 161 275
- Acquisition of Vzajomna Zivotna poistovna, a.s.
Pension Insurance
- Assets under Management on the level SKK 217 million
- Acquisition of VSP Tatry, a.s. an administrator of Prva DDP Tatry-Sympatia
Retail Banking
- Volume of assets in MF exceeded the milestone of SKK 1 bn
- Excellent performance of ING Mutual Funds - ING Visegrad Fund six months performance close to 17 % and yearly one above 50%.
- 21% growth of assets attracted by saving account ING Konto
- Number of ING Konto clients exceeded the level of 18 thousand
Chairman’s statement
Dick Okhuijsen, Chairman and CEO Insurance ING CR&SR explained:
“ING in the Slovak Republic showed a solid performance and development in the first six months of 2005. We are satisfied with financial results, as the decrease of gross profit of our life insurance company was caused by investments for future growth. Together with excellent growth of assets under management and acquisition of Slovak pension leader VSP Tatry (PDDP Tatry-Sympatia) it means fulfillment of our objective – to double our company in Slovakia”.
Priorities for 2 H 05
‘Being very pleased with our development in the first half of the year, we will continue on our priorities in the second one. Next to the expansion of our distribution via our own sales force and brokers we will be focused on obtaining market share in pension area and use the opportunities brought by introduction of tax deductibility for life insurance and other financial products’, added Frans van der Ent, General Manager Life&Pension ING SR.
ING Životná poisťovňa, a.s. has announced an increase of assets under management by 32% to the level of SKK 8.6 bn at the end of June 2005. The total assets have increased by 22.6% compared to the end of June 2004. Positive financial development of the company was stressed by 7.5% growth of gross written premium, and 4% growth of number of clients.
ING Dochodkova spravcovska spolocnost (ING Pension Administration Company) closed first half year of its sales activities with satisfying results. The most popular among three pension funds is Dynamika – growing pension fund, followed by Harmonia – balanced one.
ING doplnková dôchodková poisťovňa offered in 1H 2005 to clients supplementary old-age pension, disability pension, retirement pension, and inheritance pension. The company doubled number of its clients during first six month.
The key step in pension activities of ING in the Slovak Republic was an agreement with TBIH Financial Services Group N.V. on the acquisition of VSP Tatry, a.s., the management company of the leading private supplementary pension company Prva DDP Tatry Sympatia in the Slovak Republic.
Together with the before mentioned companies and ING BANK N.V., pobocka zahranicnej banky, ING offers to Slovak clients a full range of products of professional wealth management.
Further, the number of ING Konto clients has risen also and cross the level of 18 000. As at 30.6.2005, the total amount of deposits recorded SKK 3.6 bn.
The bank offers within its retail product portfolio nine mutual funds denominated in Euro, USD, and SKK that attracted client’s assets at the level 6 times higher in comparison with the end of last year.
Excellent performance of ING Visegrad Equity Fund, ING Invest European Equity and ING Invest Global High Dividend prove high quality of ING asset management activities. Following table offers a detailed overview of performances as of June 30, 2005:
| FOND | Price/pc | 3 m. | 6 m. | Year |
|---|---|---|---|---|
| ING Visegrádský akciový fond | 3 492,74 SK | 4,02% | 16,71% | 50,78% |
| ING International (II) Slovenský dlhopisový fond | 1 151,36 SK | 1,73% | 5,97% | 10,00% |
| ING (L) Invest European Equity | 36,42 EUR | 6,07% | 10,65% | 15,99% |
| ING (L) Invest Global High Dividend | 259,56 EUR | 9,19% | 11,49% | 19,92% |
Corporate Social Responsibility & Charity
ING LION Charity Fund supported 17 families in need and three projects of various NGO’s in the first half year of 2005. The next deadline for requests submission is September 30, 2005.
| Press enquiries: Jana Burdová, spokeperson ING SR, tel.: +421 259 313 510, e-mail: jana.burdova@ing.sk |
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 50 million private, corporate and institutional clients in 60 countries. With a diverse workforce of over 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
