ING Asia Pacific bounces back from EU$149 million loss
The insurance division of ING Asia Pacific has recorded a profit of EU$201 million in the second quarter of this year, bouncing back from a EU$149 million loss in the first quarter of 2009, according to its quarterly results released to the Australian Securities Exchange (ASX).
ING’s efforts to minimise its capital consumption and costs led to improved results in the second quarter of the year, reducing its expenses by 10.6 per cent from the second quarter of 2008. Asia Pacific has achieved 89 per cent of its EU$75 million cost reduction for 2009.
While premium income rose in Australia, New Zealand and Malaysia, gross premium income was 24.4 per cent lower compared to the second quarter of 2008.
Asia Pacific investment linked product sales remain under pressure due to consumers favouring traditional savings or capital guaranteed products. Their overall sales fell by more than 30 per cent from the second quarter of last year, due to lower investment-linked sales in South Korea and lower single premium variable annuity sales in Japan.
Investments and other income dropped to a negative EU$38 million.
Recommended for you
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
