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.
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