to  0.97 per share. This means a pay-out ratio of 44.1%.
S T R O N G P R O G R E S S I N I N G B R A N D
Trade Center. Handling such claims is part of our function as a financial services provider and we find comfort to know that the compensation paid will be used to support the families that were struck by this disaster.
The world is changing and more than ever before companies are searching for a new role in modern society. ING and its founding companies have been very conscious of their social responsibility for more than 150 years. In 2001, we published a new annual report,
ING’s mission is to be a leading, global, client-focused, innovative and low-cost provider of financial services through the distribution channels of the client’s preference in markets where ING can create value.
Mercantile Mutual changed its name into ING to better support its position as a provider of integrated financial services. The phased advertising campaign utilised television, outdoor and press mediums. The well-known
However, on a worldwide scale the name recognition of the ING brand name does not reflect this position today. The financial sector is characterised by consolidation and ongoing changes in consumer requirements, technology, distribution and legislation. In such an environment, clients are looking for stability, reliability and familiarity. A strong, universal brand can help to achieve this as a brand offers a promise to clients in terms of quality of products and services, value for money, corporate style and culture.
E M P L O Y E E B E N E F I T S – P E N S I O N S More and more companies offer their employees benefits such as pensions, healthcare insurance, sick pay and disability benefits. ING has developed a unique and flexible approach to provide tailor-made employee benefits services. ING
A LT E R N AT I V E A S S E T S Hedge funds and products such as collateralised debt obligations can produce attractive returns for our clients. While carefully managing the risk profile, ING offers clients the opportunity to invest in these assets.
Group ordinary shares of  0.48 nominal value. These warrants have now expired, leaving
Depositary receipts for ING Group ordinary shares are listed on the stock exchanges of
ING took a further step to openness about its social and environmental performance. ‘ING in Society’ aims to inform ING’s stakeholders worldwide about non-financial aspects like social responsible entrepreneurship and sustainability within an international framework and in an integrated way. The report was well received by many stakeholders who responded to the enclosed questionnaire or via the
(-14.9%) to  21.5 billion, mainly due to revaluation of the equity portfolio and the write-off of goodwill regarding acquisitions.
Nevertheless, good life results in Korea, Taiwan and non-life results in Australia ensured that the performance of ING Asia/Pacific was fully meeting expectations.
Wholesale was established in 2001 by integrating the wholesale banking activities of ING Barings,
Bank Slaski (88%) and subsequent integration of all banking activities into ING Bank Slaski.
(private banking and trade and commodity finance). In Belgium, BBL is a core player, particularly in private banking and wealth accumulation and in the mid-sized corporate market.
C E N T R A L E U R O P E
France and Spain are expected to reach profitability in 2003, which is expected for the
In Mexico, ING is the largest health and property & casualty insurer and is number 2 in life insurance. In Argentina, Brazil, Chile and
ING brand. ING also rebranded its Mexican retail businesses – Seguros Comercial América and
Mexico serve almost 10 million clients and were rebranded to ING Comercial América.
Be a leading player in the core markets Australia, Japan, Korea, Taiwan, China
With the divestment of Aetna Heiwa Life Japan in the latter half of 2001, ING has taken a step further in streamlining its operations to focus on product manufacturing and independent distribution channels in Japan. ING Principal Pensions, ING’s joint venture established with the
R E P O R T O F T H E E X E C U T I V E B O A R D
O R G A N I S AT I O N
I N S T I T U T I O N A L I N V E S T O R S
Partners was able to launch new private equity funds for Russia, Eastern Europe and Asia, raising its total assets under management to
ING’s call centres offer clients the opportunity to manage their investment portfolio very efficiently.
Europe and Asia, demographic trends continue to offer significant growth potential. In the US, the emergence of the open architecture model allows ING to further bolster the distribution of its top-performing funds. While in the short term the business remains vulnerable to adverse market developments, the asset management industry will continue to expand rapidly at profitable margins in the longer term.
B A N K I N G C R E D I T R I S K
Loans and subordinated loans of group companies 7 , 5 2 3 6 , 5 8 2
Salaries, pension and social security costs 2 , 7 3 2 1 , 7 8 4 5 , 0 6 4 4 , 9 4 5 7 , 7 9 6 6 , 7 2 9
R I S K - A D J U S T E D R E T U R N & E C O N O M I C C A P I TA L
The Supervisory Board of ING Group has drawn up a profile to serve as a benchmark for its composition. This profile is available at the company’s offices in Amsterdam. No more than one former member of the Executive Board can be appointed to the Supervisory
Supervisory Board members may be reappointed twice to serve another term of four years. Supervisory Board members are obliged to retire no later than in the year in which they reach the age of 70 or, in exceptional circumstances, 72.
Code, ING Group has a controlled co-optation system for Supervisory Board membership. This means that the members are appointed (or reappointed) by the Supervisory Board itself, although the Central Works Council and the Meeting of Shareholders have the right to recommend candidates and to raise objections. The reappointment of Supervisory Board members is carefully considered and is in no way automatic. There is a set reappointment procedure to be followed.
C O R P O R A T E G O V E R N A N C E
P R I N C I P A L F O R M E R P O S I T I O N : Member Board of Directors ReliaStar
P R I N C I P A L P R E S E N T P O S I T I O N S : Rector Magnificus and Professor of
A P P O I N T M E N T E X E C U T I V E B O A R D I N G G R O U P : May 1998. Vice-Chairman as of May 2000. Joined ING (after merger with BBL) in 1998.
R E S P O N S I B I L I T I E S : Control & Finance, Tax, Legal & Compliance,
In addition to the base salary, each year a performance-related bonus can be earned up to a maximum of 45% of the annual base salary. The performance criteria for members of the Executive
(3) Number of options related to financial result 2000 of ING Group. Total market value EUR 2.4 mil l ion.
The following table provides summarised information on the options outstanding and the movements during the financial year of options granted to the members of the Executive Board as at 31 December 2001. Following the stock split on 2 July 2001, the number of options and the exercise price have been adjusted in a 2:1 ratio. The information in the table below has been restated where necessary to reflect the impact of the stock split.
In 2001, the remuneration of the members and the former members of the Supervisory Board amounted to  0.6 million (2000: 
The Stichting Cumulatief Preferente Aandelen ING Groep, established in Amsterdam, was founded on 22 January 1991.
Certain of the statements contained in this Annual Report are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ material ly from those in such statements due to, among other things,