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2014-05-07

ING Group: ING records 1Q14 underlying net profit of EUR 988 million

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|ING Group 1Q14 underlying net profit of EUR 988 million from EUR 1,170 million |
|in 1Q13 and EUR 493 million in 4Q13 |
|- 1Q14 net result EUR -1,917 million, reflecting the deconsolidation of Voya and |
| the impact of the Dutch pension fund changes |
| |
|Bank 1Q14 underlying result before tax of EUR 1,176 million, roughly flat vs. |
|1Q13 but up 30.1% sequentially |
|- 1Q14 results driven by an increase in the net interest margin and a lower |
| level of risk costs as economic conditions improved |
|- 10.1% fully-loaded CET1 ratio after payment to Dutch State and making closed |
| defined benefit pension plan in NL independent |
|- ING Bank attracted EUR 8.3 billion of funds entrusted and grew net lending by |
| EUR 5.1 billion during the quarter |
| |
|NN Group 1Q14 operating result ongoing business of EUR 274 million, up 61.2% |
|vs. 1Q13 and 28.0% from 4Q13 |
|- 1Q14 operating result ongoing business driven by solid results in Netherlands |
| Life and Netherlands Non-life and lower expenses |
|- Result before tax of EUR -372 million, reflecting impact of making ING's |
| closed defined benefit pension plan in NL independent |
|- New sales grew 20.6% vs. 1Q13 and 53.0% vs. 4Q13, at constant currencies; the |
| latter driven mainly by seasonally high 1Q14 |
| |
|ING Group secures pre-IPO investments of EUR 1.275 billion and agrees final |
|capital structure for NN Group |
|- ING Group secures a total of EUR 1.275 billion in pre-IPO investments from |
| three investors ahead of NN Group's intended IPO |
|- EUR 850 million capital injection finalises capital structure; ING Group |
| confirms intended IPO to comprise only secondary offering |
|- Capital injection and issuance of subordinated debt will increase the IGD |
| ratio of NN Group to a pro-forma 277% |
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Chairman's Statement
"ING Group made a strong start to 2014, posting a first-quarter underlying net
result of EUR 988 million while demonstrating good commercial growth," said
Ralph Hamers, CEO of ING Group. "At the same time, we reached significant
milestones in our restructuring plan and sharpened the strategic priorities
of our businesses to ensure they remain sustainable and competitive."

"In March, we presented our 'Think Forward' strategy for ING Bank, which
outlines the actions we are taking to secure our future as a European banking
leader, along with a focused set of financial targets for 2017. The core of
our strategy is to create a differentiating customer experience. Our
dedication to achieving high levels of customer satisfaction is evident in
our most recent net promoter scores, which indicate that ING Bank is number
one relative to its competitors in the Netherlands, Germany, Italy, Poland,
Spain and Australia, and is number two in all other core markets. We are
proud of this recognition from our customers and will continue to serve them
as best as we can. Our new Chief Operations Officer will certainly help to
advance our efforts."

"ING Bank posted a solid first-quarter underlying pre-tax result of EUR 1,176
million, reflecting an increase in the net interest margin and lower risk
costs as economic conditions improved. Our consistent customer focus has
enabled us to attract EUR 8.3 billion of funds entrusted across our franchise
and to extend EUR 5.1 billion of net lending during the quarter. We are
committed to supporting our customers' financial needs and will continue to
grow lending through the economic recovery."

"Continued capital generation at ING Bank enabled us to make a penultimate EUR
1.225 billion payment to the Dutch State in March, bringing the total paid to
the State since 2008 to EUR 12.5 billion. The capital position of ING Bank
remained strong, with a fully-loaded CET1 ratio of 10.1% at the end of the
quarter. The first-quarter underlying return on IFRS-EU equity rose to 10.2%,
within the range of our Ambition 2017 target."

"At NN Group, the first-quarter operating result for the ongoing business was
EUR 274 million, a significant improvement compared with both a year ago and
the previous quarter, driven by solid results in the core Dutch businesses
and lower expenses across the organisation. Commercial momentum was strong,
with sales rising 20.6% year-on-year and 53.0% sequentially, at constant
currencies. ING Group made significant progress in finalising its
preparations for the intended IPO of NN Group, announcing last week
transactions to secure important investments from three firms. Today, we
announce measures to strengthen the company's standalone capital structure
with a further EUR 850 million and confirm that the intended IPO will
comprise only secondary shares."

"In April, ING U.S. started operating under the name Voya Financial, Inc.
representing a new era for the company. We have reduced our stake in Voya to
approximately 43%, fulfilling the requirement to divest more than 50% of this
business by year-end. Although deconsolidating Voya brought us a step further
in our strategic transformation, it also triggered a EUR 2,005 million
after-tax loss. This impact, together with a EUR -1,059 million charge for
successfully completing the Dutch closed defined benefit pension plan
agreement and a EUR 202 million gain following the deconsolidation of ING
Vysya Bank, led to the Group's quarterly net loss."

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|ING Group key figures |
| 1Q2014 1Q20131 Change 4Q20131 Change |
|Profit and loss data (in EUR million) |
|Underlying result before tax 1,176 1,169 0.6% 904 30.1% |
|Operating result ongoing business NN Group 274 170 61.2% 214 28.0% |
|Non-operating items ongoing business NN Group -28 15 -117 |
|Japan Closed Block VA -36 162 -122.2% -423 n.a. |
|Underlying result before tax Insurance Other -2 95 4 |
|Underlying result before tax ING Group 1,384 1,611 -14.1% 582 137.8% |
|Underlying net result ING Group 988 1,170 -15.6% 493 100.4% |
|Net gains/losses on divestments -1,764 939 -38 |
|Net result from divested units -38 |
|Net result from discontinued operations Insurance/IM Asia 5 66 33 |
|Net result from discontinued operations Voya Financial ,Inc. 53 -195 179 |
|Special items -1,200 -47 -40 |
|Net result -1,917 1,897 -201.0% 626 -406.2% |
|Net result per share (in EUR)2 -0.50 0.50 -200.0% 0.16 -412.5% |
|Capital ratios (end of period) |
|Shareholders' equity (in EUR billion) 45 54 -16.1% 46 -0.9% |
|ING Group debt/equity ratio 7.3% 10.8% 8.5% |
|Bank common equity Tier 1 ratio phased in 10.0% n.a. 10.8% |
|Bank common equity Tier 1 ratio fully-loaded 10.1% n.a. 10.0% |
|NN Group IGD Solvency I ratio 249% 254% 254% |
|Other data (end of period) |
|Underlying return on equity based on IFRS-EU equity3 8.7% 8.9% 4.1% |
|Employees (FTEs, end of period, adjusted for divestments) 75,606 76,868 -1.6% 76,050 -0.6% |
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|1The figures of this period have been restated to reflect the change in |
|accounting policy, i.e. the move towards fair value accounting for Guaranteed |
|Minimum Death Benefits reserves of the Japan Closed Block VA as of 1 January |
|2014 |
|2Result per share differs from IFRS earnings per share in respect of |
|attributions to the core Tier 1 securities. |
|3Annualised underlying net result divided by average IFRS-EU equity. |
|Note: underlying figures and operating results are non-GAAP measures. These |
|are derived from figures according to IFRS-EU by excluding impact from |
|divestments, discontinued operations and special items and, for Operating |
|Results only, gains/losses and impairments, revaluations and market&other |
|impacts. |
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|Investor conference call, media conference call and webcasts |
|Ralph Hamers, Patrick Flynn and Wilfred Nagel will discuss the results in an |
|analyst and investor conference call on 7 May 2014 at 9:00 a.m. CET. Members |
|of the investment community can join the conference call at +31 20 794 8500 |
|(NL), +44 207 190 1537 (UK) or +1 480 629 9031 (US) and via live audio |
|webcast at www.ing.com. |
|Ralph Hamers, Patrick Flynn and Wilfred Nagel will also discuss the results in |
|a press conference call on 7 May 2014 at 11:00 a...

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