Ireland

Established in 1999, our Irish subsidiary HLR Ireland operates worldwide and offers tailored reinsurance solutions for primary insurers and reinsurers in numerous markets. They range from a full risk transfer to limited transactions effected as deposit accounting contracts.

The profitability of the ING life reinsurance portfolio is determined by a complex combination of biometric risks, investment income and cost structures. Owing to numerous major claims in the second half of the year, the biometric experience of this portfolio was not satisfactory in the year under review – even though the statistical deviation on an annual basis was within the standard deviation and to this extent can be regarded as entirely normal performance volatility. Developments on the investment side, on the other hand, were pleasing, and the collateral costs were also lower than budgeted. All in all, the operating profit came in slightly below expectations.

The premium income generated by HLR Ireland totalled EUR 1,267.2 million, of which EUR 1,174.6 million was retained for own account. The operating profit (EBIT) amounted to a healthy EUR 96.7 million, producing an EBIT margin of 8.2%. Net income after tax of EUR 84.5 million was reported.