Slide #3. You'll see that the result's up in the Bank, 65%, compared with Q4. EUR 1,126 million is the number. And that despite the EUR 304 million loss that we took on -- or charge that we took on credit adjustments, consisting in credit and debit valuation adjustments in our financial markets business and also fair value changes on our own issued Tier 2 debt that we reported in the corporate line.Adjusted for the negative credit adjustments, the bank result was, in fact, 6.8% lower than if we compare that with the very strong Q1 results of last year. Insurance underlying up to EUR 475 million. That is down slightly compared to Q4, and the results are driven by higher fees by premium base revenues and by very strong performance in investments. On an underlying basis, the result in insurance was a negative EUR 18 million, and they reflected the negative results basically to protect our capital in the Benelux and in the U.S. VA business.
ING Groep NV's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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