SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For August 9, 2007

Commission File Number 1-14642

ING Groep N.V.

Amstelveenseweg 500

1081-KL Amsterdam

The Netherlands

     Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ           Form 40-F o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(1):                     

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(7):                     

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                     No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b).

 

 

This Report contains a copy of the following:

(1)

ING Condensed Consolidated Interim Accounts for the Six Month Period ended June 30, 2007.

INTERIM ACCOUNTS

4. Introduction

This section includes the ING Group Condensed consolidated interim accounts, prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and including the review report of Ernst & Young. These condensed consolidated interim accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). Other sections of this Group Statistical Supplement are presented on an underlying basis, i.e. excluding gains/losses on divestments, profit from divested units and certain special items. A reconciliation between Underlying net profit and Net profit (attributable to shareholders of parent) in accordance with IFRS-EU is provided in Section 1.1 ‘ING Group: Income Statement’ of this Group Statistical Supplement.

INTERIM ACCOUNTS

4.1 Condensed consolidated balance sheet* of ING Group as at

			30 June					31 December
(in € mln)			2007					2006
Assets
Cash and balances with central banks				12,718					14,326
Amounts due from banks				56,675					39,868
Financial assets at fair value through profit and loss				354,101					317,470
Investments				304,611					311,581
Loans and advances to customers				516,860					474,437
Reinsurance contracts				6,399					6,529
Property and equipment				6,225					6,031
Other assets				61,843					56,065
Total assets				1,319,432					1,226,307
Equity
Shareholders’ equity (parent)				38,166					38,266
Minority interests				2,110					2,949
Total equity				40,276					41,215
Liabilities
Preference shares				215					215
Subordinated loans				6,673					6,014
Debt securities in issue/other borrowed funds				112,524					107,772
Insurance and investment contracts				277,764					268,683
Amounts due to banks				136,718					120,839
Customer deposits and other funds on deposit				526,941					496,680
Financial liabilities at fair value through profit and loss				176,342					146,611
Other liabilities				41,980					38,278
Total liabilities				1,279,157					1,185,092
Total equity and liabilities				1,319,432					1,226,307

INTERIM ACCOUNTS

4.2 Condensed consolidated profit and loss account* of ING

		3 months ended										6 months ended
			30 June					30 June					30 June					30 June
(in € mln)			2007					2006					2007					2006
Interest income banking operations				18,028					14,993					35,463					28,735
Interest expense banking operations				-15,724					-12,798					-31,017					-24,173
Interest result banking operations				2,304					2,195					4,446					4,562
Gross premium income				11,573					12,052					23,207					24,577
Investment income				3,559					2,799					6,456					5,444
Commission income				1,219					1,055					2,428					2,176
Other income				505					796					1,139					1,448
Total income				19,160					18,897					37,676					38,207
Underwriting expenditure				11,843					12,355					23,894					25,160
Addition to loan loss provision (release)				25					-7					25					-32
Other impairments (reversals)				-13					—					-22					-2
Staff expenses				2,079					2,015					4,179					4,008
Other interest expenses				298					296					559					589
Other operating expenses				1,880					1,575					3,533					3,094
Total expenses				16,112					16,234					32,168					32,817
Profit before tax				3,048					2,663					5,508					5,390
Taxation				412					562					914					1,191
Net profit (before minority interests)				2,636					2,101					4,594					4,199
Attributable to:
Shareholders of the parent				2,559					2,014					4,452					4,020
Minority interests				76					88					142					180
				2,636					2,102					4,594					4,200

			30 June					30 June					30 June					30 June
(in Euro)			2007					2006					2007					2006
Earnings per ordinary share (attributable to shareholders of the parent)				1.18					0.93					2.06					1.86
Diluted earnings per ordinary share				1.17					0.92					2.04					1.84

INTERIM ACCOUNTS

4.3 Condensed consolidated statement of cash flows* of ING
Group for the six month period ended

			30 June					30 June
(in € mln)			2007					2006
Net cash flow from operating activities				129					12,707
Investments and advances:
Group companies				-276					—
Associates				-452					-185
Available-for-sale investments				-144,543					-154,824
Real estate investments				-298					-287
Property and equipment				-456					-231
Assets subject to operating lease				-746					-596
Investments for risk of policyholders				-25,453					-22,135
Other investments				-112					-84
Disposals and redemptions:
Group companies				70					—
Associates				360					214
Available-for-sale investments				142,755					135,858
Held-to-maturity investments				322					557
Real estate investments				138					196
Property and equipment				102					47
Assets subject to operating lease				200					224
Investments for risk of policyholders				23,444					19,566
Other investments				9					25
Net cash flow from investing activities				-4,936					-21,655
Proceeds from issuance of subordinated loans				719					865
Proceeds from borrowed funds and debt securities				165,555					128,428
Repayments of borrowed funds and debt securities				-162,078					-121,109
Issuance of ordinary shares				350					2
Payments to acquire treasury shares				-990					-737
Sales of treasury shares				291					209
Dividends paid				-1,600					-1,396
Net cash flow from financing activities				2,247					6,262
Net cash flow				-2,560					-2,686
Cash and cash equivalents at beginning of period				-1,795					3,335
Effect of exchange rate changes on cash and cash equivalents				140					-504
Cash and cash equivalents at end of period				-4,215					145
Cash and cash equivalents comprises the following items
Treasury bills and other eligible bills				6,898					7,432
Amounts due from/to banks				-23,831					-22,869
Cash and balances with central banks				12,718					15,582
Cash and cash equivalents at end of period				-4,215					145

INTERIM ACCOUNTS

4.4 Condensed consolidated statement of changes in equity* of ING
Group for the six month period ended

													30 June															30 June
(in € mln)													2007															2006
			Total															Total
			shareholders’					Minority										shareholders’					Minority
			equity (parent)					interests					Total					equity (parent)					interests					Total
Balance at beginning of period				38,266					2,949					41,215					36,736					1,689					38,425
Unrealised revaluations after taxation				-1,885					-34					-1,919					-5,257					-35					-5,292
Realised gains/losses transferred to profit and loss				-1,226										-1,226					-362										-362
Change in cash flow hedge reserve				-1,033										-1,033					-776										-776
Transfer to insurance liabilities/DAC				1,259					4					1,263					1,794					-2					1,792
Employee stock options and share plans				45										45					47										47
Exchange rate differences				69					1					70					-1,138					-1					-1,139
Total amount recognised directly in equity				-2,771					-29					-2,800					-5,692					-38					-5,730
Net profit				4,452					142					4,594					4,020					180					4,200
Change in composition of the group									-952					-952										-22					-22
Dividend				-1,585										-1,585					-1,396										-1,396
Purchase/sale of treasury shares				-546										-546					-456										-456
Exercise of warrants and options				350										350					2										2
Balance at end of period				38,166					2,110					40,276					33,214					1,809					35,023

INTERIM ACCOUNTS

4.5 Notes to the condensed consolidated interim accounts*

4.5.1 Basis of preparation

These condensed consolidated interim accounts have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The accounting principles used to prepare these condensed consolidated interim accounts comply with International Financial Reporting Standards as adopted by the European Union and are consistent with those set out in the notes to the 2006 Consolidated Annual Accounts of ING Group except that as of 1 January 2007, the level at which the adequacy test of the provision for insurance contracts is evaluated has been aligned to the business lines, which is the level at which performance is evaluated and segments are reported.

Previously, if it was determined using a best estimate (50%) confidence level that a shortfall existed in a business unit, then this shortfall was immediately recorded in the profit and loss account. Under the new policy, if it is determined using a best estimate (50%) confidence level that a shortfall exists in a business unit, and there are no offsetting amounts within other business units in the Business Line, then this shortfall is immediately recorded in the profit and loss account. This change in accounting policy has no effect on the financial information presented in these condensed consolidated interim accounts.

IFRS 7 “Financial Instruments: Disclosure” became effective as of 1 January 2007. Also in the first quarter of the year, IFRIC 11 Group and treasury share transactions became effective. None of these recent standards and interpretations have had a material effect on equity or profit for the period. No other new standards became effective in the first six months of 2007 and recently issued standards that become effective after 30 June 2007 are not expected to have a material effect on equity or profit for the period. ING Group has not early adopted any new International Financial Reporting Standards in this quarter.

International Financial Reporting Standards as adopted by the EU provide several options in accounting principles. ING Group’s accounting principles under International Financial Reporting Standards as adopted by the EU and its decision on the options available are set out in the section “Principles of valuation and determination of results” in the 2006 Consolidated Annual Accounts of ING Group.

These condensed consolidated interim accounts should be read in conjunction with the 2006 Consolidated Annual Accounts of ING Group.

Certain amounts recorded in the condensed consolidated interim accounts reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative of full-year results.

The presentation of, and certain terms used in, these condensed consolidated interim accounts have been changed from the 2006 Consolidated annual accounts of ING Group to provide more relevant information. Certain comparative amounts have been reclassified to conform with the current period presentation. None of the changes are significant in nature.

* Unaudited

INTERIM ACCOUNTS

4.5.2 Loans and advances to customers by insurance and banking operations

			30 June					31 December
(in € mln)			2007					2006
Insurance operations				31,292					37,606
Banking operations				489,989					440,375
				521,281					477,981
Eliminations				-4,421					-3,544
				516,860					474,437

4.5.3a Loans and advances to customers by type — banking operations

			30 June					31 December
(in € mln)			2007					2006
Loans to or guaranteed by public authorities				26,853					25,953
Loans secured by mortgages				238,502					208,211
Loans guaranteed by credit institutions				2,737					2,408
Other personal lending				23,762					22,906
Other corporate loans				200,609					183,535
				492,463					443,013
Provision for loan losses				-2,474					-2,638
				489,989					440,375

4.5.3b Changes in loan loss provision

			30 June					31 December
(in € mln)			2007					2006
Opening balance				2,642					3,313
Changes in the composition of the group				2					-101
Write-offs				-225					-691
Recoveries				30					86
Increase in loan loss provision				25					103
Exchange differences				-1					-67
Other changes				14					-1
Closing balance				2,487					2,642
The closing balance is included in - amounts due from banks				13					4
- loan and advances to customers				2,474					2,638
				2,487					2,642

4.5.4 Investment income

			Insurance									Banking									Total
3 months ended			30 June									30 June									30 June
(in € mln)			2007				2006					2007				2006					2007					2006
Income from real estate investments				17				47					57				34					74					81
Dividend income				318				251					14				66					332					317
Income from investments in debt securities				1,683				1,728					—				—					1,683					1,728
Income from loans				508				442					—				—					508					442
Realised gains/losses on disposal of debt securities				-75				-93					59				16					-16					-77
Impairments of available-for-sale debt securities				—				-1					—				—					—					-1
Realised gains/losses on disposal of equity securities				845				255					93				32					938					287
Reversals/impairments of available-for-sale equity securities				-2				-7					-8				-6					-10					-13
Change in fair value of real estate investments				24				22					26				13					50					35
				3,318				2,644					241				155					3,559					2,799

			Insurance									Banking									Total
6 months ended			30 June									30 June									30 June
(in € mln)			2007				2006					2007				2006					2007					2006
Income from real estate investments				37				95					123				61					160					156
Dividend income				420				323					54				84					474					407
Income from investments in debt securities				3,233				3,319														3,233					3,319
Income from loans				1,153				1,055														1,153					1,055
Realised gains/losses on disposal of debt securities				-65				-93					133				58					68					-35
Impairments of available-for-sale debt securities				1				4														1					4
Realised gains/losses on disposal of equity securities				1,090				446					210				52					1,300					498
Reversals/impairments of available-for-sale equity securities				-10				-10					-11				-8					-21					-18
Change in fair value of real estate investments				36				37					52				21					88					58
				5,895				5,176					561				268					6,456					5,444

INTERIM ACCOUNTS

4.5.5 Segment Reporting

(in € mln)			Insurance				Insurance				Insurance				Wholesale				Retail				ING												Total
3 months ended			Europe				Americas				Asia/Pacific				Banking				Banking				Direct				Other				Eliminations				Group
30 June 2007
Total income				4,207				7,178				3,534				1,522				1,604				570				587				-42				19,160
Underlying profit before tax				694				593				153				667				555				171				468				—				3,300
Divestments				—				—				—				—				—				—				—				—				—
Special items				—				—				—				—				-252				—				—				—				-252
Profit before income tax				694				593				153				667				303				171				468				—				3,048
30 June 2006
Total income				3,922				7,628				3,699				1,512				1,503				586				286				-239				18,897
Underlying profit before tax				704				457				157				717				454				190				-27				—				2,652
Divestments				—				—				—				7				—				4				—				—				11
Special items				—				—				—				—				—				—				—				—				—
Profit before income tax				704				457				157				724				454				194				-27				—				2,663

(in € mln)			Insurance				Insurance				Insurance				Wholesale				Retail				ING												Total
6 months ended			Europe				Americas				Asia/Pacific				Banking				Banking				Direct				Other				Eliminations				Group
30 June 2007
Total income				9,047				14,051				6,637				3,102				3,231				1,131				587				-110				37,676
Underlying profit before tax				1,162				1,126				312				1,404				1,094				336				327								5,760
Divestments
Special items																				-252																-252
Profit before income tax				1,162				1,126				312				1,404				842				336				327								5,508
30 June 2006
Total income				8,492				15,247				7,003				3,033				3,070				1,173				286				-97				38,207
Underlying profit before tax				1,147				941				313				1,452				1,022				345				75								5,295
Divestments				34								15				36								10												95
Special items
Profit before income tax				1,181				941				328				1,488				1,022				355				75								5,390

Special items comprise expenses related to Retail Netherlands Strategy (Combining ING Bank and Postbank)

INTERIM ACCOUNTS

4.5.6 Acquisitions and Disposals

On 5 April 2007 ING announced the completion of the acquisition of AZL, an independent Dutch provider of pension fund management services, for EUR 65 million. The acquisition has no material impact on the capital adequacy ratios of ING Group.

On 14 May 2007 ING announced that it had reached a final agreement to sell Regio Bank to SNS REAAL for a purchase price of EUR 50.5 million. The profit on disposal is expected to be about EUR 25 million, and the sale is expected to be completed in the third quarter of 2007.

On 1 June 2007 ING announced that it completed the sale of Nationale Borg, a specialist provider of guarantee insurance. The acquisition has no material impact on the capital adequacy ratios of ING Group.

On 18 June 2007 ING announced that it had reached agreement to acquire full ownership of Landmark Investment Co Ltd, the twelfth largest asset manager in Korea. The purchase is subject to regulatory approval.

On 18 June 2007 ING announced that it had reached an agreement to acquire Oyak Bank, a top-ten Turkish Bank, for an amount of EUR 2.0 billion. The acquisition is subject to approval of the relevant authorities and is expected to occur in the second half of 2007.

On 29 June 2007 ING announced that it had reached agreement with P&V Verzekeringen to sell its Belgian Broker and Employee Benefits insurance business for EUR 750 million, resulting in a gain on disposal of approximately EUR 425 million. The sale is subject to regulatory review and the advice of the workers council and is expected in the second half of 2007.

On 27 July 2007 ING announced that it had reached agreement with Santander to acquire its Latin American pension businesses to further strengthen ING’s position in this fast growing market. The mandatory pension fund management companies (AFPs), which are located in Mexico, Chile, Colombia, and Uruguay will make ING the second largest pension fund manager in Latin America. The purchase is subject to various national regulatory approvals and is expected to be completed by the end of 2007 or in early 2008.

4.5.7 Issuances, repurchases and repayment of debt and equity securities in issue

On 16 May 2007 ING announced a plan to adopt a buyback programme under which it plans to purchase ordinary shares, or depositary receipts for such shares, with a total value of EUR 5 billion over a period of 12 months, beginning in June 2007. In the second quarter the total number of (depositary receipts for) ordinary shares repurchased under this program is 20,431,500 at an average price of EUR 32.85, and a total consideration of EUR 671 million. This represents completion of approximately 13.4% of the repurchase programme.

To rebalance the delta hedge portfolio for employee options ING sold 3,960,000 (depository receipt for) ordinary shares in May, at an average price of EUR 33.12. As of 30 June 2007 the hedge book holds 49.3 million (depositary receipts for) ordinary ING shares representing 2.2% of the total 2,225 million shares outstanding.

On 2 July 2007, ING announced that agreement had been reached with Fortis Insurance Netherlands to buy-back 28,172,583 ‘A’ preference shares of ING at a price of EUR 3.618175 per share or EUR 101,933,335.5 in total, representing approximately 5.5% of the share capital of ING Group.

INTERIM ACCOUNTS

4.6 Review report

Introduction

We have reviewed the accompanying condensed consolidated balance sheet of ING Groep N.V. (the ‘Company’), Amsterdam, as at 30 June 2007, the related condensed consolidated profit and loss account for the three-month period and the six-month period then ended, and the related condensed consolidated statement of cash flows and statement of changes in equity for the six-month period then ended and explanatory notes. Management of the Company is responsible for the preparation and presentation of these condensed consolidated interim accounts in accordance with International Financial Reporting Standards as adopted by the European Union (‘IAS 34’). Our responsibility is to express a conclusion on these condensed consolidated interim accounts based on our review.

Scope of Review

We conducted our review in accordance with Dutch law, including Standard 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim accounts are not prepared, in all material respects, in accordance with IAS 34.

Amsterdam, 7 August 2007

for Ernst & Young Accountants

C.B. Boogaart

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		ING Groep N.V. (Registrant)
		By:		/s/ H. van Barneveld   H. van Barneveld General Manager Corporate Control & Finance
		By:		/s/ W.A. Brouwer   W.A. Brouwer Assistant General Counsel

Dated: August 9, 2007