ING Groep N.V.
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Publicatie datum
29 jun 2007 - 11:43
Statutaire naam
ING Groep N.V.
Titel
ING sells Belgian Broker and Employee Benefits insurance business to P&V Verzekeringen
Bericht
ING announced today that it has reached an agreement with P&V Verzekeringen to sell its Belgian Broker and Employee Benefits insurance business for EUR 750 million. The sale is part of ING’s strategy to rationalise in its mature markets and allocate capital to those businesses where it can generate the highest growth and returns.
As previously announced on 19 January 2007, the sale follows a strategic review of ING’s Belgian insurance activities and will allow ING Belgium to focus on the distribution of its life and non life insurance products through its retail banking channels (ING and Record Bank).
For ING Group, the intended transaction is expected to result in a net profit of about EUR 425 million and an improvement of 133 basis points of the debt / equity ratio of ING Group.
ING Insurance Belgium had a total premium income of EUR 1,650 million in 2006 of which EUR 699 million was generated through its Broker and Employee Benefits insurance business. The Brokers and Employee Benefits business employs about 840 employees.
The transaction is subject to regulatory review and advice of the works council and is expected to be closed and booked in the second half of 2007.
Press enquiries: ING Group
Nanne Bos, +31 (0) 20 541 6516, nanne.bos@ing.com
Louise van Heel, +32 (0) 2 547 2449, louise.vanheel@ing.be
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
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