ING Sells Annuity and Mortgage Businesses in Chile to Corp Group Vida
Chile, S.A.
ING Group announced today that it has reached an agreement to sell
its non-core Annuity and Mortgage businesses in Chile to Corp Group
Vida Chile, S.A. Terms of the agreement were not disclosed. In 2008,
the Annuity and Mortgage businesses in Chile generated combined
pre-tax earnings of approximately EUR 35 million. This sale does not
impact ING's Pension, Life Insurance, and Investment Management
businesses in Chile where ING remains committed to developing
leadership positions.
Tom McInerney, ING Insurance Management Board member and CEO for ING
Insurance Americas said, "Selling our non-core Annuity and Mortgage
businesses in Chile is part of our global Back to Basics strategy. We
are simplifying our structure in Chile, which allows us to reposition
our financial resources in our key market segments of Retirement
Services, Life Insurance, and Investment Management. Latin America
remains an important region for ING and Chile is an essential country
for our overall growth in that region. We continue to see great
potential to grow organically in Chile and in the other Latin
American countries where we have a strong presence."
ING will maintain a strong presence in Chile following this
transaction. ING is the second largest Pension provider in Latin
America, with approximately EUR 29 billion in assets under
management, and approximately 10 million clients in the region. ING
is the third largest Pension provider in Chile with approximately EUR
16 billion in assets under management, and approximately 2 million
clients in the country. ING also participates in the Chilean Life
Insurance and Mutual Fund markets. These platforms, together with the
Pension business, are the foundation of ING's overall business
profile in Chile.
This transaction is subject to various national regulatory approvals
and is expected to be closed and booked in the fourth quarter of
2009.
Press enquiries:
Peter Jong
Dana E.
Ripley
ING
Group
ING Insurance Americas
+31 20 541
5457 +1 770
980 4865
peter.jong@ing.com
dana.ripley@us.ing.com
Certain of the statements contained herein are statements of future
expectations and other forward-looking statements. These expectations
are based on management's current views and assumptions and involve
known and unknown risks and uncertainties. Actual results,
performance or events may differ materially from those in such
statements due to, among other things, (i) general economic
conditions, in particular economic conditions in ING's core markets,
(ii) performance of financial markets, including emerging markets,
(iii) the frequency and severity of insured loss events, (iv)
mortality and morbidity levels and trends, (v) persistency levels,
(vi) interest rate levels, (vii) currency exchange rates (viii)
general competitive factors, (ix) changes in laws and regulations,
(x) changes in the policies of governments and/or regulatory
authorities. ING assumes no obligation to update any forward-looking
information contained in this document.
ING Profile
ING is a global financial institution of Dutch origin offering
banking, investments, life insurance and retirement services to over
85 million private, corporate and institutional clients in more than
40 countries. With a diverse workforce of about 115,000 people, ING
is dedicated to setting the standard in helping our clients manage
their financial future.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.