ING completes sale of stake in SulAmérica to Swiss Re
ING announced today that it has completed the sale to Swiss Re Group of 37.7
million units in Sul América S.A., as previously announced on 18 November 2013.
The transaction further reduced ING's stake in the Brazilian insurance holding
to approximately 10%.
ING received a total cash consideration of approximately EUR 180 million for the
37.7 million SulAmérica units, which represent a direct stake of approximately
11.3%. The transaction resulted in a net gain to ING of approximately EUR 70
million which represents the difference between the book value and the fair
value for both the 11.3% stake in scope of the transaction with Swiss Re and the
10% stake retained by ING. As previously indicated, this remaining stake will be
accounted for as an available for sale investment going forward.
SulAmérica is the largest independent insurance group in Brazil, with operations
in several insurance lines. Its business lines are supported by diversified
distribution capabilities including a network of more than 30,000 independent
insurance brokers and partnerships with more than 20 financial- and retail
institutions, adding a further 16,000 points of sale. The Swiss Re Group is a
leading wholesale provider of reinsurance, insurance and other insurance-based
forms of risk transfer.
Press enquiries ING Group  Investor enquiries
Victorina de Boer  ING Group Investor Relations
+31 20 5766373 Â +31 20 57 66396
Victorina.de.Boer@ing.com  Investor.Relations@ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management
operations.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) consequences of a potential (partial) break-up of the
euro, (4) the implementation of ING's restructuring plan to separate banking and
insurance operations, (5) changes in the availability of, and costs associated
with, sources of liquidity such as interbank funding, as well as conditions in
the credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's ability
to achieve projected operational synergies and (19) the other risks and
uncertainties detailed in the Risk Factors section contained in the most recent
annual report of ING Groep N.V. Any forward-looking statements made by or on
behalf of ING speak only as of the date they are made, and, ING assumes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason. This document does not
constitute an offer to sell, or a solicitation of an offer to buy, any
securities.
Pdf version of press release:
http://hugin.info/130668/R/1753216/591317.pdf
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