ING to sell insurance units in Hong Kong, Macau, Thailand
(Thomson Reuters ONE) -
· Units sold in combined transaction to Pacific Century Group
· ING to receive total cash consideration of USD 2.14 billion (EUR
1.64 billion)
· Transaction expected to deliver net gain of approximately EUR 1
billion
· Process to sell remaining Asian Insurance/Investment Management units
on-going
ING announced today that it has reached an agreement to sell its life insurance,
general insurance, pension and financial planning units in Hong Kong and Macau,
and its life insurance operation in Thailand to Pacific Century Group (PCG) for
a combined consideration of USD 2.14 billion (EUR 1.64 billion) in cash.
The agreement is part of the previously announced intended divestment of ING's
Asian insurance and investment management activities. In this context, ING
announced last week it reached an agreement to sell its Malaysian insurance
activities for approximately EUR 1.3 billion. The process for the remaining
businesses is on-going. Further announcements will be made if and when
appropriate.
"We are pleased to have found in Pacific Century Group a good home for our
customers, employees and agents with the ambition to continue to expand the
businesses in these countries," said Jan Hommen, CEO of ING Group. "This
transaction underscores the steady progress we continue to make in our
restructuring."
The agreement values ING's Hong Kong, Macau and Thai combined life insurance
businesses at 24.3x estimated 2012 earnings and 1.9x estimated 2012 book value
of EUR 865 million, both on an IFRS basis. Earnings until closing are to the
benefit of PCG. At closing, ING expects the transaction to deliver a net gain of
approximately EUR 1 billion.
ING is a top 10 life insurer in Hong Kong, Macau and Thailand. In Hong Kong and
Macau, where ING offers general and life insurance products as well as pension
and financial planning services, ING serves more than 270,000 customers through
approximately 400 employees and 1,600 tied agents. In Thailand, where ING offers
life insurance as well as pension products, ING serves more than 300,000
customers through about 480 employees and over 4,000 tied agents.
PCG is a private firm founded in 1993 by Richard Li. Over the years, PCG has
built interests in financial services, real estate, satellite communications,
media and telecommunication services in Asia. Richard Li is the Chairman of HKT,
the largest telecom operator in Hong Kong, and the major shareholder of
PineBridge Investments, a U.S.-based asset manager with USD 68 billion under
management globally.
ING Investment Management's funds management businesses in Hong Kong and
Thailand are outside the scope of this transaction. The transaction announced
today does not impact ING's Asian banking activities.
The transaction is subject to regulatory approvals and is expected to close in
the first quarter of 2013.
Press enquiries Investor enquiries
Victorina de Boer Investor Relations
+31 20 57 66373 +31 20 57 66369
Victorina.de.Boer(at)ing.com Investor.Relations(at)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 in this document 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/1650536/532271.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1650536]
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 194146
Anzahl Zeichen: 7335
contact information:
Town:
Amsterdam
Kategorie:
Business News
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