ING U.S. files update of preliminary prospectus
(Thomson Reuters ONE) -
ING announced today that ING U.S., Inc., its U.S.-based retirement, investment
and insurance business, has filed an update of its preliminary prospectus with
the U.S. Securities and Exchange Commission (SEC) in connection with its
proposed Initial Public Offering (IPO).
ING has previously announced it is divesting its insurance and investment
management businesses as part of a restructuring programme agreed with the
European Commission. In this context, ING U.S. filed an initial registration
statement with the SEC in November 2012 and amendments to that registration
statement in January, March and April. A preliminary prospectus was filed on 16
April 2013 and is also included in today's filing.
As described in the preliminary prospectus filed on 16 April 2013, ING U.S. is
in the process of preparing its consolidated U.S. GAAP financial statements for
the quarter ended 31 March 2013. The amendment filed today includes more
detailed preliminary estimates of the financial information as of and for the
three months ended 31 March 2013 regarding operating earnings and operating ROC
for the ongoing business, net flows for the Investment Management and Retirement
segments, AUM and AUA figures, results of the Closed Block Variable Annuity
hedge program and net result.
These preliminary estimates are not a comprehensive statement of ING U.S.
financial results for this period, and actual results may differ materially from
these estimates due to the completion of financial closing procedures, final
adjustments and other developments that may arise between now and the time that
the consolidated financial statements for this period are issued. The
preliminary estimates are qualified by, and should be read together with,
"Management's Discussion and Analysis of Results of Operations and Financial
Condition" and the consolidated financial statements and the related notes
included in the preliminary prospectus dated 16 April 2013.
The preliminary estimates of the financial information included in the amendment
filed today have been prepared under U.S. GAAP. They may differ materially from
the Insurance United States results ING Group presents on the basis of IFRS-EU.
ING Group will publish its full results for the first quarter of 2013 on 8 May
2013.
The offering of the ING U.S. shares will be made only by means of a prospectus.
Copies of the prospectus relating to the offering may be obtained for free from
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014, email: prospectus(at)morganstanley.com, telephone:
+1 (866) 718-1649; Goldman, Sachs & Co., Prospectus Department, 200 West Street,
New York, NY 10282, telephone: +1 (866) 471-2526, facsimile: +1 (212) 902-9316
or by emailing prospectus-ny(at)ny.email.gs.com; and Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
(telephone: +1 (800) 831-9146).
The registration statement relating to these securities has been filed with the
U.S. Securities and Exchange commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. A copy of the registration
statement may be obtained by visiting the SEC website at www.sec.gov. This press
release shall not constitute an offer to sell or the solicitation of an offer to
buy, any securities, nor shall there be any offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction.
Press enquiries Investor enquiries
ING Group: Raymond Vermeulen ING Group: Investor Relations
+31 20 57 66369 +31 20 57 66396
Raymond.Vermeulen(at)ing.com Investor.Relations(at)ing.com
ING U.S.: Dana E. Ripley ING U.S.: Darin Arita
+1 212 309 8444 +1 212 309 8999
Dana.Ripley(at)us.ing.com IR(at)us.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 or referenced 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/1696663/558878.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#1696663]
Unternehmensinformation / Kurzprofil:
Datum: 25.04.2013 - 23:14 Uhr
Sprache: Deutsch
News-ID 253231
Anzahl Zeichen: 8304
contact information:
Town:
Amsterdam
Kategorie:
Business News
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