ING update on preparations for ING Insurance IPO
(Thomson Reuters ONE) -
Today, Jan Hommen, CEO of ING Group, and members of the executive team of ING
Insurance will provide an update on the preparations for an IPO of ING Insurance
at a meeting with investors and analysts in London.
In his presentation, Jan Hommen will give an update on the progress of the
restructuring of ING Group, showing that ING has entered the end phase. The
company is now more focused, less complex and more robust. In August, ING
reached an agreement on the sale of ING Life Korea and the divestment of the
Asian insurance and investment management activities is now almost complete. The
process to divest the remaining Asian businesses is ongoing and ING is working
on various options for the divestment of ING Life Japan. ING U.S., ING's U.S.-
based retirement, investment and insurance business was successfully listed on
the New York Stock Exchange in May and on 13 September filed a registration
statement with the U.S. Securities and Exchange Commission in connection with a
possible sale of a second tranche of ING U.S.'s common stock by ING Group.
For the divestment of ING's European insurance and investment management
businesses, the base case is an Initial Public Offering (IPO). Preparations are
on track and depending on market conditions, a transaction is planned for 2014.
The transaction structure is still to be determined and could include a
(partial) spin-off. An IPO or spin-off requires substantially the same
preparations. Key criteria to assess the transaction structure include capital
considerations and the effect on shareholder value, particularly in light of
market conditions.
The presentations delivered by members of the executive team of ING Insurance,
Lard Friese, Delfin Rueda and Dorothee van Vredenburch, provide an overview of
the business and strategy of ING Insurance, the capital framework and how ING
Insurance is preparing for the planned IPO in 2014. ING Insurance forms a unique
combination of mature and growth markets and the strategic plans show how the
full value of its leading market positions can be extracted. The experienced
leadership team will show how the organization is committed to focus on
customers, improve efficiency and generate capital at the same time.
All presentations are available online at www.ing.com. The keynote speech by Jan
Hommen (starting at 09:00 CET) and all other presentations can be followed live
via webcast at www.ing.com/ir.
Press enquiries Investor enquiries
Ingeborg Klunder Investor Relations
+31 20 57 66371 +31 20 57 66396
Ingeborg.Klunder(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 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 the press release:
http://hugin.info/130668/R/1729961/578056.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#1729961]
Unternehmensinformation / Kurzprofil:
Datum: 19.09.2013 - 08:31 Uhr
Sprache: Deutsch
News-ID 298183
Anzahl Zeichen: 6701
contact information:
Town:
Amsterdam
Kategorie:
Business News
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