ING Sells Annuity and Mortgage Businesses in Chile to Corp Group Vida
Chile, S.A.
(Thomson Reuters ONE) - ING Group announced today that it has reached an agreement to sellits non-core Annuity and Mortgage businesses in Chile to Corp GroupVida Chile, S.A. Terms of the agreement were not disclosed. In 2008,the Annuity and Mortgage businesses in Chile generated combinedpre-tax earnings of approximately EUR 35 million. This sale does notimpact ING's Pension, Life Insurance, and Investment Managementbusinesses in Chile where ING remains committed to developingleadership positions.Tom McInerney, ING Insurance Management Board member and CEO for INGInsurance Americas said, "Selling our non-core Annuity and Mortgagebusinesses in Chile is part of our global Back to Basics strategy. Weare simplifying our structure in Chile, which allows us to repositionour financial resources in our key market segments of RetirementServices, Life Insurance, and Investment Management. Latin Americaremains an important region for ING and Chile is an essential countryfor our overall growth in that region. We continue to see greatpotential to grow organically in Chile and in the other LatinAmerican countries where we have a strong presence."ING will maintain a strong presence in Chile following thistransaction. ING is the second largest Pension provider in LatinAmerica, with approximately EUR 29 billion in assets undermanagement, and approximately 10 million clients in the region. INGis the third largest Pension provider in Chile with approximately EUR16 billion in assets under management, and approximately 2 millionclients in the country. ING also participates in the Chilean LifeInsurance and Mutual Fund markets. These platforms, together with thePension business, are the foundation of ING's overall businessprofile in Chile.This transaction is subject to various national regulatory approvalsand is expected to be closed and booked in the fourth quarter of2009.Press enquiries:Peter Jong Dana E.RipleyINGGroupING Insurance Americas+31 20 5415457 +1 770980 4865peter.jong(at)ing.comdana.ripley(at)us.ing.comCertain of the statements contained herein are statements of futureexpectations and other forward-looking statements. These expectationsare based on management's current views and assumptions and involveknown and unknown risks and uncertainties. Actual results,performance or events may differ materially from those in suchstatements due to, among other things, (i) general economicconditions, 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 regulatoryauthorities. ING assumes no obligation to update any forward-lookinginformation contained in this document.ING ProfileING is a global financial institution of Dutch origin offeringbanking, investments, life insurance and retirement services to over85 million private, corporate and institutional clients in more than40 countries. With a diverse workforce of about 115,000 people, INGis dedicated to setting the standard in helping our clients managetheir financial future.http://hugin.info/130668/R/1332107/315418.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.07.2009 - 17:47 Uhr
Sprache: Deutsch
News-ID 4226
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Chile, S.A."
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