ING to transfer its U.S. reinsurance business to RGA Inc.
(Thomson Reuters ONE) - * Transaction fits in ING's Back to Basics strategy for the U.S. insurance business* Transaction to have limited positive impact on 2010 earningsING announced today that it has reached an agreement to transfer itsU.S. group reinsurance business, ING Reinsurance U.S., to ReinsuranceGroup of America, Inc. Terms of the agreement were not disclosed. RGAis a U.S.-based global provider of life reinsurance."This transaction fits within ING's Back to Basics strategy tosimplify our structure and focus our U.S. insurance operations onRetirement Services, Life Insurance, and Rollover Annuities," saidTom McInerney, CEO for ING Insurance Americas. "Although INGReinsurance is not part of ING's core businesses in the U.S., it is asolid, well-run, and client-focused business that will complement acompany that considers reinsurance its core business. We believe thatRGA will be an excellent owner of ING Reinsurance."The transaction is structured as a reinsurance agreement between RGAand ING. The disposition of ING Reinsurance U.S. will have a limitedpositive impact on ING's 2010 earnings. In addition, the transactionis expected to release nearly EUR 100 million in capital and improvethe debt/equity ratio of ING Insurance by around 60 basis points.After the agreement, ING will continue to retain a reinsuranceportfolio in the U.S. that has been in run-off since 2002.ING Reinsurance U.S. is a leading provider of reinsurance programsfor group life, accident, and health insurance companies in the U.S.,Guam, Canada, Bermuda, and the Caribbean. It focuses on medium andlarge providers of group insurance products and operates primarilyout of Minneapolis, Minn.This transaction is subject to regulatory approvals and is expectedto be closed in the first quarter of 2010.Press Enquiries Investor Relations EnquiriesVictorina de Boer Dana Ripley Bill CokinsING Group ING Insurance ING Group Americas+31 20 541 5469 +1 770.980.4865 +31 20 541 8607victorina.de.boer(at)ing.com dana.ripley(at)us.ing.com bill.cokins(at)ing.comING 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 110,000 people, INGis dedicated to setting the standard in helping our clients managetheir financial future.Important legal informationCertain 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, (XI) conclusions with regard to purchase accountingassumptions and methodologies, (XII) ING's ability to achieveprojected operational synergies. ING assumes no obligation to updateany forward-looking information contained in this document.http://hugin.info/130668/R/1347734/324241.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 16.10.2009 - 08:30 Uhr
Sprache: Deutsch
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