ING announces today its intention to restructure its Belgian insurance business as part of its strategy to focus on bancassurance distribution in Belgium.
After a strategic review of the insurance business in Belgium, ING has decided to concentrate its life and non-life insurance activities in two new entities which will exclusively distribute through the retail banking channels of ING in Belgium. The new entities will employ about 350 employees.
As a result, ING intends to divest its non-strategic insurance activities and currently seeks to identify parties interested in acquiring its broker and employee benefits insurance business in Belgium.
ING Insurance Belgium had a total premium income of EUR 1.797 million in 2005 of which EUR 607 million was generated through its broker and employee benefits insurance business. The brokers and employee benefits business currently employs about 840 employees.
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Press enquiries:
ING Group: Nanne Bos, +31 20 541 6516, nanne.bos@ing.com
ING Belgium: Louise van Heel, +32 2 547 2449, louise.vanheel@ing.be |
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of about 115,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
