ING announced today that it has completed the sale of its insurance operations in Malaysia to AIA Group Ltd. (AIA) with a net transaction gain of approximately EUR 750 million after tax. The sale includes ING's life insurance business, its market-leading employee benefits business and its 60-percent stake in ING Public Takaful Ehsan Berhad.
As announced on 11 October 2012, ING received a total cash consideration of approximately EUR 1.3 billion for the Malaysian insurance business. The sale is part of the previously announced intended divestment of ING's Asian insurance and investment management businesses. The process for the remaining Asian businesses is on-going. Further announcements will be made if and when appropriate.
ING Investment Management's funds management business in Malaysia is outside the scope of this transaction. The transaction announced today does not impact ING's Asian banking activities.
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| Carolien van der Giessen | Investor Relations | |||
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| Carolien.van.der.Giessen@ing.com (mailto:Carolien.van.der.Giessen@ing.com) | Investor.Relations@ing.com (mailto:Investor.Relations@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 in this document 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. | ||||
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(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
