Source: ING Group Press Re­lease, 19 Oc­to­ber 2012

Insurance - - COMPANY CORNER -

ING an­nounced it has reached an agree­ment to sell its life in­surance, gen­eral in­surance, pen­sion and fi­nan­cial plan­ning units in Hong Kong and Ma­cau, and its life in­surance op­er­a­tion in Thai­land to Pa­cific Cen­tury Group (PCG) for a com­bined con­sid­er­a­tion of USD 2.14 bil­lion (RM 6.53 bil­lion) in cash.

The agree­ment is part of the pre­vi­ously an­nounced in­tended di­vest­ment of ING’s Asian in­surance and in­vest­ment man­age­ment ac­tiv­i­ties. In this con­text, ING an­nounced it has reached an agree­ment to sell its Malaysian in­surance ac­tiv­i­ties for ap­prox­i­mately EUR 1.3 bil­lion (RM5.22 bil­lion). The process for the re­main­ing busi­nesses is on-go­ing.

ING is a top 10 life in­surer in Hong Kong, Ma­cau and Thai­land. In Hong Kong and Ma­cau, where ING of­fers gen­eral and life in­surance prod­ucts as well as pen­sion and fi­nan­cial plan­ning ser­vices, ING serves more than 270,000 cus­tomers through ap­prox­i­mately 400 em­ploy­ees and 1,600 tied agents. In Thai­land, where ING of­fers life in­surance as well as pen­sion prod­ucts, ING serves more than 300,000 cus­tomers through about 480 em­ploy­ees and over 4,000 tied agents.

EUR1.00 = RM4.02 USD1.00 = RM3.06

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