ING to launch Bulgarian life insurance operations
ING Group announced today that it has received a license from the relevant insurance supervisory authorities to start life insurance operations in Bulgaria. The business will be operated as a branch of ING’s existing life insurance company in Hungary, making use of the available expertise.
The life insurance branch will be located in Sofia and headed by Nikolay Stoykov, who will combine this responsibility with his current position as general manager of ING’s Bulgarian pension fund.
“The start of the Bulgarian life operation is a fine example of regional synergy,” said Tom Kliphuis, CEO Central Europe of ING Group. “By combining the existing resources and know-how of ING’s pension fund activities in Bulgaria with the product, actuarial, distribution and financial expertise of our Hungarian life company, we will be able to make a swift and efficient start. We will also use the administrative systems of ING Hungary as a basis for the Bulgarian life operation.”
ING Life Insurance Bulgaria will be officially launched at a press conference in Sofia on 19 April.
ING entered the Bulgarian market in 1994 and currently offers banking services to corporate and individual customers as well as a full range of pension insurance products.
The launch of life insurance operations in Bulgaria expands ING’s footprint in Central Europe and is in line with ING’s strategy to further develop existing operations in the region into sustainable businesses in maturing markets.
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 more than 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.
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