ING Investor Relations Symposium: Positioned for Future Growth
Amsterdam, 27 September 2006
ING Group is well positioned for growth through its three key growth engines – Insurance Asia/Pacific, ING Direct and Retirement Services – which have established strong market positions, solid track records, and focused strategies for further growth. The strategy and priorities for each business is being outlined at ING’s 12th Investor Relations Symposium, hosted in London today by Cees Maas, Vice-Chairman and Chief Financial Officer of ING Group.
The Investor Relations Symposium can be followed live via webcast at www.ing.com starting at 9:00 am U.K. time (10 am CET). The presentations are also available online.
At Insurance Asia/Pacific, ING is in the right markets to secure long-term growth, with a strong position in the current large markets, such as Australia, South Korea, Taiwan and Japan, as well as the future markets of China, India, Thailand and Malaysia. Over the past two years, ING has increased its market share in the region, showing faster growth than its major rivals. Now ING is preparing to take the business to the next level through product innovation and expansion of the distribution capacity in existing markets. ING is continuing to expand its tied agency sales force and exporting the successful Korean model across the region. The company is also expanding its bancassurance footprint in Asia, with partnerships with more than 100 banks, to take advantage of the fastest-growing distribution channel in the region. In addition, ING is working to drive standardisation across the region, including IT systems, processes and operations to increase efficiency and customer service.
ING Direct has posted impressive growth since its start 10 years ago, and the business has benefited in an increasingly competitive landscape from its first-mover advantage, high customer satisfaction, a broad geographical spread and efficient cost base. Throughout the cyclical interest rate environment, ING Direct continues to invest for growth to stimulate long-term value creation. Looking ahead, growth will be fuelled by continuing to increase the number of customers in existing countries as well as geographical expansion into new regions and possibly new countries, and a phased rollout of new products to meet customer demands. True to ING Direct’s principles, the business units will continue to focus on maintaining high customer satisfaction and offering value for money, while keeping products simple and transparent.
U.S. Retirement Services
The aging population represents an unprecedented opportunity in the U.S. as the “baby boomer” generation approaches retirement. As customers become increasingly concerned that they will have insufficient income when they retire or that their savings will be tied up when they need it, a shift is taking place towards savings and payout products. The demographic shift and changes in pension legislation in the U.S. are expected to double retirement assets in the industry this decade. Against this backdrop, ING has a strong competitive position in the most attractive growth market segments, including education 403(b) and small/medium corporate 401(k), retail annuities, as well as the rollover/payout market, which is focused on retaining assets as people retire. The company is also making significant investments to enhance technology and increase efficiency and strengthen customer relationships by making it easier to do business.
Group Statistical Supplement
ING will also release a new Statistical Supplement to further enhance the Group’s financial disclosure, emphasise the profit drivers and give better insight into historical trends. The Statistical Supplement provides a high level of financial detail on the Group’s figures, including full income statements for all major businesses, improved P&L formats, as well as balance sheets for life, non-life and banking. The current supplement includes historical figures up to and including the second quarter of 2006, in line with the Group results published in August. It will be available at www.ing.com from about 4 pm U.K. time (5 pm CET). Starting with the third quarter results on November 9, the Statistical Supplement will be published to coincide with ING’s quarterly results.
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.
Note to Editors
The programme for the Investor Relations Symposium is as follows:
(Times indicated are U.K. time)
09:00 am - Opening by Cees Maas, CFO & Vice Chairman of ING Group
09:15 am - Insurance Asia/Pacific by Hans van der Noordaa, Member Executive Board, and Jacques Kemp, CEO Insurance Asia/Pacific
10:55 am - ING Direct by Dick Harryvan, Member Executive Board, and César Gonzáles-Bueno, CEO ING Direct Spain
01:45 pm - U.S. Retirement Services by Kathleen Murphy, President U.S. Worksite Group
03:30 pm - Wrap-up by Cees Maas
If you are not able to view the webcast, you can also listen in by telephone at the following numbers:
Netherlands: +31 20 794 8500
UK: +44 20 7190 1537
USA: +1 480 293 1749
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