ING receives licence to start life insurance activities in Russia
ING announces today to have received approval from the Russian regulatory authorities to start life insurance activities in Russia. The licence enables ING to implement its strategy of expanding the scope of its operations in Russia with life insurance.
Jacques de Vaucleroy, Executive Board member of ING Group and responsible for Insurance Europe said: ‘Our aim is to build a leading position in Russia. On the back of economic growth and political stability we are convinced that we can make a positive contribution to the development of the Russian life insurance market. ING has a broad experience in setting up new life insurance operations around the world’.
The European Bank for Reconstruction and Development and the International Finance Corporation, which is part of the World Bank Group, propose to each take a 10% participation in the new venture.
ING expects to launch its operations in the third quarter of 2007. The President of ING Life Insurance Russia, Dr. Olga Ruf-Fiedler, said: “Our goal is to quickly expand our regional footprint by offering competitive life insurance products and providing a high level of client service through a network of professional financial consultants”.
The Russian life insurance activities will complement ING’s existing banking and pension offering in Russia. ING has been present in Russia since 1994 and is active in corporate banking, Non-State pension funds and leasing
Press enquiries: ING Group
Nanne Bos, +31 20 541 6516, firstname.lastname@example.org
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