ING closes sale of Taiwanese life insurance business to Fubon Financial Holding
Amsterdam, ING announced today that it has closed the sale of its Taiwanese life insurance business to Fubon Financial Holding Co. Ltd. (“Fubon Financial Holding”), a leading diversified Taiwanese financial services company.
As announced on 20 October 2008, the divestment is in line with ING’s strategy to actively manage its portfolio of businesses, allocating capital to those businesses that generate the highest return.
Under the terms of the agreement, ING sold its Taiwanese life insurance business for a consideration equivalent to USD 600 million. The transaction has significantly reduced the economic capital attributed to insurance. The transaction resulted in a loss of EUR 292 million which has been booked in the fourth quarter of 2008.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, (XI) conclusions with regard purchase accounting assumptions and methodologies, (XII) ING’s ability to achieve projected operational synergies. ING assumes no obligation to update any forward-looking information contained in this document.
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