ING to strengthen Dutch insurance organisation>
ING to strengthen Dutch insurance organisation
(Thomson Reuters ONE) - * Combination of Nationale-Nederlanden, RVS and ING Verzekeren Retail* Integrated organisation with dedicated units focusing on consumers, SME and corporates* Migration to Nationale-Nederlanden brand from 2011* Optimisation of current distribution through brokers, bank and own advisory network* Positive P&L contribution from 2010, accumulating to annual EUR 100 million from 2013* Workforce reduction of approx. 800 positions over coming three years, mainly through attritionING announced today that the now separate organisations ofNationale-Nederlanden, RVS and ING Verzekeren Retail (formerlyPostbank Verzekeren) will be combined into one customer-orientedorganisation under the Nationale-Nederlanden brand, which will bereinforced. The decision is in line with the Back to Basics strategyto simplify the organisation, reduce costs and improve customerfocus. The new insurance organisation will have dedicated businessunits for retail customers, small and medium-sized enterprises andcorporate clients."This is a next important step in realising our Back to Basicsstrategy," commented Jan Hommen, CEO of ING. "Now is the time toadapt our Dutch insurance operations to the changing marketenvironment and position them for the future. By streamlining thecompany and creating dedicated business units for customer groups, wewill be able to better serve our over five million insurancecustomers in the Netherlands with the products they want."With this new strategy, ING responds to the customer need forconvenience, personal advice, transparency and security. By utilisingall current distribution channels, customers will be able to choosefor themselves how and where they want to purchase products. Thenetwork of independent brokers will continue to play an importantpart as will both banking channels and the own advisors of ING in theNetherlands.Within the combined company ING will create a dedicated business unitto provide services to clients who bought insurance policies that arecurrently no longer sold. This will further optimise customer serviceand efficiency in dealing with these so-called 'closed books' whileat the same time creating more room for innovation and productdevelopment elsewhere in the organisation.By improving customer focus, optimising distribution and salescapabilities and increasing operational efficiency, ING expects toachieve an improved financial performance of the Dutch insuranceoperations, leading to a positive P&L impact from 2010, accumulatingto annually EUR 100 million before tax from 2013 onwards. To achievethis, ING has set ambitious targets to drive costs below the marketbenchmark level. In the first 4 years, a total of EUR 165 millionwill be invested to realise the transformation process.ING expects the programme to lead to a reduction of the workforce byapproximately 800 positions over the coming three years. ING expectsthis reduction to be mainly realised through natural attrition,internal reallocation and by discontinuing temporary contracts. Theworkforce measures will be made in accordance with applicableregulations and will be discussed with the unions and respectiveworks councils.NOTE FOR EDITORSPress enquiries Investor enquiriesRaymond Vermeulen ING Group Investor Relations+31 20 541 5682 +31 20 541 5460Raymond.Vermeulen(at)ing.com Investorrelations(at)ing.comING ProfileING is a global financial institution of Dutch origin offeringbanking, investments, life insurance and retirement services to over85 million private, corporate and institutional clients in more than40 countries. With a diverse workforce of about 115,000 people, INGis dedicated to setting the standard in helping our clients managetheir financial future.IMPORTANT LEGAL INFORMATIONCertain of the statements contained herein are statements of futureexpectations and other forward-looking statements. These expectationsare based on management's current views and assumptions and involveknown and unknown risks and uncertainties. Actual results,performance or events may differ materially from those in suchstatements due to, among other things, (i) general economicconditions, 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 regulatoryauthorities, (XI) conclusions with regard to purchase accountingassumptions and methodologies, (XII) ING's ability to achieveprojected operational synergies. ING assumes no obligation to updateany forward-looking information contained in this document.http://hugin.info/135859/R/1325996/312004.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 01.07.2009 - 01:29 Uhr
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