ING Americas Building Customer-focused Organizations For Long-Term Growth and Performance
PRNewswire
ATLANTA
Nov 21, 2001
Amsterdam-based ING Group (NYSE: ING), one of the largest integrated financial services organizations in the world, released its nine-month results today. ING Americas, which includes the U.S., Canada, Mexico and South America, contributed 16.8 percent of ING Group's operational pre-tax results in the first nine-months of 2001. These results include the financial impact of the September 11 terrorist attacks. ING Americas contributed approximately 12.6 percent of ING Group's operational pre-tax results during the same period in 2000.
"ING Americas' nine-month financial results reflect the continuation of challenging market conditions due to slowing economies in our region -- conditions that were made even more difficult by the tragic events of September 11," said Glenn Hilliard, chairman and chief executive officer, ING Americas. "Despite the difficult external operating environment, ING's core strengths -- product breadth and depth, diverse distribution, experienced management, innovative strategies and exceptional across-the-board talent -- remain stronger than ever and are the foundation of the vision we're moving toward."
ING's presence throughout North America and Latin America is expanding, which was reflected in its third quarter and nine-month sales results (all figures in USD):
* ING U.S. Financial Services had total third quarter sales of $2.4
billion, and year-to-date sales of $9.9 billion. The total sales
figure includes annuity, life insurance, retirement plan
and employee benefit products. ING is one of the five largest
financial services organizations in the U.S.
* ING Latin America had total third quarter sales of $267.9 million, and
year-to-date sales of $1.1 billion. ING has leading market positions
in several product lines in Argentina, Brazil, Chile and Peru.
* ING Mexico had total third quarter sales of $376.4 million, and year-
to-date sales of $992.3 million. ING is one of the largest financial
services organizations in Mexico.
* ING Canada had total third quarter gross premiums of $377.0 million and
year-to-date gross premiums of $1.1 billion. ING is the second largest
Property and Casualty insurance company in Canada.
ING U.S. Financial Services takes next big step in integration
At the end of the third quarter, ING launched its most ambitious U.S. integration initiative to date. ING announced that its U.S. Retail Financial Services organization, ING's retail annuity and life operation, and U.S. Worksite Financial Services organization, ING's retirement plan and employee benefits operation, which had been separate and independent operating units serving unique markets, were being combined into one customer-focused organization serving multiple markets.
The formation of ING U.S. Financial Services will result in greater operating efficiencies through the elimination of redundant functions, and a more customer-focused operation. Tom McInerney, chief executive officer, and Bob Salipante, president, will lead ING U.S. Financial Services.
"This next phase in our integration initiative sets the stage for ING to thrive in the U.S. marketplace," Hilliard said. "When it's completed, we'll be in a better position to capitalize on the unmistakable synergies that exist between ING's retail and worksite operations. The financial services industry is evolving and we are creating an organization designed specifically for the changing environment."
The long-term cost savings related to this multi-faceted integration are still being determined and may not be fully identified until early 2002.
ING building strong presence in Mexico
ING has invested more than US $2 billion in Mexico over the last several years, including the acquisition of Seguros Comercial America (SCA), which ING acquired in June 2001.
ING strengthened its Mexico leadership in the third quarter by appointing Yves Brouillette as general manager and CEO of ING Mexico and ING Canada. Brouillette's responsibilities include identifying revenue synergies and potential operating efficiencies between the Mexico operations, and focusing the businesses on the bottom line.
"ING is an established leader in the Property and Casualty insurance market in Mexico and we plan to establish ourselves as a leader in the wealth accumulation market, as well," Hilliard said. "Innovative products, responsive customer service, and flexible distribution are at the heart of our business model. With well-established insurance lines of business, we are turning our product development expertise to the emerging wealth accumulation market."
"In order to maintain our leadership positions in key markets -- we must consistently deliver superior offerings through an organization that's nimble, sized appropriately, and highly responsive to our customers," Hilliard said.
ING Americas comprises integrated financial services operations in North America and Latin America with business operations in the U.S., Canada, Mexico, Argentina, Brazil and Chile. ING Americas offers a comprehensive array of products and services, including life, health and property & casualty insurance; fixed and variable annuities; reinsurance; guaranteed investment contracts and other institutional investment advisory services; retirement plans; employee benefits; and mutual funds. To date, ING Americas and its affiliates have $154 billion in assets under management. ING Americas' parent company, Amsterdam-based ING Group, is one of the largest integrated financial services organizations in the world with $445 billion of assets under management.
SOURCE: ING Americas
Contact: Dana E. Ripley of ING Americas, +1-770-980-3317, or cellular,
+1-404-202-6679
Website: http://www.ing-usa.com/