Jackson National® to Acquire Life of Georgia From ING

ING Group (NYSE: ING) and Prudential plc (NYSE: PUK), announced today they have reached definitive agreement to sell ING's Atlanta-based subsidiary, Life Insurance Company of Georgia, to Prudential's subsidiary, Jackson National Life Insurance Company® (JNL®). ING acquired Life of Georgia in 1979.

Jackson National Life®, through an affiliate, will acquire all of the stock of Life of Georgia, which currently has a portfolio of approximately 1.6 million life insurance policies and annuity contracts, and inforce life insurance and annuity premium of $150 million. Subject to regulatory approval, the companies anticipate the transaction would be finalized in the first quarter of 2005.

"The decision to sell the company was made following a lengthy strategic business review process that determined Life of Georgia is no longer aligned with ING's core business strategy," said Fred Hubbell, member of ING's Executive Board and chairman of Insurance Americas. "Although Life of Georgia is no longer core for our company, it is an attractive business for JNL as a result of its distribution, a large and loyal customer base and stable earnings. Further, we believe JNL's interests are more aligned with Life of Georgia's policyholders' needs."

"This is a unique opportunity to leverage Jackson's low-cost, flexible and scalable IT and administration infrastructure in order to efficiently and profitably integrate Life of Georgia into our business and enhance LOG policyholders' service experience," said Clark Manning, JNL's president and CEO. "Increasing the scale of our life business will lower the unit cost within that product line and further diversify our earnings by increasing the percentage of income we receive from underwriting activities in relation to our current spread- and fee-based businesses."

Life of Georgia has approximately 570 employees who will be impacted by the sale. The companies said it is premature to know how many will be offered permanent positions with either ING or JNL, but they anticipate a transition period of between 6-12 months.

About ING

ING Groep N.V. 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 over 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

In the U.S., the ING family of companies offer a comprehensive array of financial services to retail and institutional clients which include life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. For more information, visit http://www.ing.com/ .

About JNL

Jackson National Life Insurance Company® (JNL®) is a wholly owned indirect subsidiary of Prudential plc., a company incorporated and with its principal place of business in the United Kingdom. Prudential plc and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has pounds Sterling 170 billion in assets under management, as at 30 June 2004. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

With more than $60 billion in assets (GAAP)*, Jackson National® is an industry leader in the areas of fixed, indexed and variable annuities. JNL also sells separately managed accounts, life insurance and institutional products. The company markets its products in 49 states and the District of Columbia, through independent and regional broker-dealers, financial institutions, independent insurance agents, and registered investment advisors. JNL's subsidiary, Jackson National Life Insurance Company of New York(SM), similarly markets products in the state of New York. Through its affiliates and subsidiaries, JNL also provides asset management and retail brokerage services. For more information, visit http://www.jnl.com/ .

*JNL also has more than $51 billion (GAAP) in policy liabilities set aside to pay primarily future policyowner benefits (as of 30 June 2004).

CONTACTS:

Dailah Nihot ING Group +31 20 541 6516

Dianne Bernez ING Americas 770-618-3910

Clare Staley Prudential plc 0 207 548 3719

Tim Padot Jackson National Life 517-702-2425

SOURCE: ING Americas

CONTACT: Dailah Nihot, ING Group, +31-20-541-6516; or Dianne Bernez,
ING Americas, +1-770-618-3910; or Clare Staley, Prudential plc,
+0-207-548-3719; or Tim Padot, Jackson National Life, +1-517-702-2425

Web site: http://www.ing.com/
http://www.jnl.com/