ty (SPVA) individual life insurance portfolio in Japan. This portfolio consists of SPVA products with substantial minimum guarantee obligations sold predominantly from 2001 to 2009. Japan Life is responsible for managing the policies, the relationships with customers, the distribution partners and the Japanese regulatory authority. Strategy The company’s strategic priorities include strengthening its financial position, restructuring, repaying the remaining state aid and building both stronger and sustainable banking and insurance/investment management businesses. Dispositions In May 2013, ING U.S., Inc. was listed on the NYSE reducing the company’s ownership interest from 100% to approximately 71.25%. In October 2013, the sale of a second tranche further reduced the company’s interest in ING U.S., Inc. to approximately 57%. In 2013, the company sold its full interest in ING Vysya Life Insurance Company Ltd. to its joint venture partner Exide Industries Ltd. In 2013the company sold its 49% stake in Korean insurance venture KB Life Insurance Company Ltd. (KB Life) to joint venture partner KB Financial Group. In 2013, the company sold its investment management business in South Korea to Macquarie Group, an Australia based, global provider of financial services. In 2013, the company sold ING Life Korea, its wholly owned life insurance business in South Korea. In 2013, the company sold ING Hipotecaria, its mortgage business in Mexico. Regulation and Supervision The U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act includes a range of provisions with varying degrees of potential impact on the company’s U.S. and non-U.S. operations. In addition, the company’s entities are required to comply with the requirements under the Anti-Money Laundering and Counter Terrorism Financing Act that is subject to regulatory compliance oversight by the Australian Transaction Reports and Analysis Centre. ING Insurance’s U.S. operations are subject to Risk Based Capital (RBC) guidelines which provide a method to measure the adjusted capital (statutory capital and surplus plus other adjustments) that insurance companies should maintain, taking into account the risk characteristics of the company’s investments and products. ING Group’s life insurance subsidiary in Japan is subject to the supervision of the Financial Services Agency, the chief regulator in Japan, the rules and regulations as stipulated by the Insurance Law, Insurance Business Law and ordinances of the Cabinet Office. History ING Groep N.V. was founded in 1991.
ing groep nv-cva
(INGVF:OTC Markets Group Inc - Current Information)
Amsterdam, 1102 MG
Phone: 31 20 563 9111
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