NU Online News Service, April 28, 2005, 3:10 p.m. EDT

ING Annuities says holders of about 33% of its new variable annuity contracts are choosing professionally allocated “fund of funds” subaccounts.[@@]

The West Chester, Pa., unit of ING Groep N.V., Amsterdam, joined the “lifestyle” fund movement in May 2004 by introducing a moderately aggressive ING LifeStyle Portfolio subaccount, a moderate growth subaccount, a growth subaccount and an aggressive growth subaccount.

So far, ING variable annuity customers have pumped about $1.5 billion in assets into the subaccounts, according to ING Annuities executives.