ING Groep N.V. wants to reduce the scope of its U.S. operations “over time and as market conditions permit.”
The U.S. insurance operations will continue to be a “key building block” in the ING insurance business, but, in the United States “a fundamental shift in the risk profile will be achieved by focusing on individual life and retirement services and a transition of the variable and fixed annuities business to low-risk rollover products,” according to ING, Amsterdam.
“For the non-core businesses, including employee benefits, group reinsurance and the existing annuity books, strategic options will be reviewed,” the company says. “The U.S. financial products division will be reduced as assets mature.”
“We are taking ING back to basics on all levels,” says Jan Hommen, who is on track to become ING’s next CEO. “We will be focusing on fewer but more transparent products.”
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ING will be separating insurance and banking operations throughout the world, and says it will be focusing the insurance business on life and retirement services.