ING closes sale of Annuity and Mortgage Businesses in Chile

2009-11-10 22:15:01 -

London, November , 10, 2009

ING announced today that it has closed the transaction to sell its

non-core Annuity and Mortgage businesses in Chile to Corp Group Vida

Chile, S.A. ING did not disclose terms of the agreement, which was

previously announced on 31 July 2009.



In 2008, the Annuity and Mortgage businesses in Chile generated

combined pre-tax earnings of approximately EUR 35 million. As

previously announced, this transaction does not impact ING's Pension,

Life Insurance, and Investment Management businesses in Chile.



After this transaction, ING will maintain a strong presence in Chile

as the country's third-largest pension provider with approximately

EUR 16 billion in assets under management and approximately 2 million

clients. ING also participates in the Chilean Life Insurance and

Mutual Fund markets. ING is the second-largest pension provider in

Latin America.







Press Enquiries                                   Investor Enquiries

Victorina de Boer          Dana Ripley            Bill Cokins

ING Group                  ING Insurance          ING Group

                           Americas

+31 20 541 5469            +1 770.980.4865        +31 20 541 8607

victorina.de.boer@ing.com  dana.ripley@us.ing.com bill.cokins@ing.com









ING Profile

ING is a global financial institution of Dutch origin offering

banking, investments, life insurance and retirement services to over

85 million private, corporate and institutional clients in more than

40 countries. With a diverse workforce of about 110,000 people, ING

is dedicated to setting the standard in helping our clients manage

their financial future.



Important legal information

Certain of the statements contained herein are statements of future

expectations and other forward-looking statements. These expectations

are based on management's current views and assumptions and involve

known and unknown risks and uncertainties. Actual results,

performance or events may differ materially from those in such

statements due to, among other things, (i) general economic

conditions, in particular economic conditions in ING's core markets,

(ii) performance of financial markets, including developing markets,

(iii) changes in the availability of, and costs associated with,

sources of liquidity, such as interbank funding, as well as

conditions in the credit markets generally, including changes in

borrower and counterparty creditworthiness, (iv) the frequency and

severity of insured loss events, (v) mortality and morbidity levels

and trends, (vi) persistency levels, (vii) interest rate levels,

(viii) currency exchange rates (ix) general competitive factors, (x)

changes in laws and regulations, (xi) changes in the policies of

governments and/or regulatory authorities, (xii) conclusions with

regard to purchase accounting assumptions and methodologies, (xiii)

ING's ability to achieve projected operational synergies and (xiv)

the implementation of ING's restructuring plan, including the planned

separation of banking and insurance operations. ING assumes no

obligation to update any forward-looking information contained in

this document.




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