To sell its non-core Annuity and Mortgage businesses in Chile
ING Group, a Dutch financial services firm offering banking, investments, life insurance and retirement services, has inked an agreement to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A.
In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately E35 million. This transaction does not impact ING’s Pension, Life Insurance, and Investment Management businesses in Chile, said the company.
Tom McInerney, Board member, ING Insurance Management and CEO, ING Insurance Americas, said: “Selling our non-core Annuity and Mortgage businesses in Chile is part of our global Back to Basics strategy. We are simplifying our structure in Chile, which allows us to reposition our financial resources in our key market segments of Retirement Services, Life Insurance, and Investment Management.”
The transaction is subject to national regulatory approvals and is expected to be closed and booked in the fourth quarter of 2009.