Dutch finance firm ING Group has confirmed its plans to restructure its insurance business in Belgium as part of its strategy to concentrate on bancassurance distribution in the country.
Following a strategic review of its Belgian insurance unit, ING has decided to focus its life and non-life insurance activities in two new entities, which will exclusively distribute through ING’s retail banking channels in Belgium. The new entities plan to employ around 350 workers.
As a result, ING intends to divest its non-strategic insurance activities and is currently seeking potential parties to acquire its broker and employee benefits insurance business in Belgium.
In 2005, ING Insurance Belgium had a total premium income of almost E1.8 billion, of which E607 million was generated through its broker and employee benefits insurance business. At present, the brokers and employee benefits business employs approximately 840 employees.