Europe

ING granted Ukraine life insurance licence

ING has received a life licence from the Ukrainian insurance regulator. It plans to start offering life insurance products from the first half of next year. The group has been in Ukraine since 1994, but for most of this time it has offered leasing and wholesale banking services. It has recently started to build up a retail banking network, with the aim of having a network of 250 outlets around the country, and becoming one of the top five retail banks. It is now about to add a “greenfield” life insurance operation. With a population of about 46 million the country had some 55 life insurers operating last year, which collected premiums of the order of $90mn (in 2006). The market is well concentrated, with the top 10 companies collecting about 90% of the premiums. ING commented that Ukraine was an attractive emerging market, with strong growth indicators and huge potential.