Informa Insurance News 24
ING SELLS BELGIAN BROKER UNIT TO P&V
Netherlands-based financial services group ING has agreed to sell its Belgian Broker and employee benefits unit to Belgium-based
P&Z Verzekeringen for €750m. ING will book a profit of about €425m on the deal. The deal is expected to close by the end of
the year, with ING booking the gain in the second half of 2007, ING said. ING intends to sell in Belgium exclusively through
its own retail banks there and, subsequent to the sale, will restructure its remaining insurance operations in Belgium into
two separate divisions for life and non-life. The broker and employee benefits units of ING, which employ 840 staff, generated
premiums of €699m last year out of total premiums at ING Insurance Belgium of €1.69bn. Meanwhile, ING said today that it is
buying back €101.93m worth of its own shares from locally based
Fortis Insurance Netherlands. ING said that the deal, representing some 5.55% of ING’s share capital, was unrelated to the company’s
ongoing buyback programme.