...The ratings on ING Verzekeringen N.V. (INGV; A-/Negative/A-2) and its main operating insurance subsidiaries--collectively ING's insurance operations--reflect the insurance group's very strong capital adequacy, strong local competitive positions across a number of markets, highly diverse profile, and strong enterprise risk management. These positive factors are partially offset by a challenging operating environment, its exposure to investment markets, elevated financial leverage, and uncertain impact on ING's insurance operations from the restructuring of the ING group. Standard & Poor's Ratings Services considers ING's insurance operations as 'not strategically important' under our group rating methodology following the strategic decision by ING Groep N.V. (ING; A/Stable/A-1) to dispose of its insurance operations before the end of 2013 under its European Commission-agreed restructuring plan. ING's insurance operations exhibit wide geographical, product, and distribution diversity. INGV...
