Strong local competitive positions across a number of markets. Highly diverse profile. Financial flexibility to manage capital adequacy and liquidity across the ING Group. Capital adequacy and leverage pressured by investment risk exposures. Earnings depressed by challenging operating environment and de-risking initiatives. Uncertain impact of restructuring of the ING Group. The ratings on ING Verzekeringen N.V. (INGV; A-/Negative/A-2) and the consolidated insurance operations--collectively ING's insurance operations--reflect the insurance group's strong local competitive positions across a number of markets, highly diverse profile, and flexibility to manage capital adequacy and liquidity across the ING Group. These positive factors are partially offset by continued pressure on capital adequacy and leverage because of investment risk exposures. Earnings also remain constrained by both the difficult
