Diverse profile with strong local competitive positions across a number of markets. Strong enterprise risk management. Flexibility to manage capital adequacy and liquidity across the ING Group. Uncertain impact of restructuring of the ING Group, particularly on the financial profile of the insurance operations. Earnings depressed by the difficult operating environment and initiatives to reduce risk. Although capital adequacy has stabilized in the strong range, prospective risks exist from investment risk exposures and economic backdrop. 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 diverse profile, with strong local competitive positions across a number of markets, strong enterprise risk management (ERM), and the flexibility to manage capital adequacy and liquidity
