Very strong capitalization; Positive financial and risk management; Very strong competitive position; and Continued very strong financial flexibility. Difficult but improving earnings environment; and Execution risk inherent in delivering efficiency gains and increased internal rates of return on new business. The ratings on the core insurance operating companies of ING GROEP N.V. (A+/Positive/A-1) (collectively ING's insurance operations; see Table 5) reflect the ING Group's (ING) very strong capitalization, positive financial and risk management, very strong competitive position, and continued very strong financial flexibility. These positive factors are partially offset by a difficult but improving earnings environment--particularly in Dutch and U.S. life, pensions, and investment business--and the execution risk inherent in delivering efficiency gains and increased internal rates of return (IRRs)
