Very strong capital adequacy Excellent enterprise risk management Very strong competitive position Highly diverse profile Challenging operating environment Exposure to investment markets The ratings on the core insurance operating companies of ING Groep N.V. (AA-/Negative/A-1+)--collectively ING's insurance operations (see table 5)--reflect the insurance group's very strong competitive position, highly diverse profile, and very strong capital adequacy, supported by excellent enterprise risk management (ERM). These positive factors are partially offset by a challenging operating environment and its exposure to investment markets. ING's insurance operations exhibit wide geographical, product, and distribution diversity. ING Verzekeringen N.V. (INGV) has a significant presence in the relatively mature markets of The Netherlands and North America and has built strong positions in the higher growth markets of
