Summary: ING's Insurance Operations

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 across the ING Group. These positive factors are partially offset by continued pressure on earnings from both the difficult operating environment and initiatives to reduce asset risk. Although capital adequacy has stabilized in the strong range, this continues to be a constraint, particularly given the investment risk exposures and wider economic pressures, especially across Europe. In addition, there is some uncertainty regarding the impact of the current restructuring of the ING Groep N.V. (ING; A/Negative/A-1).

...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 across the ING Group. These positive factors are partially offset by continued pressure on earnings from both the difficult operating environment and initiatives to reduce asset risk. Although capital adequacy has stabilized in the strong range, this continues to be a constraint, particularly given the investment risk exposures and wider economic pressures, especially across Europe. In addition, there is some uncertainty regarding the impact of the current restructuring of the ING Groep N.V. (ING; A/Negative/A-1). Standard & Poor's Ratings Services considers ING's insurance operations as "not strategically important" under our group...

Summary