The ratings on the core insurance operating companies of ING Groep N.V. (AA-/Negative/A-1+)--collectively ING's insurance operations--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 Asia, Central and Eastern Europe, and Latin America. This diversity has supported the resilience of INGV's new sales, margins, and client balances through the first
