New exciting era for ING U.S.

ING U.S. began an exciting new era on its way to becoming an independent company, when its shares commenced trading on May 2, 2013 on the New York Stock Exchange under the symbol “VOYA”.


On May 1, 2013, ING Group announced the pricing of approximately 65.2 million shares of common stock sold in the Initial Public Offering (IPO) of ING U.S., its U.S.-based retirement, investment and insurance business, at USD 19.50 per share.

ING U.S. serves the financial needs of approximately 13 million individual and institutional customers with a comprehensive array of retirement, investment and insurance products and services.

“We are pleased to partner with the New York Stock Exchange as ING U.S. begins its journey as a publicly traded company,” said Rodney Martin, CEO of ING U.S.. “Today is an inspiring day for our dedicated workforce of almost 7,000 employees. The excitement of the moment fuels our passion for serving our customers, clients, and distribution partners as we pursue our vision to be America’s Retirement Company.”

“The successful listing of ING U.S. is a very important milestone in the restructuring of ING,” said Jan Hommen,” CEO of ING Group.

“The employees and leadership of ING U.S. have put immense effort in preparing their company for a standalone future as a listed company. I am confident that ING U.S. continues to be well positioned to capture market opportunities and bring benefits to all its stakeholders.

While the achievements to date are remarkable, our work at ING Group is far from done. We will now embark on the final phase of our restructuring. We will reinforce our efforts to maintain the momentum in divesting our remaining insurance and investment management businesses, using the vigour and dynamism the ING U.S. team has shown as inspiration.”

To commemorate the first day of trading, Mr. Martin, alongside a group of executives and employees representing ING U.S.’s Retirement Solutions, Investment Management and Insurance Solutions businesses, rang the Opening Bell at the NYSE.


The IPO of ING U.S. consisted of both a primary component offered by ING U.S. and a secondary component of shares offered by ING Group.

Based on the final price-per-share announced today, and excluding the exercise of an overallotment option by the underwriters, the total offering amounts to USD 1.3 billion, including USD 0.6 billion in gross proceeds from the primary offering for ING U.S. and approximately USD 0.7 billion (approximately EUR 0.5 billion at current exchange rates) in gross proceeds for ING Group. Upon the closing of the sale, scheduled for May 7, the IPO reduces the ownership of ING Group in ING U.S. to 75%.

This could reduce further to 71%, as the underwriters have the option for 30 days to purchase up to an additional 9.8 million ING U.S. shares from ING Group at the initial public offering price of USD 19.50 a share, corresponding to a maximum of 15% of the total number of shares offered in the IPO. Fully exercising this overallotment option would further reduce ING Group’s remaining stake in ING U.S. to approximately 71%.

As previously announced, ING Group intends to use the proceeds from the secondary offering for the reduction of Group core debt. The USD 1.5 billion contingent funding facility currently in place between ING U.S. and ING Bank N.V. will also be cancelled upon completion of this offering.

As previously announced, ING Group is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission. The base case for the divestment of ING U.S. is through an IPO as described in this article.

Following the proposed IPO, ING intends to divest its remaining stake in ING U.S. over time, as previously agreed with the European Commission.

The 2012 Amended Restructuring Plan requires ING Group to divest at least 25% of the Company by December 31, 2013, more than 50% of the Company by December 31, 2014, and 100% of the Company by December 31, 2016.

Back to top