Towards a standalone future

Please find below the previously disclosed steps which ING Group and ING U.S. took in preparation for the base case of an IPO since the announcement of the planned divestment in November 2009.


In November of 2009, in the aftermath of the financial crisis, ING, together with the Dutch State agreed with the European Commission to restructure the company and divest its insurance and investment management businesses, including its U.S. insurance and investment management business.


In November 2010, ING Group announced that the base case scenario for the divestment of Insurance/IM ING U.S. is through an IPO process. It also announced measures to be implemented with 4Q 2010 and 1Q 2011 results to address the U.S. variable annuity closed block and bring the hedging and accounting for the U.S. business more in line with U.S. peers.


In March 2011, ING U.S. strengthened its management team, amongst others with the appointment of Rodney O. Martin as CEO of ING Insurance U.S. At the end of the year, the operational disentanglement with ING Group’s other Insurance businesses was completed.


In May and July 2012, ING U.S. took further steps towards its standalone future by successfully raising USD 5 billion in a credit facility and a private debt issuance of USD 850 million, this way making progress towards a standalone capital structure. It also started filing its U.S. GAAP financials on a quarterly and annual basis.

In November 2012 it took another important step in the process towards the base case scenario of an IPO by filing an initial registration statement on Form S-1 with the SEC.

Also in November 2012, ING, together with the Dutch State, reached an agreement with the European Commission (EC) on key revisions to ING’s 2009 restructuring agreement with the EC. In the revised restructuring agreement, among other things, the deadlines for Insurance/IM divestments were extended beyond the original deadline of year-end 2013. Under this new agreement, at least 25% of the divestment of ING U.S. has to be completed by year-end 2013, more than 50% has to be divested by year-end 2014, with the remaining interest divested by year-end 2016.


In February, ING U.S. raised a further USD 1.0 billion in debt issuance.

On 2 May, ING U.S. listed on the New York Stock Exchange and began operating as a publicly traded company. The listing initially reduced ING Group’s stake in the company to 71%. ING U.S. announced plans to rebrand its business as Voya Financial.

In October, ING Group sold a second tranche of shares, further reducing its stake to 57%.


In March, ING Group sold a third tranche of shares, reducing its stake to 43% and it subsequently deconsolidated this remaining stake.

On 7 April, ING U.S. changed its name to Voya Financial, Inc. The businesses will rebrand to Voya according to the following timeline:

  • Retirement Solutions: on 1 September 2014
  • Investment Management: on 1 May 2014
  • Insurance Solutions: on 1 September 2014

For more detailed information on the steps ING U.S. took towards its standalone future and relevant filings with the U.S. authorities, please visit the press release section.

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