ING closes transfer of its U.S. reinsurance business

Amsterdam, 5 January 2010

ING announced today that it has closed the transaction to transfer its U.S. group reinsurance business, ING Reinsurance U.S., to Reinsurance Group of America, Inc (RGA). ING did not disclose terms of the agreement, which was previously announced on 16 October 2009 and effectively closed on 1 January 2010.

The transfer of ING Reinsurance U.S. will have a limited positive impact on ING’s 2010 earnings. The transaction is expected to release approximately EUR 100 million in capital and improve the debt/equity ratio of ING Insurance by around 60 basis points. ING will retain a reinsurance portfolio in the U.S. that has been in run-off since 2002.

ING Profile

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. As of 30 September 2009, ING served more than 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 110,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

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