- Thursday 15 April 2010
Let's talk group risk Aviva UK Health today announced the launch of a new and improved group risk website supported by a comprehensive marketing campaign designed to inform and educate intermediaries on the benefits of selling group risk. The radically improved website, which will be updated on a regular basis, now hosts over 20 pages of invaluable content designed to be easy to navigate. The new content includes 30 video clips of experts discussing a range of topics related to group risk. These include early intervention, claims management and rehabilitation. The expert commentary, which will also be used in interactive banner adverts also highlights the benefits of the specific product set and explains how group risk can make a real difference to both employers and employees. The campaign is part of Aviva's commitment to raise the profile of group risk benefits. The market is certainly there to be exploited; research conducted by Group Risk Development (GRiD) showed that a staggering 41% of employers did not know what the term "group risk benefit" meant, certainly not aided by the fact that almost two thirds of those questioned (63%) did not have any group risk products within their benefits package. The new marketing campaign, called Let's Talk Group Risk, has been created to help bridge this gap and emphasise the opportunities available for the savvy adviser. Steve Bridger, head of group risk said "We believe that education is key with regards to group risk. There is a wealth of opportunity out there and we want to give our intermediaries the tools to enable them to take full advantage. This investment underlines our commitment and expertise in this area so let's get talking!" As well as the new web pages and video footage, the campaign will be supported through an online and off-line marketing campaign. Aviva's group risk sales support literature has also been reviewed and updated. All of the above is available on www.aviva.co.uk/healthcarezone. -ends- For further information, please contact:
Amber Scott
Telephone: 02380 359383
E-mail: amber.chable@aviva.co.uk
- Monday 11 January 2010
Aviva significantly enhances its Group Risk products Aviva today announced a number of enhancements to its Group Risk products, including Lump Sum and Pay Direct options on its Group Income Protection and increased Free Cover Limits on its Group Life policies. These enhancements further improve the benefit flexibility and choice available from Aviva's Group Risk, making it one of the most comprehensive offerings in the market. With immediate effect, Aviva has increased the Free Cover Limit formula on its existing and new Group Life policies from £15,000 to £20,000 multiplied by the number of lives in a scheme, subject to a maximum of £1.25 million. Aviva has also increased the maximum Free Cover Limit from £1.25 million to £1.5 million for schemes covering 500-2,999 lives, and to £1.75 million for schemes covering 3,000 lives or more. The increased limits, applicable for all new business and renewals from 1 January 2010, mean that Aviva now offers some of the most generous Group Life terms in the market. In recognition of the increased mobility in today's job market, and the need for companies to control the costs associated with long-term sickness absence, Aviva has also introduced the following benefit options to its Group Income Protection product: Lump Sum option - rather than covering employees until retirement age, employers taking out a unit-rated Group Income Protection scheme can choose a two, three, four or five year limited term followed by a lump sum payment of one, two, three, four or five times salary, or up to nine times the annual income benefit (up to £1 million per life). A Lump Sum option helps employers control the cost of their Group Income Protection scheme, whilst still offering employees the rehabilitation support available on a standard Group Income Protection policy. In the event that the employee is unable to return to work at the end of the chosen term, the Lump Sum benefit paid to the employer can help fund early retirement or could be used to cover the cost of recruiting a replacement. Pay Direct option - where an employee is unable to return to work as a result of long-term illness and is removed from the payroll, the employer can choose for their Group Income Protection benefit to be paid direct to the employee. This option means that there is no obligation for the employer to keep the employee on their payroll in order to receive benefits, whilst also giving them the peace of mind that their former employee will continue to receive regular benefit payments for the duration of the Group Income Protection contract.
The new benefits follow the introduction of Once Only Underwriting, tele-interviews for medical underwriting, a bereavement helpline and improved Free Cover and Maximum Benefit limits in 2009, demonstrating Aviva's on-going commitment to the Group Risk Market. Steve Bridger, head of group risk, Aviva UK Health said: "With the workplace changing at an ever increasing pace, we're committed to ensuring that we offer our customers market leading products that respond to their changing needs, both in terms of financial protection and employee rehabilitation. Group Risk continues to be a main focus for Aviva, and these enhancements are the first of many to be introduced in 2010 to enable us to continue to offer our customers appropriate products that represent great value for money, and further cement our position as a key player in the Group Risk market."
- Tuesday 05 January 2010
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.
- Monday 21 December 2009
ING completes rights issue and State repayment Amsterdam, 21 December 2009 ING announced today that it has completed its planned repurchase of EUR 5 billion of the Core Tier 1 securities issued in November 2008 to the Dutch State and its EUR 7.5 billion rights issue. Jan Hommen, CEO of ING said: "Today we have successfully completed a major first part of the measures we announced in October to chart a clear course forward and return our focus to the business and what matters most to our customers. With the support of our investors we have paid back half of the funds we received last year from the Dutch State." As announced on 26 October 2009, ING and the Dutch State agreed to alter the repayment terms of half of the Core Tier 1 securities in order to facilitate early repayment. The total payment amounted to EUR 5,606 million, consisting of the EUR 5 billion principal amount, plus accrued coupon from 12 May 2009 to 20 December 2009 of EUR 259 million and a repayment premium of EUR 347 million. ING has funded the State repayment with part of the proceeds of the rights issue that it has completed and settled today. A total of 1,768,412,544 (depositary receipts for) shares were offered and sold, of which 97% through the exercise of rights and the remainder through placements to institutional investors. As a result, ING today received approximately EUR 7.3 billion in proceeds, net of fees and expenses. The proceeds of the rights issue in excess of the State repayment will be used to mitigate the capital impact of the additional payments for the Illiquid Assets Back-up Facility which ING agreed upon in order to get approval from the European Commission on ING's Restructuring Plan, as announced on 26 October 2009. In total, these extra payments will amount to a net present value of EUR 1.3 billion, which will be booked as a one-off pre-tax special item in the fourth quarter of 2009. Further excess proceeds of the rights issue will be used to strengthen ING's capital position.
- Monday 19 October 2009
Aviva launches online secure service for advisers Aviva is launching online secure services on Aviva for Advisers, the website built for financial advisers. The new system will save advisers time by making it quicker and easier for them to work with their customers. The site launched on Monday 19 October - has been designed following extensive research among financial advisers and the improvements Aviva has made include: * Advisers can now see a personalised homepage with direct access to information about their new business pipeline, and saved quotes or new business applications - a first in the market.
* They can navigate more easily to clients'policies and Aviva products.
* A new "My Clients" service provides a single view of 4 million clients' bonds, pensions and protection policies.
* An improved "Quote and apply" function makes it easier for advisers to do business online. Advisers should visit: www.aviva.co.uk/adviser Billy Burnside, head of e-business at Aviva, said: over the last 12 months we've been talking and listening to feedback from advisers to understand how they want to interact with us online. We've been building our business around advisers and we've totally transformed the secure services section of our site so that we're giving advisers the online services and information they need. We're also launching new adverts that recognise the Moments that matter to advisers in their professional lives. They highlight how important technology is to advisers including Aviva for Advisers. -ends- Press office contacts: David Gwyer
Telephone: 01904 452659
Mobile: 07800 693187 Notes to editors: Aviva, the international savings, investments and insurance group, is the world's fifth largest insurance group, serving 50 million customers across Europe, North America and Asia Pacific. In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. Aviva also provides roadside assistance through the RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet. Aviva's UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses. Aviva's life and pensions business in the UK has a total market share of 12% and a top three position in its key markets of savings, protection, and annuities.
- Wednesday 24 June 2009
ING Greece narrows focus in a move "Back to Basics" ING Greece announced last week that it has stopped underwriting new health insurance risks and will focus on its core business of life insurance and retirement services, in line with ING's "Back to Basics" strategy. ING Greece will continue to distribute health products of other providers, and has signed a letter of intent with Eureko/Interamerican for the distribution of health insurance. With this five-year contract, ING will distribute the integrated health insurance system "Medisystem" via its Greek sales network. The cooperation and any future collaboration will apply solely to the sales of new health insurance policies sold as of third-quarter 2009. ING Greece holds the second position in life insurance in Greece in terms of market share (including market share of ING-Pireaus) and has operated in Greece since 1980.
- Wednesday 11 February 2009
ING closes sale of Taiwanese life insurance business to Fubon Financial Holding ING announced today that it has closed the sale of its Taiwanese life insurance business to Fubon Financial Holding Co. Ltd. (%u201CFubon Financial Holding%u201D), a leading diversified Taiwanese financial services company. As announced on 20 October 2008, the divestment is in line with ING's strategy to actively manage its portfolio of businesses, allocating capital to those businesses that generate the highest return. Under the terms of the agreement, ING sold its Taiwanese life insurance business for a consideration equivalent to USD 600 million. The transaction has significantly reduced the economic capital attributed to insurance. The transaction resulted in a loss of EUR 292 million which has been booked in the fourth quarter of 2008. Press enquiries Nanne Bos, ING Group
+31 20 541 6516 nanne.bos@ing.com Karen Williams, ING Asia/Pacific
+852 9106 1350 karen.williams@ap.ing.com
- Thursday 04 December 2008
ING closes acquisition of Turkish pension company Oyak Emeklilik ING announced today that it has closed the transaction to acquire Oyak Emeklilik. As previously announced on 17 June 2008, ING will acquire Turkey%u2019s sixth largest pension company for a total cash consideration of EUR 110 million, entirely financed from existing internal resources. Established in 2003, Oyak Emeklilik is a leading pension company in Turkey specifically established for manufacturing and distributing private pension plans. Oyak Emeklilik has over 150,000 customers and 150 employees. It distributes its products both through a network of independent agents and ING Bank Turkey (formerly Oyak Bank). Oyak Emeklilik will be integrated in ING Insurance Central Europe and re-branded under the ING brand in 2009.
- Tuesday 08 July 2008
Bupa International launches cover for new EU countries People living and working in new EU countries, such as Bulgaria and Romania, can now access international private medical insurance tailored to their needs, thanks to a new product from Bupa International, the world's largest international health insurer. The European Health Plan provides people living in Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia with access to treatment in hospitals or clinics anywhere in Europe. It also includes cover for chronic diseases, such as diabetes, worldwide emergency travel and the facility to add dental and optical cover. In addition, European Health Plan customers have access to Bupa International's 24-hour worldwide medical assistance helpline, which is open 365 days a year and is manned by a team of experienced advisers who, between them, speak 34 languages. Steven Martin, European development consultant, Bupa International said: "Because the plan is focused on European coverage, medical costs and premiums are more affordable. Cover starts from just %u20AC507 per person per year." "The region is developing rapidly and with the European Health plan, Bupa International is meeting the growing demand for international health insurance from companies and expats, as well as local professionals who want to ensure all their health needs are covered." Last month, Bupa International released statistics which showed the top procedures undertaken by expats in Europe were diagnostic tests - such as colonoscopies and gastrocopies - which is a sign that these tests are becoming more mainstream.
"This can only be a good thing; after all the sooner health problems are diagnosed, the better the chance of someone being treated successfully, commented Bupa International's Steven Martin. Bupa International also recently announced that it now provides cover not just for the diagnosis of chronic diseases but also to control them.
- Friday 13 June 2008
Acibadem Sigorta becomes Network Partner in Turkey We are pleased to announce that Acibadem joined our network
- Thursday 17 April 2008
Swiss Mobiliar Group - 2007 results Our Swiss partner Mobiliar has published their 2007 results
- Thursday 21 February 2008
Ace Life becomes Network partner in Middle East We are pleased to inform you that we can now offer Group Life and Disability coverage in the Middle East through our new Network Partner. As of 1 January 2008, Ace Life UAE has joined our global network, positioning it further on this booming market. Ace Life UAE has opened its office in June 2007. It is currently operating in Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, Oman Lebanon and Jordan, and it is part of the Ace Group with worldwide presence in both Life and non-Life. In a first stage, Group Life and Disability coverage will be offered. As of 1 June 2008, Medical coverage will be added to their product range. We sincerely welcome our new partner on board and believe that we now have excellent capabilities in the quickly growing Arab Employee Benefits market! If you are interested in learning more about Ace Life UAE, do not hesitate to contact the ING Global Network or visit www.acelifemea.com.
- Friday 18 January 2008
SulAmérica Is Among the Global Insurance Top 10 SAO PAULO, BRAZIL--(Marketwire - January 17, 2008) - UBS investment bank has included SulAmérica bonds among the top ten options of the global insurance market. According to the report, Global Insurance Weekly, company shares show strong potential to grow. On the call recommendation, UBS foresees that SulAmérica profit per share will grow 40% in 2008 and 16% in 2009.
The second largest Brazilian insurance group and market leader among independent players with approximately 15% market share, SulAmérica is the only Brazilian company on the Top 10 list, lead by Allianz, Cathay Financial Holdings and Catling.
- Thursday 17 January 2008
ING closes acquisitions of Santander's Latin American pension and annuity business ING announced today that it has closed all five transactions to acquire 100 percent of Banco Santander's pension and annuity businesses in Mexico, Chile, Colombia, Uruguay and Argentina. Today's final approval from regulators in Chile completes this acquisition process. ING is now the second largest pension fund manager in Latin America. On July 27th and on November 14th 2007, ING signed agreements with Banco Santander to acquire these five mandatory pension fund management companies (AFPs) and an annuity company in Argentina for a total consideration of USD 1.6 billion (EUR 1.1 billion[1]). With the closing of these five transactions, ING has doubled its pension assets under management in Latin America to more than EUR 35 billion (September 2007), and expects to double this figure again by 2011. ING's customer base in the region has increased to approximately 22 million customers. ING is now the number three pension provider in Mexico, number three in Chile, number five in Colombia, number two in Uruguay and number one in Argentina, where it has also become the number two annuity provider. Separately, ING is the number one pension provider in Peru. Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas said, "Completing this transaction is a major accomplishment for ING's growth strategy. ING Insurance looks forward to solidifying its position in Latin America through a combination of organic growth and strategic opportunities in its wealth management core competency (pension and life). We officially welcome our new employees and affiliates to ING." In 2006 the Santander LATAM business reported EUR 18.3 billion of assets under management by year end and after tax profits of EUR 81 million. Based on the purchase price of USD $1.6 billion (EUR 1.1 billion), the transaction reflects a Price/ Earnings multiple of 13.5 times the 2006 earnings. All five transactions are booked in the Quarter of closing: the Mexico acquisition was booked in Q3 2007, the Colombia, Uruguay and Argentina acquisitions were booked in Q4 2007, and the Chile acquisition will be booked in Q1 2008. The four closings in 2007 have gone well, and the integrations are on track, especially in Mexico which was the first to close.
- Wednesday 14 November 2007
ING to acquire Argentina's leading pension and annuity business ING announced today that it has reached an agreement with Santander and Grupo Bapro to acquire 100% of Argentine pension fund Origenes AFJP and annuity company Origenes Seguros de Retiro to further strengthen ING's position in Latin America. This transaction will make ING the largest pension fund manager and second largest annuity provider in Argentina, further enhancing the scale of its recently boosted Latin American
wealth management business. Under the terms of the agreement, ING will acquire 59.2% of the mandatory pension and annuity business from Santander=20
and the remaining 40.8% from its joint venture partner, Grupo Bapro and its subsidiaries, for a total consideration of USD 280 million (EUR 192 million). The impact of this acquisition is equivalent to 35 bps of the debt equity ratio of ING Group. Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas said, "These pension and annuity businesses both have exceptional market positions in Argentina, making this acquisition an excellent platform with which to grow ING's wealth management and retirement services position in the region. This acquisition represents another milestone in ING's strategy to support growth through suitable bolt-on acquisitions." Santander's and Grupo Bapro's pension and annuity businesses in Argentina had more than 2.4 million customers and 1,761 employees and sales personnel at the end of June 2007 and distribute products primarily through a network of tied agents. As of June 2007 the business reported USD6.5 billion (EUR4.5 billion) of assets under management and after tax profits of USD37 million (EUR25 million) (Argentina's fiscal year ends June 2007). On July 27, ING announced that it had reached an agreement with Santander to acquire its Latin American pension businesses excluding Argentina. These mandatory pension fund management companies (AFPs) are located in Mexico, Chile, Colombia and Uruguay and make ING the second largest pension fund manager in Latin America. This transaction is subject to regulatory approval and is expected to close in December 2007. Press enquiries:
Pilar Teixeira, ING Group + 31 20 541 5469, pilar.teixeira@ing.com
Dana Ripley, ING Insurance Americas +1 770.980.4865, dana.ripley@us.ing.com ING is a global financial institution of Dutch origin offering banking,insurance and asset management to over 75 million private, corporate and institutional clients in 50 countries. With a diverse workforce of over 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. In the Americas, ING Insurance employs 28,000 people and has operations in the United States, Canada, Mexico, Brazil, Chile and Peru, where ING offers a range of wealth accumulation and asset management products and participates in the pension, life, annuity, health, auto and property & casualty insurance businesses. Certain of the statements contained herein are statements of future expectations and other forward-looking statements.
These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things,
(i) general economic conditions, in particular economic conditions in ING's core markets,
(ii) performance of financial markets, including emerging markets,
(iii) the frequency and severity of insured loss events,
(iv) mortality and morbidity levels and trends,
(v) persistency levels,
(vi) interest rate levels,
(vii) currency exchange rates
(viii) general competitive factors,
(ix) changes in laws and regulations,
(x) changes in the policies of governments and/or regulatory authorities.
ING assumes no obligation to update any forward-looking information contained in this document.
- Monday 16 July 2007
ING rated Australia's best overall Group Risk provider ING has been rated Australia's top-performing Group Risk provider with customers rating the quality of ING's overall offering ahead of its peers, according to an industry-first study. The study of the country’s top-10 life insurers by NMG Financial Services Consulting ranked ING Group Risk in the top quartile for a range of key measures, including the highest for product quality, back office administration and problem solving. The independent research report was based on face-to-face interviews with more than 30 clients - including key decision-makers at large industry funds, master trust providers and corporates. Mark Prichard, Director at NMG Financial Services Consulting, said: “The study compares the competitive performance of Australia’s leading group life insurers from the perspective of key decision-makers. The results will help insurers objectively assess their performance against their peers.” Paul Trigg, ING’s Manager of Group Risk Markets, said the NMG results are welcome recognition for the efforts ING has made to deliver quality service and provide ongoing value for employers and super fund clients. “This study shows ING Group Risk is in the top quartile of industry performance for its client relationship management,” he said. “The overall product service satisfaction among industry funds shows ING leads the field in terms of meeting client needs.” ING has the second-largest market share for Group Risk in Australia, making the results even more impressive as it demonstrates an ability to provide quality products and service across a much larger client base than most of its competitors.
- Tuesday 26 June 2007
New ING Global Network website is live We are pleased to inform you that our revamped website is now live.
- Thursday 07 June 2007
Pensions campaign launched in Romania ING Life Insurance Romania has launched its first pensions campaign. Striking billboards and displays with the familiar "Smiley" symbol have been set up in various Romanian cities. Commercials are also being broadcast on TV and there are advertisements at bus and metro stations and in lifts at major shopping centers, and a special website has been launched. The purpose of the campaign is to make Romanians aware of their financial position after they retire, and to point out the benefits of ING's voluntary pensions. Earlier this year, ING became the first life insurance company to obtain a license from the Romanian authorities to offer voluntary pension insurance. Romania provides a state pension, but for an estimated 2.3 million Romanian employees, this is often not enough to make ends meet. They now have the opportunity of taking out voluntary pension insurance with ING. When they retire, they will then receive monthly benefits in addition to their state pensions. In view of ING's strong name recognition in Romania and its excellent position in the local insurance market, Bram Boon, CEO ING Life Insurance Romania, expects ING to play a leading role in the voluntary pensions arena. "A market share of 25% is possible," he says.
- Monday 07 May 2007
ING NN elected best pension fund in Poland ING Nationale-Nederlanden Open Pension Fund has recently been elected as the best open pension fund in the Polish market by the leading daily newspaper Rzeczpospolita. Twice a year the newspaper publishes a list of the most effective open pension funds. The ranking is based on a number of categories such as value of the pension account, position in the rankings of the Polish Financial Supervisory Authority and risk assessment. The newspaper gives points for each category. The ING Nationale-Nederlanden Fund scored 55 our of 60 points, finishing before Polsat (53) and Generali (48.5). The ING NN fund is the second largest pension fund in Poland in terms of net assets and number of clients. Its market share is 23%.
- Friday 30 June 2006
Expansion of the network in the Chinese market Two of ING's Joint Venture companies have become partners of our network.
- Thursday 30 March 2006
ING Korea joins the network ! We are very pleased to announce to you that ING Korea decided to become a member of the Global Network.
- Monday 14 November 2005
New partner in Slovenia Zavarovalnica Triglav, a leading Slovenian insurer, has agreed to become a Network Partner.
- Tuesday 25 October 2005
ING Vysya has joined the network ! We are pleased to announce that we have a partner in India.
- Monday 11 July 2005
Nordea joins the network ! The Norwegian insurer Nordea has decided to join our network.
- Wednesday 29 June 2005
New International Sales Director We're pleased to announce that Steve Barry has joined the network in the USA.
- Tuesday 20 July 2004
Strengthened presence in Taiwan The network welcomes ING Antai in Taiwan.
- Wednesday 14 July 2004
SulAmérica joins the network The network has a new partner in Brazil.
- Thursday 24 June 2004
New partner in Luxembourg The network welcomes La Luxembourgeoise, its new partner in Luxembourg.
- Thursday 17 June 2004
ING Chile is the new network partner in Chile ING Chile joins the ING Employee Benefits Global Network
- Friday 04 June 2004
Tranquilidade joins the ING Employee Benefits Global Network We are very pleased to announce you that Tranquilidade is the network representative in Portugal.
- Tuesday 01 June 2004
New partner in Switzerland Swiss Mobiliar/Providentia has decided to become our network partner in Switzerland.
- Thursday 13 May 2004
IHI danmark A/S joins the network Since May 1, we have a new Danish partner who provides medical coverage to TCNs & Expatriates.
- Monday 26 April 2004
Russia - Newsletter on Tax Reform ING Russia issued a special newsletter on how the Russian Tax Reform impacts the current pension reform.
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