ING Direct 2002 Annual Report Download - page 38

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Annual Report 2002 · ING Group 35
ING Americas

 
Fred Hubbell, Executive
Board member, regularly
takes a walk to visit his staff
on the third floor of ING
House. Here he meets
Maarten Edixhoven,
secretary and strategist of
the Amsterdam staff of ING
Americas.
organisational changes that generate efficiencies
and economies of scale. The fourth is leveraging
global capabilities by nurturing synergies and
taking advantage of best practices from the rest
of ING Group. Examples are taking product ideas
and distribution methods that have done well in
other countries and introducing them in the
Americas and making use of ING’s global invest-
ment management skills and expertise. The fifth
key sub-strategy is building a common ING
culture and brand. After a series of acquisitions,
ING Americas is working to build a single
corporate culture that attracts and retains staff
and is aligned with business objectives.
Market positions
In the United States, ING serves 6.6 million
customers through two core operating units: US
Financial Services (USFS), focusing on retail and
worksite customers, and US Institutional Businesses
(USIB), focusing on corporate customers. USFS
consists of the individual life, annuity and
mutual funds businesses as well as the various
worksite businesses (defined-contribution and
pensions, group insurance and payout manage-
ment business). USIB consists of individual and
group reinsurance businesses, guaranteed invest-
ment contracts and other funding agreements.
ING distributes its financial products through a
nation-wide networkof various distribution
channels that work with individuals, employers
and institutions. ING owns the second-largest
independent broker/dealer network in the US
with over 10,000 registered representatives.
ING enjoys top-five positions in most of its
US business lines. In the 403(b), 401(k) and 457
markets for retirement savings, ING is a top-five
player in terms of assets under management.
ING has a market share of 5% and a top-five
position in its annuity businesses. Lower market
shares are found in life insurance, where ING is
the number seven player, and in mutual funds,
where ING is in the top 25 based on assets under
management. ING is the fourth largest life
reinsurance company with a 10% market share.
In Canada, ING continues to be the leading and
most profitable P&C company, with pre-tax
profits of EUR 127 million, premiums of
EUR 2,094 million and a combined ratio of
97.7%. ING has relationships with 2,800 brokers
and 4.4 million clients. The integration of the
acquired Zurich Financial Services personal and
small commercial lines into ING Canada has
resulted in strong customer retention.
NUMBER OF STAFF
full-time equivalents, year-end
25,900
ING Americas 22%
89,900
Rest of ING 78%