ING Direct 2002 Annual Report Download - page 42

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Annual Report 2002 · ING Group 39
ING Asia/Pacific
The market in Japan is dominated by
domestic players. ING has 0.6% market share in
life insurance with a niche product focus. The
business is growing rapidly thanks to increasing
sales in single premium variable annuities,
where ING is one of the fastest-growing inter-
national companies.
In Taiwan, ING Antai is a prominent player
in mainly traditional life insurance with 2.3 million
clients and a 10% market share. ING is also a
large player in Malaysia, where it has one
million retail customers. ING is the number-three
life insurer in Malaysia and the number-one
provider of employee benefits. In Korea, ING is
rapidly increasing its market share. It is currently
the number-four life insurer based on new
business premium and number eight based on
total premium income.
In China, ING is positioned with two 50/50
joint venture operations in life insurance: Pacific
Antai Life (PALIC) in Shanghai and ING Capital
Life (ICL) in Dalian province. PALIC ranks fourth
in terms of new business premium among life
insurance companies in Shanghai with an 8.6%
market share and 8,500 agents. ING Capital Life
commenced operations in December 2002 with
encouraging initial sales.
In India, ING increased its stake in Vysya
Bank, the number five private bank, to 44%.
It has 5% of deposits (of foreign and private
banks) and 450 branches. ING also operates a
life insurance joint venture called ING Vysya Life.
 
In his room on the ninth
floor of ING House, Executive
Board member Fred Hubbell
has bi-weekly meetings with
the Asia/Pacific staff. Left of
Fred Hubbell, P.Y. Chan, chief
of staff, and on the right is
Benny Law, secretary and
strategist. Both are
expatriates from Asia.
NUMBER OF STAFF
full-time equivalents, year-end
12,300
ING Asia/Pacific 11%
103,500
Rest of ING 89%