ING Direct 2013 Annual Report Download - page 49

BUSINESS DEVELOPMENTS
In 2013, ING made strong progress in restructuring its insurance
and investment management activities. In Europe, preparations
fora base case IPO (initial public offering) advanced well and,
depending on market conditions, a transaction is planned for 2014,
with NN Group N.V. as the IPO entity.
Accelerating the transformation of the European insurance and
investment management operations was a major priority during
theyear. This resulted in increased efficiency and effectiveness, a
sharper strategic focus, improved processes and systems and in
theNetherlands, reduced management layers of support staff.
In 2013 the business continued to execute its customer-focused
strategy. In many countries it won awards for this approach. In
Romania, for example, ING won awards from PRIMM-Asigurari si
Pensii magazine for “Quality of Services in Life Insurance” as well
asan award for “Excellence in Administration” of the ING Optim
pension fund. Netherlands Non-life launched a website to help
intermediaries provide better customer service. In Greece, a new
health product was launched with easy-to-understand language,
illustrations and an easy-to-use manual. Japan Life received a
three-star rating (out of a maximum of three) from HDI Japan
(“Help Desk Institute”) for its after-sales call centre.
More than 71% of Investment Management’s funds have
outperformed their respective benchmarks on a three year
weighted-average basis.
AGREEMENT WITH EUROPEAN COMMISSION
In November, ING and the Dutch State reached an agreement with
the European Commission (EC) on a revised timeline for the
divestment of the European and Japanese businesses. Under this
revised agreement, it was announced that Japan Life would be
included in the base case IPO.
As such, the timeline to divest more than 50% of Japan Life has
effectively been extended by two years to year-end 2015. This is
the agreed timeline to divest more than 50% of ING’s European
insurance and investment management businesses.
Also as part of the revised EC agreement, ING will accelerate the
time to complete the 100% divestment of its insurance and
investment management activities in Europe and Japan by two
years, to year-end 2016.
NN GROUP
NN Group is a leading insurance and investment management
company with a predominantly European presence in 18 countries.
Its purpose is to help customers secure their financial futures:
helping them manage and protect their assets and income through
pensions, investments, insurance, savings and mortgages.
Its strategy is to deliver an excellent customer experience by
offering appealing and transparent products and services, multi-
access distribution, efficient and effective operations, and to
maintain a solid balance sheet that keeps customers’ money safe
and delivers shareholder value.
In October, future plans were announced to rebrand the insurance
and investment management activities in Europe and Japan as NN.
This new identity links the company’s heritage and Dutch roots
with the requirements of an international forward-looking brand.
Local business descriptors will be added to the NN brand in
different countries. Investment Management will rebrand as
NNInvestment Partners. The operational rebranding process is
scheduled to begin after NN Group has been successfully
broughtto the market.
* Outside Europe and Japan,
Investment Management has
offices in New York, Atlanta,
Singapore and Dubai.
** Corporate-Owned
Life Insurance.
WHERE WE OPERATE*
NN Group has a strong position as a provider of life insurance, retirement and investment management services and
is well positioned to capitalise on socio-economic trends.
Third largest in Japan
COLI** market
#1 Life insurer
in the Netherlands
Top-four market positions in
many European countries
NN Group’s presence at 31 Dec 2013
47ING Group Annual Report 2013
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information