ING Direct 2013 Annual Report Download - page 50

The board of NN Group N.V. consists of:
• Ralph Hamers, CEO
• Lard Friese, vice-chairman
• Delfin Rueda, CFO
• Doug Caldwell, CRO
• Patrick Flynn
• Wilfred Nagel
• Dorothee van Vredenburch
GOVERNANCE ING U.S.
Prior to the completion of its initial public offering (“IPO”) in May
2013, ING U.S., Inc. (“ING U.S.”) was an indirect wholly owned
subsidiary of ING Group. Following the ING U.S. IPO, and
consistent with the terms of its shareholder agreement with ING
U.S., ING Group retained control of a majority of the ING U.S.
board of directors and ING U.S. continued to be part of ING
Group’s consolidated business operations. ING U.S. has announced
that it expects to rebrand over the course of 2014 to Voya Financial,
Inc. and to change its legal name to Voya Financial, Inc. in April
2014. In May 2014 the ING U.S. Investment Management and
Employee Benefits businesses also will begin using the Voya
Financial brand.
ING U.S. has elected to be treated as a “controlled company” for
purposes of NYSE corporate governance rules, and accordingly,
foras long as ING Group owns more than 50% of the ING U.S.
outstanding common stock, ING U.S. will not be subject to the
requirement that a majority of its directors be “independent” as
defined under such rules.
The board of ING U.S., Inc. consists of:
• Rodney Martin, Jr., chairman
• John Boers
• Patrick Flynn
• Barry Griswell
• Dick Harryvan
• Frederick Hubbell
• Henny Koemans
• Wilfred Nagel
• David Zwiener
CUSTOMER EXPERIENCE
NN Group’s aim is to help customers secure their financial future.
NN Group’s strategy focuses on offering appealing and easy-to-
understand products and services, multi-access distribution and
efficient and effective operations. In line with its ambition to be a
leading, responsible and customer-centric organisation.
Enhancing the customer experience means being accessible,
listening to the needs of customers, following-up on their
expectations, and offering them products and services that are
suitable to their needs. The result is that we help create a stronger
financial future for our customers.
In 2013, new corporate values were introduced which place the
customer first and put emphasis on products being easy to
understand, transparent and accessible. NN Group cares aboutits
customers, aims to be clear, and commits to them.
As part of the preparations to become a standalone company
through a base case IPO, changes were made to the reporting
segmentation in the fourth quarter of 2013, as follows:
• Netherlands Life
• Netherlands Non-life
• Insurance Europe
• Japan Life
• Investment Management
• Other
• Japan Closed Block VA
AMERICAN DIVESTMENT
In May, ING U.S. listed on the New York Stock Exchange and began
operating as a publicly traded company. The listing initially reduced
ING Group’s stake in ING U.S. to 71%.
In September, the remaining stake in ING U.S. was transferred from
NN Group to ING Group. Later in the year, ING Group successfully
sold a second tranche of shares, reducing its stake further to 57%.
The 2012 Amended Restructuring Plan requires ING Group to
divestat least 25% of ING U.S. by 31 December 2013; more than
50% by 31 December 2014; and 100% by 31 December 2016.
ASIAN DIVESTMENT
Good progress was made in 2013 in divesting the Asian Insurance
and Investment Management businesses. By year-end, most of
these businesses, including ING’s life insurance companies in South
Korea, Hong Kong, Macau and Thailand, its 26% interest in ING
Vysya Life Insurance Company Ltd and its 49% stake in South
Korean insurer KB Life had been divested. An agreement had also
been announced to sell a 50% stake in the Chinese insurance joint
venture ING-BOB Life Insurance Company. It also completed the
sale of its 33% stake in China Merchants Fund, which was
announced in 2012. Investment Management businesses in
Malaysia, Thailand and South Korea were also sold. The sale of the
interest in the joint venture ING Financial Services Private Limited to
Hathway Investments was completed. In early 2014, an agreement
was reached to sell the investment management business in
Taiwan. ING resolved the remaining divestment of its Asian
insurance and investment management operations with the
inclusion of ING Life Japan in the base case IPO of NN Group.
GOVERNANCE NN GROUP
On 28 February 2014, before the finalisation of the 2013
consolidated financial statements, ING Insurance Topholding N.V.
legally merged with its wholly-owned subsidiary ING Verzekeringen
N.V. The legal merger became effective as of 1 March 2014 and on
that date the merged entity was renamed NN Group N.V. Through
this merger, the legal entity ING Verzekeringen N.V. ceased to exist
and NN Group N.V. became the legal successor of ING
Verzekeringen N.V.
NN Group N.V. became the entity for the base case IPO for the
European and Japanese insurance and investment management
operations. Until 1 March 2014 these operations were conducted
under the umbrella of ING Verzekeringen N.V. In this Annual
Report, NN Group will be used to indicate these operations.
48 ING Group Annual Report 2013
Insurance overview continued