ING Group announced today that it has completed the sale of its
reinsurance unit NRG to Columbia Insurance Company, a subsidiary of
Berkshire Hathaway Inc.. ING announced the sale of Nederlandse
Reassurantie Groep N.V. on 28 December 2007 as part of its strategy
to focus on its core businesses in banking, investments, life
insurance and retirement services.
Columbia has paid ING a total consideration of EUR 272 million. The
sale has resulted in a total capital loss for ING of EUR 144 million
after tax. Of this loss, EUR 129 million and EUR 17 million were
reported in 2007 and the first quarter of 2008 respectively. For the
second quarter ING will report a profit of EUR 2 million on the
transaction. The 2008 results are predominantly caused by currency
exchange rate changes. The proceeds of the sale have a positive
effect on ING's spare leverage of approximately EUR 170 million.
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ING is a global financial institution of Dutch origin offering
banking, investments, life insurance and retirement services to over
75 million private, corporate and institutional clients in more than
50 countries. With a diverse workforce of about 130,000 people, ING
is dedicated to setting the standard in helping our clients manage
their financial future.