ING separates banking, insurance businesses
Netherlands-based ING has decided to separate its global banking and insurance businesses as of April 1, Cornelia Coman, the head of ING's Hungarian unit, said at a press conference today.
The insurance business is expected to operate under the NN brand after that time, she added.
According to a report from ING, the company further solidified its market leading position in 2014 and acquired 16.5% of the market in gross written premium, while achieving a market share of 12.9% in new sales annual premium equivalent (APE). The company’s growth in both areas was above market average, the company said. While premium income growth in the life insurance sector was 4.4% on average in 2014, ING reported that its increase was 5.3%. The gap is even more significant in new sales APE, ING reported: Compared to a market average of 15.6%, ING grew by 23.4%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.