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ING separates banking, insurance businesses

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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%.

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