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Kathleen A. Murphy named CEO of US Wealth Management; Catherine H. Smith

named CEO of US Insurance

    ATLANTA, April 2 /PRNewswire-FirstCall/ -- In its ongoing Consumer
 Retirement Surveys, McKinsey & Company identified a number of concerns that
 US pre-retirees are becoming increasingly anxious about, including
 potential cuts to safety net programs, accumulating sufficient savings, and
 creating a guaranteed stream of income. With these concerns as the backdrop
 for the US retirement savings environment, ING US Financial Services (NYSE:  
 ING), part of Amsterdam-based ING Groep NV, announced recently that it has
 realigned its US retirement savings and insurance operations to pioneer a
 more effective way to address the evolving retirement challenges facing US
 consumers.
     "With our scaled presence in the individual retirement product market
 and the defined contribution product market, plus the insurance product
 market, ING is uniquely positioned to help US consumers create a
 comprehensive retirement savings plan that integrates their defined
 contribution retirement plans at their workplace with their personal
 investments outside the workplace," said Tom McInerney, ING Executive Board
 member, chairman and CEO, ING Insurance Americas. "This new alignment of
 businesses addresses a variety of external factors, including the ongoing
 erosion of the safety nets that once provided financial confidence for
 generations of retirees. Because of these changes, financial products, such
 as variable annuities, that provide downside protection and streams of
 income that can't be outlived are increasingly attractive for tomorrow's
 retirees. ING is focused on making it easier for consumers to create
 appropriate solutions for their retirement savings and risk protection
 programs that will allow them to retire with confidence."
     ING created two distinct business divisions within this strategy. One
 division, called US Wealth Management, is focused on long-term retirement
 savings, retirement income, and comprehensive financial planning. The other
 operation, called US Insurance, is focused on risk protection, wealth
 preservation and risk management.
     Kathleen A. Murphy, CEO, US Wealth Management
     The US Wealth Management business is led by CEO Kathleen A. Murphy, and
 includes ING's 401(k), 457, and 403(b) defined contribution businesses, its
 Rollover/Payout business, plus its retail annuity business, and one of the
 industry's largest independent broker/dealer network.
     "A secure and independent retirement is part of the American Dream and
 ING works with thousands of financial professionals and consumers daily to
 help make this dream a reality," Murphy said. "ING's Wealth Management
 businesses offer a full portfolio of products and services to help
 consumers prepare for retirement at the workplace and throughout their
 retirement years, especially the unprecedented number of Baby Boomers
 transitioning into retirement over the next 20 years. Since many Baby
 Boomers are expected to live well into their 90s, they will face an
 emerging kind of financial risk called longevity risk. Longevity risk is
 manageable with proper planning, preparation and products."
     ING is a leading provider of retirement plans in its 401(k), 403(b) and
 457 Defined Contribution market segments; a leader in fixed and variable
 annuities; and has one of the largest independent broker/dealer networks
 with nearly 9,000 registered representatives.
     "Retirement planning in America is changing; the defined contribution
 plan is now where the majority of retirement savings are accumulating, yet
 the flexibility to create streams of income and downside protection exists
 within the retail product world," Murphy said. "By marrying these two
 worlds, ING's US Wealth Management business is creating a more holistic
 approach to helping consumers manage their retirement portfolios. This
 evolution in the retirement savings marketplace has resulted in a steady
 transformation of the role of the financial services company in the 21st
 century and creates the need for this broader approach, which we're calling
 Wealth Management."
     Prior to becoming CEO of ING US Wealth Management, Murphy was group
 president, US Worksite and Institutional Services. Murphy also served as
 chief administrative officer and general counsel for ING US Financial
 Services.
     Catherine H. Smith, CEO, US Insurance
     The US Insurance business is led by CEO Catherine H. Smith, and
 includes ING's life insurance, employee benefits, and group reinsurance
 businesses.
     "There are two core issues in the insurance market today: first,
 Americans are under-insured and need to incorporate basic life insurance
 into their overall financial plan," Smith said. "Second, the role of life
 and other voluntary insurance products has evolved and expanded beyond just
 protecting people and their loved ones from unexpected life events. With
 new designs and increased flexibility, insurance products comprise key
 elements of sophisticated financial plans."
     Smith continued: "As Baby Boomers' retirement needs have evolved, we
 see the heightened importance of risk protection combined with wealth
 creation. Insurance products can provide an important protective wrapper
 around retirement savings. This insurance wrapper effectively manages a
 diversity of risks and allows consumers to enter their retirement years
 with confidence. Bottom line - life insurance has become the forgotten
 foundation of a long- term, comprehensive financial plan," Smith said.
 "With the cost of term life insurance on the decline and product innovation
 on the rise, there has never been a better time for life insurance and
 other insurance products to become a central part of consumers' financial
 foundation."
     Prior to becoming CEO of US Insurance, Smith was president, ING US
 Retail Financial Services. Smith also served as chief operations officer
 for ING US Financial Services.
     ING US Financial Services delivers four consecutive years of growth
 since completing its massive consolidation in 2002
     In 2006, ING's US operations delivered its fourth consecutive year of
 earnings and sales growth with a 25 percent compounded annual growth rate
 ("CAGR") in operating earnings(1) since 2002, a 16 percent 4-year CAGR in
 sales of ING's 401(k), 457, and 403(b) defined contribution and rollover
 products, and a 14 percent 4-year CAGR in sales of variable annuity
 products.
     "With four consecutive years of outstanding earnings and sales growth,
 ING's US operations are performing strongly and are well positioned as a
 major player on the US financial services landscape," McInerney said. "We
 have evolved our business model over the past five years to address the
 demands of today's diversifying marketplace. This realignment of our major
 businesses will allow us to take a more strategic, coordinated approach to
 the marketplace. It will allow ING to more easily provide a continuum of
 products, risk management techniques and distribution strategies to meet
 the evolving needs of the baby boomers, and allow ING to share product
 development and risk management expertise across its Wealth Management and
 Insurance platforms."
     For more information about ING's US Wealth Management and US Insurance
 businesses, visit www.ing.com/us.
     About ING
     ING Groep, N.V. is a global financial institution of Dutch origin
 offering banking, insurance and asset management to more than 60 million
 private, corporate and institutional clients in more than 50 countries.
 With a diverse workforce of more than 120,000 people, ING comprises a broad
 spectrum of prominent companies that increasingly serve their clients under
 the ING brand.
     In the U.S., the ING family of companies offers a comprehensive array
 of financial services to retail and institutional clients, which include
 life insurance, retirement plans, mutual funds, managed accounts,
 alternative investments, direct banking, institutional investment
 management, annuities, employee benefits, financial planning and
 reinsurance. ING holds top-tier rankings in key U.S. markets and serves
 more than 15 million customers across the nation. For more information,
 visit www.ing.com.
     Annuities are offered through ING USA Annuity and Life Insurance
 Company. Life insurance products are offered through ReliaStar Life
 Insurance Company, ReliaStar Life Insurance Company of New York and
 Security Life of Denver Insurance Company. Only ReliaStar Life Insurance
 Company of New York is admitted, and its products offered in, the state of
 New York. All are members of the ING family of companies.
     Certain of the statements contained herein are statements of future
 expectations and other forward-looking statements. These expectations are
 based on management's current views and assumptions and involve known and
 unknown risks and uncertainties. Actual results, performance or events may
 differ materially from those in such statements due to, among other things,
 (i) general economic conditions, in particular economic conditions in ING's
 core markets, (ii) performance of financial markets, including emerging
 markets, (iii) the frequency and severity of insured loss events, (iv)
 mortality and morbidity levels and trends, (v) persistency levels, (vi)
 interest rate levels, (vii) currency exchange rates (viii) general
 competitive factors, (ix) changes in laws and regulations, (x) changes in
 the policies of governments and/or regulatory authorities. ING assumes no
 obligation to update any forward-looking information contained in this
 document.
     Operating earnings represent the total US underlying profit before tax
 and before investment gains (losses) as defined and disclosed in the ING US
 Statistical Supplement.
 
 

SOURCE ING U.S. Financial Services