ING Groep N.V. · EURONEXT:INGA
ING Groep — ING Insurance — Non-Deal Roadshow (September 2013)
13 slides from ING Groep's roadshow presentation, Sep 19, 2013
Slide 1: ING Insurance: Update on preparations for the IPO of ING Insurance
ING Insurance Update on preparations for the IPO of ING Insurance Jan Hommen CEO London – 19 September 2013 www.ing.com
Slide 2: Key points
Key points • ING has entered the end phase of the EC restructuring and streamlined its portfolio • Next payment to the Dutch state scheduled for November 2013, while maintaining strong capital ratios • Double leverage of EUR 4.4 bln at 2Q13 is covered by current market value of stakes in ING U.S. an
Slide 3: ING has entered the end phase of the EC restructuring and has significantly streamlined its portfolio
ING has entered the end phase of the EC restructuring and has significantly streamlined its portfolio Disposals completed and announced as part of the EC restructuring In addition, ING optimised its portfolio to bring more focus to the requirements bank • Divest Insurance • Additional divestments in
Slide 4: ING is more focused and more efficient
ING is more focused and more efficient ING Group has less assets (in EUR bln)*’** ING Group has less FTEs* 312 -14.5% 49,551 -33.7% 322 18,345 Total Assets 1,035 Insurance 830 75,109 64,298 Total Assets FTEs Insurance Bank FTEs Bank 31 December 2008 30 June 2013 31 December 2008 30 June 2013 Leverag
Slide 5: ING's equity and capital have strongly improved
ING’s equity and capital have strongly improved ING Group Equity (in EUR bln)* ING Group Market Capitalisation (EUR bln)* 49.9 33.3 17.3 10.9 31 December 2008 30 June 2013 23 January 2009 13 September 2013 ING Group Debt/Equity ratio (%)* Core Tier 1 ratio (%)* 13.8 11.8 7.3 7.2 31 December 2008 30
Slide 6: Next payment Dutch state scheduled for November 2013, while maintaining strong capital ratios
Next payment Dutch state scheduled for November 2013, while maintaining strong capital ratios Strong capital position despite dividend upstream to Group in 2Q13 More than EUR 10 bln paid to the Dutch State (in EUR mln) -0.7% -1.1% 0.2% 10.7% 10,156 3,531 375 375 375 2,406 750 750 750 12.3% 11.8% 10.
Slide 7: Group holding double leverage has been strongly reduced
Group holding double leverage has been strongly reduced Group core debt (double leverage) (EUR bln) Share price Voya since IPO (USD) 7.1 -0.8 -1.8 30.1 0.3 -4.2 4.4 -0.5 0.1 19.5 1Q13 ING U.S. Up-stream 2Q13 Payment 71% Stake in Pro-forma IPO 2 13 Sep IPO and from Bank to NN MV US SulAm May sale sta
Slide 8: Overview divestments Insurance/IM Asia
Overview divestments Insurance/IM Asia Multiple transactions announced (in EUR bln) IFRS Book Value Cash consideration Transaction result (estimate) Completed HK/Thailand 0.95 1.64 0.95 Malaysia 0.62 1.34 0.75 ING Vysya Life and KB Life 0.21 0.19 -0.02 Announced CMF, ING-BoB Life and IIM Korea 0.15
Slide 9: ING Insurance (ING V) will be the IPO entity
ING Insurance (ING V) will be the IPO entity ING Group ING Bank ING Insurance Insurance ING U.S. (ING Verzekeringen) • ING U.S. will be transferred out of ING Insurance to the Group holding company, clearing the way to use ING Insurance (ING Verzekeringen) as the IPO entity for Insurance Europe • Th
Slide 10: ING Insurance debt significantly reduced
ING Insurance debt significantly reduced Pro-forma ING Insurance (ING V) excl. ING U.S. ING Insurance net debt 30 June 2013 (in EUR bln)* (in EUR bln) Europe 14.1 Equity 14.4 4.7 -0.1 -0.3 -1.1 Asia 1.8 Net debt** 3.1 3.1 ING Re & Other 1.6 17.5 17.5 2Q13 IC US Sales CMF, ING Life Korea Pro-forma IN
Slide 11: IPO preparations on track to be ready to go to the market in 2014
IPO preparations on track to be ready to go to the market in 2014 2011 2012 2013 2014 Legal structure Separate Stepping up efforts Planned IPO aligned for divestment of to prepare for base separation EurAsia Asia announced case IPO and U.S. Operational disentanglement of Merger commercial Transfer I
Slide 12: ING Insurance has a new and experienced Executive Team
ING Insurance has a new and experienced Executive Team Management Team Key Corporate Roles Lard Friese Chair • More than 22 years of experience in the financial Bruce Chief • Former CEO Life Malaysia Joined 2008 services industry, most recently with NN, ING Hodges Technology • Extensive internationa
Slide 13: Disclaimer
Disclaimer ING Group’s Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS-EU’). In preparing the financial information in this document, the same accounting principles are applied as in the 2Q2013 ING Group Interim Acco