Netherlands-based ING has closed the sale of ING Insurance Belgium, its broker and employee benefits insurance business, to P&V Verzekeringen, a Belgian insurance company.
The sale results in a capital gain of E418 million and an improvement of 130 basis points of the debt/equity ratio of ING group. The transaction will be booked in the third quarter of 2007.
ING insurance Belgium had a total premium income of E1.7 billion in 2006, of which E699 million was generated through its broker and employee benefits insurance business. The brokers and employee benefits business employs about 840 employees.
ING will continue to sell life and non-life insurance products in Belgium by focusing on distribution through its retail banking channels.