ING starts European Variable Annuity roll-out in Spain

Amsterdam, 11 May 2007

ING announced today the launch of its Variable Annuities (VA) products in Spain. The launch is the start of a broader European introduction, which is in line with ING’s strategy to capitalise on trends that are related to the aging population. By introducing the variable annuities with living benefits to the European market, ING builds on its prior success in the US and Japan

With rising life expectancies and birth rates at historically low levels, the European consumer needs are shifting towards products that allow them to control their financial future, particularly after retirement. As aging populations will continue to strain state funded pension programs in Europe, consumers are increasingly aware of their personal responsibility for providing retirement income, and are increasingly looking for retirement solutions that can protect them against the longevity risk

VA’s are a new generation life insurance products. They allow customers to benefit from the attractive upside investment potential associated with equity markets, yet at the same time they offer a guaranteed minimum lump sum or retirement income.

Based on its success in the US and Japan, ING plans to roll out its VA products in a number of European markets starting with Spain. ING has set up a central product development and risk management team that will closely operate with local businesses in order to leverage on best practices and experience.

Jacques de Vaucleroy, Executive Board member of ING Group and responsible for Insurance Europe said: “ING has the chance to take advantage of its broad VA knowledge and experience to seize opportunities that arise from the shift in European consumer needs related to retirement income. I am convinced that the combination of our central VA team and local client base and distribution capabilities will lead to a European success”.

ING is a leading insurer and pension provider in Europe, North and South America and Asia/Pacific. The company currently is one of the top 10 providers of Variable Annuities in the US and top 3 provider in Japan.

Nanne Bos, ING Group +31 20 541 6516, nanne.bos@ing.com

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.

With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.