ING announced that it has closed the sale of its Taiwanese life insurance business to Fubon Financial Holding Co. Ltd., a leading diversified Taiwanese financial services company.
As announced on 20 October 2008, the divestment was in line with ING's strategy to actively manage its portfolio of businesses, allocating capital to those businesses that generate the highest return.
Under the terms of the agreement, ING sold its Taiwanese life insurance business for a consideration equivalent to $600 million. The transaction has significantly reduced the economic capital attributed to insurance. The transaction resulted in a loss of EUR292 million which has been booked in the fourth quarter of 2008.
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