ING Group announced today that it has reached an agreement to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A. Terms of the agreement were not disclosed. In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately EUR 35 million. This sale does not impact ING's Pension, Life Insurance, and Investment Management businesses in Chile where ING remains committed to developing leadership positions.

Tom McInerney, ING Insurance Management Board member and CEO for ING Insurance Americas said, "Selling our non-core Annuity and Mortgage businesses in Chile is part of our global Back to Basics strategy. We are simplifying our structure in Chile, which allows us to reposition our financial resources in our key market segments of Retirement Services, Life Insurance, and Investment Management. Latin America remains an important region for ING and Chile is an essential country for our overall growth in that region. We continue to see great potential to grow organically in Chile and in the other Latin American countries where we have a strong presence."

ING will maintain a strong presence in Chile following this transaction. ING is the second largest Pension provider in Latin America, with approximately EUR 29 billion in assets under management, and approximately 10 million clients in the region. ING is the third largest Pension provider in Chile with approximately EUR 16 billion in assets under management, and approximately 2 million clients in the country. ING also participates in the Chilean Life Insurance and Mutual Fund markets. These platforms, together with the Pension business, are the foundation of ING's overall business profile in Chile.

This transaction is subject to various national regulatory approvals and is expected to be closed and booked in the fourth quarter of 2009.