Conclusions and ambitions
ING Insurance Europe continued its solid performance in 2007, both in terms of profit and value creation. Looking ahead, the business will continue to respond to emerging trends in the insurance industry, in particular by addressing changing client needs, the move to a multi-distribution approach, more competition and the growing need for cost efficiency. In the Benelux, ongoing volume and margin pressure will require a continued focus on cost reduction to retain attractive pricing as well as improved customer satisfaction. ING will increasingly shift the emphasis towards life insurance and pensions and will, within its multi-distribution approach, expand bank distribution.
In Central Europe, ING aims to expand its leading position by executing its four-pillar accelerated growth strategy. The efforts to establish partnerships with banks and brokers will be intensified in 2008 and the tied agents sales force will be further professionalised. Products for the emerging middle class will be developed, as well as products to retain the assets of customers whose policies were written in the early 1990s. ING will closely look at the opportunities to sell life insurance and pension products in the large Turkish market leveraging on the recent acquisition of Oyak Bank in that country. In order to establish scale and benefit from the growing economies in Central Europe, ING will remain alert for opportunities to start more greenfield operations in the region and to possibilities for new distribution partnerships and add-on acquisitions.
Finally, in line with ING’s focus on providing investments and retirement solutions across Europe, the roll-out of variable annuities will continue in both existing and new markets.