INGsurance coming...soon

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ING has confirmed it still wants to get into the insurance market.

Thursday, September 18th 2003, 9:17PM

by Philip Macalister

ING has confirmed that it still aims to become a full financial services organisation and wants to add insurance products to its range.

“We are going down the path of risk products,” national sales manager Wayne Becker says.

The company first announced three years ago it wanted to get into insurance. Although various options have been pursued nothing has yet come to fruition.

Becker says the company is looking at both acquisition and setting up its own operation.

However no decision has been made on whether to build or buy, Becker says.

As reported by Good Returns last month ING is understood to be considering the purchase of a stake in new life business Club Life – although this is unconfirmed.

Becker told delegates at the ING Auckland roadshow yesterday that the company needed insurance to diversify its business, just like advisers needed to diversify their operations.

ING’s most recent diversification was a deal where it picked up management of the NZX-listed Paramount Property Trust, which is now called the ING Property Trust.

Becker hopes the company will be in a position to make an announcement by February next year.

Earlier story
Club Life looking for more capital to grow

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