ING Groep Insurance Subsidiaries Placed On CreditWatch Negative On Legacy Variable Annuity Risk Exposures Nov 10
Standard & Poors, November 2010
Abstract
ING Groep N.V. (ING) has announced -869 million of exceptional charges during third-quarter 2010 on its legacy variable annuity (VA) books in the U.S. and Japan. We believe that the risks relating to legacy VA business remain high given the group's exposure to market risk. As these charges could indicate that some of ING's insurance businesses are not as strong as we had previously believed, we are placing our ratings on various insurance entities of ING on CreditWatch with negative implications. LONDON (Standard & Poor's) Nov. 10, 2010--Standard & Poor's Ratings Services said today that it placed its counterparty credit and insurer financial strength ratings on various insurance subsidiaries of ING Groep N.V. (ING; A/Stable/A-1) on CreditWatch with negative implications....
Companies mentioned in this report are: ING Groep N.V.,Reliastar Life Insurance Co.,ING U.S., Inc.,ING Verzekeringen N.V.,Security Life of Denver Insurance Co.,Reliastar Life Insurance Co. of New York,ReliaStar Financial Corp.,ING Life Insurance & Annuity Co.,ING U.S. Annuity and Life Insurance Co.,Midwestern United Life Insurance Co.,Equitable of Iowa Cos. Capital Trust II,Westland/Utrecht Hypotheekbank N.V.,ING Re (Netherlands) N.V.,ING Security Life Institutional Funding,Lion Connecticut Holdings Inc.,Nationale-Nederlanden Levensverzekeringen Maatschappij N.V
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
ING Groep N.V.,Reliastar Life Insurance Co.,ING U.S., Inc.,ING Verzekeringen N.V.,Security Life of Denver Insurance Co.,Reliastar Life Insurance Co. of New York,ReliaStar Financial Corp.,ING Life Insurance & Annuity Co.,ING U.S. Annuity and Life Insurance Co.,Midwestern United Life Insurance Co.,Equitable of Iowa Cos. Capital Trust II,Westland/Utrecht Hypotheekbank N.V.,ING Re (Netherlands) N.V.,ING Security Life Institutional Funding,Lion Connecticut Holdings Inc.,Nationale-Nederlanden Levensverzekeringen Maatschappij N.V
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