ING declined to comment yesterday on market rumours it is considering the disposal of its US reinsurance business. “This is just a rumour in the market. We decline to comment on a possible sale,” said a spokesman.
But analysts believe the sale of the unit, acquired as part of ING’s Reliastar takeover in 2000, is possible. They expect it to fetch almost $1 billion, with the book gain seen lower.
Reinsurance is not a core activity for ING. The proceeds could be used either to improve the company’s debt ratio, or be invested in its Asian life operations.