ING U.S. is the American arm of Dutch financial services firm ING Groep. It offers retirement, investment, and insurance (mostly life) services to 13 million individual and corporate customers. Retirement products include IRAs, brokerage accounts, and annuities; it has about $107 billion in assets under management (AUM) for this segment. ING U.S.'s investment management services, with $166 billion AUM, include international and domestic equity, fixed-income, and multi-asset products. Insurance covers individual, term, and universal life, as well as employee benefits (stop loss, group life, disability), which it sells to midsized and large companies. Formed in 1999, the company filed to go public in 2012.
ING U.S. plans to use its anticipated $100 million in IPO proceeds to pay down debt in conjunction with its recapitalization plan. The public offering is part of parent ING Groep's plan to separate its banking and insurance businesses as it sells and spins off various units from the Netherlands to Macao.
The company's retirement segment, which includes its retirement and annuities products, contributes the majority of revenue.
ING U.S. conducts operations throughout the US for its parent company.
While the company's revenue has increased slightly since 2009, it has gone from a net loss of $810 million in 2009 to a net income of $103 million in 2011. Cash flow has shown a similar trajectory.
Strategy (220-word max)
Going forward, the company plans to improve profits in its businesses by re-pricing and closing some lines, focus on capital management, and continue its conservative risk management efforts. ING U.S. also intends to increase its cross-selling within the strong retirement segment and leverage its employee benefits relationships to offer those customers its other investment products.
Ownership (40-word max)
Prior to the IPO, the company is a wholly owned subsidiary of ING Groep. – less