ING announced today that it has closed the transaction to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A. ING did not disclose terms of the agreement, which was previously announced on 31 July 2009.

In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately EUR 35 million. As previously announced, this transaction does not impact ING's Pension, Life Insurance, and Investment Management businesses in Chile.

After this transaction, ING will maintain a strong presence in Chile as the country's third-largest pension provider with approximately EUR 16 billion in assets under management and approximately 2 million clients. ING also participates in the Chilean Life Insurance and Mutual Fund markets. ING is the second-largest pension provider in Latin America.