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S&P downgrades ING's US insurance companies, assigns CreditWatch negative

SNL European Financials Daily, 2011-12

Copyright SNL Financial LC Dec 12, 2011 ;EISSN: 2156-5392

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  • Title:
    S&P downgrades ING's US insurance companies, assigns CreditWatch negative
  • Author: Blumenfeld, Matt
  • Subjects: Financial leverage ; Insurance companies ; Life insurance ; Operating companies
  • Is Part Of: SNL European Financials Daily, 2011-12
  • Description: ING's U.S. operations will take an earnings charge of between $1.2 billion and $1.5 billion related to its variable annuity business in the fourth quarter, which will reduce its capitalization below the A confidence level expected for the ratings, according to S&P. ING's U.S. insurance group is in a strong competitive position domestically and has the potential to see continued improvement in core earnings, but those strengths are somewhat offset by the distraction of the planned IPOs, sensitivity to equity markets and investment exposure to pressured asset classes.
  • Publisher: Charlottesville: SNL Financial LC
  • Language: English
  • Identifier: EISSN: 2156-5392
  • Source: ProQuest Central
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