At the same time, private pension fund management company ING Pensii will become NN Pensii and ING Investment Management will become NN Investment Partners.
The rebranding process will not entail any changes in strategy, management and employees or customer relations. The change does not include banking operations and ING Bank will retain its name, ING Asigurari de Viata said in a press release Thursday.
Dutch group ING, which received government bailout money in 2008, was required by the European Commission to separate its insurance division from its banking operations. The insurance division was listed on the stock exchange in Amsterdam in 2014 as NN Group, which thus became an independent insurance company with operations in insurance, private pensions and asset management in 8 countries. NN is majority owned by ING.
ING Asigurari entered the Romanian market in 1997 and has a market share of around 38% of the local life insurance segment, a market of nearly RON2 billion a year.
ING Asigurari managed assets of around RON2.7 billion (EUR610 million) at the end of September 2014, up 10% on the year.
ING also manages three private pension funds, two on the mandatory and one on the voluntary segment, with assets of more than RON7 billion (EUR1.6 billion).