ING announced today that it has completed the sale to Swiss Re Group of 37.7 million units in Sul América S.A., as previously announced on 18 November 2013. The transaction further reduced ING’s stake in the Brazilian insurance holding to approximately 10%.
The transaction resulted in a net gain to ING of approximately EUR 70 million which represents the difference between the book value and the fair value for both the 11.3% stake in scope of the transaction with Swiss Re and the 10% stake retained by ING. As previously indicated, this remaining stake will be accounted for as an available for sale investment going forward.
SulAmérica is the largest independent insurance group in Brazil, with operations in several insurance lines. Its business lines are supported by diversified distribution capabilities including a network of more than 30,000 independent insurance brokers and partnerships with more than 20 financial- and retail institutions, adding a further 16,000 points of sale. The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.
