LONDON, UK / ACCESSWIRE / June 15, 2018 / If you want access to our free research report on ING Groep N.V. (NYSE: ING) ("ING"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ING as the Company's latest news hit the wire. On June 13, 2018, the Company announced that it has inked a long-term, multi-country bancassurance partnership with AXA, to provide insurance products and related services through a central digital insurance platform in six of ING's Challenger markets: Germany, Australia1, Italy, France, Czech Republic, and Austria. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the Collaboration
ING will leverage its leading digital banking experience; and AXA, its expertise in innovative modular insurance products and services, offering property & casualty (P&C), health and protection insurance solutions to serve ING's customers in Australia, Austria, Czech Republic, France, Germany, and Italy. ING and AXA teams will together develop personalized insurance products and relevant services, accessible via the ING mobile application, that meet the forward-looking needs of ING customers towards Living, Mobility, and Wellness.
ING's Partnership with AXA Adds an Important Dimension to its Ambition to Build One Customer-Centric Platform
Commenting on the announcement, Ralph Hamers, Chief Executive Officer (CEO) of ING, stated that the Company's partnership with AXA adds an important dimension to its ambition to build one customer-centric platform. The initiative will also contribute to diversify ING's income. Hamers added that the Company believes that between its leading digital banking capabilities and AXA's unparalleled insurance expertise, ING will be able to build an international platform of significant value to its customers.
AXA to Partner with ING to Deliver a Significant Step Change in Future of Digital Insurance Solutions
Thomas Buberl, CEO of AXA, stated that the Company is excited about the opportunity to partner with ING to deliver a significant step change in the future of digital insurance solutions, leveraging its joint digital capabilities and innovative assets, and providing a differentiated customer experience to address ING customers' protection needs. The partnership with ING represents a strong meeting of minds and a shared ambition of becoming a partner in customers' life journeys.
Buberl added that this is another key step in AXA's transformation, fully aligned with its payer-to-partner strategy. AXA will thus accelerate its growth in Europe and build innovative insurance solutions and services that have the potential of creating more frequent interactions with the customers.
ING Divested its Insurance Business in 2016
In April 2016, ING divested its insurance business by selling the last of its stake in NN Group, which is the biggest insurer in The Netherlands. ING sold 45.7 million shares of NN Group at a price of EUR 30.15 per share. The decision was in-line with ING's strategy to divest all of its insurance and investment management businesses as part of the EC restructuring agreement.
About ING Groep N.V.
Founded in 1991 and headquartered in Amsterdam, The Netherlands, ING is a financial institution that provides various banking products and services to individuals, small- and medium-sized enterprises, and mid-corporates. The Company operates in The Netherlands, Belgium, North America, Latin America, Asia, Australia, and the rest of Europe.
Established in 1816, AXA is a French multinational insurance firm that engages in global insurance, investment management, and other financial services. The AXA Group operates primarily in Western Europe, North America, the Asia/Pacific region, and the Middle-East, with a presence also in Africa.
Stock Performance Snapshot
June 14, 2018 - At Thursday's closing bell, ING Groep's stock declined 2.12%, ending the trading session at $14.74.
Volume traded for the day: 3.06 million shares, which was above the 3-month average volume of 2.93 million shares.
After yesterday's close, ING Groep's market cap was at $57.42 billion.
Price to Earnings (P/E) ratio was at 9.80.
The stock has a dividend yield of 3.87%.
The stock is part of the Financial sector, categorized under the Life Insurance industry.
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