ING US Issues Update on Proposed IPO
ING (NYSE: ING) announced today that ING U.S., Inc., its U.S.-based retirement, investment and insurance business, has filed an update of its preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) in connection with its proposed Initial Public Offering (IPO).
ING has previously announced it is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission. In this context, ING U.S. filed an initial registration statement with the SEC in November 2012 and amendments to that registration statement in January, March and April. A preliminary prospectus was filed on 16 April 2013 and is also included in today's filing.
As described in the preliminary prospectus filed on 16 April 2013, ING U.S. is in the process of preparing its consolidated U.S. GAAP financial statements for the quarter ended 31 March 2013. The amendment filed today includes more detailed preliminary estimates of the financial information as of and for the three months ended 31 March 2013 regarding operating earnings and operating ROC for the ongoing business, net flows for the Investment Management and Retirement segments, AUM and AUA figures, results of the Closed Block Variable Annuity hedge program and net result.
These preliminary estimates are not a comprehensive statement of ING U.S. financial results for this period, and actual results may differ materially from these estimates due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time that the consolidated financial statements for this period are issued. The preliminary estimates are qualified by, and should be read together with, "Management's Discussion and Analysis of Results of Operations and Financial Condition" and the consolidated financial statements and the related notes included in the preliminary prospectus dated 16 April 2013.
The preliminary estimates of the financial information included in the amendment filed today have been prepared under U.S. GAAP. They may differ materially from the Insurance United States results ING Group presents on the basis of IFRS-EU. ING Group will publish its full results for the first quarter of 2013 on 8 May 2013.
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