THE BREAKUP OF AETNA MAMMOTH INSURER TO SELL FINANCIAL SERVICES, INTERNATIONAL UNITS TO DUTCH-OWNED ING 7 SPORTS FINAL Edition

• Published in: The Hartford courant
• Main Authors: hartford courant staff, This story was written and reported by Courant Staff Writers Kenneth R. Gosselin, Dan Haar, Diane Levick, Matthew Kauffman and Christopher Keating
• Format: Newspaper Article
• Language: English
• Published: Hartford, Conn Tribune Publishing Company, LLC 20.07.2000
• Subjects: Donaldson, William; Huber, Richard L; Kroll, Edmund E
• ISSN: 1047-4153

GRAPHIC 1: (COLOR) GRAPHICS 2, 3 & 4: (B&W); Caption: GRAPHIC 1: HIGHLIGHTS * Aetna-ING deal valued at $7.7 billion. * ING gets highly profitable financial services and international divisions. employees. * ING will create a division headquarters in Hartford. * Stockholders will receive a $35-per-share cash payout. * No commitment on the future of about 3,000 corporate jobs. GRAPHIC 2: ING'S SPRAWLING AMERICAN OPERATIONS ING Group's pattern in U.S. acquisitions has created hubs for different products, but maintained operations where they were located. But that has resulted in a patchwork of similar operations at multiple locations - such as life insurance in five different cities. As the company purchases more U.S. businesses, some analysts wonder whether broader consolidation can be far off. SEATTLE * Northern Life Insurance (individual annuities for tax-sheltered annuities, IRAs and non-qualified markets) PORTLAND, ORE. * ING United Life (fixed annuities) * Successful Money Management Seminars (personal finance education and materials) DENVER * ING Security Life (life insurance) * ING Reinsurance (insurance for insurers) * ING Institutional Markets (guaranteed investment contracts) * Company hub for new business and underwriting PHOENIX * Pilgrim Capital (mutual funds, structured financial products) MINNEAPOLIS * ReliaStar Life Insurance Co. (individual life insurance and annuities) * ReliaStar Employee Benefits (group life, long-term disability. stop- loss, dental and vision insurance) * ReliaStar Retirement Plans: (401k, profit sharing, other contribution plans) * ReliaStar Reinsurance Group (group life and health reinsurance; special risk products) * Washington Square Securities (broker/dealer) * ReliaStar Nat. Trust (personal trust services) * ReliaStar Financial Lifeline: (financial guidance; insurance telemarketing) ST. CLOUD, MINN. * ReliaStar Bank (checking, savings, loans) * PRIMEVEST (personal financial products marketed third-party through banks) DES MOINES, IOWA * ING Equitable Life (life insurance) * ING USG Annuity (fixed annuities) ATLANTA * ING Americas corporate headquarters * Headquarters of ING Americas insurance and retail banking operations in North and South America * ING Life of Georgia (life insurance) * ING Southland Life (life insurance) * Company hub for career agents AVON, CONN. * Connecticut Security Life insurance BOSTON * Barings Asset Management NEW YORK * ING Financial Services of New York (variable annuities) * ING Barings corporate headquarters WEST CHESTER, PA. * ING Funds (mutual funds) * ING Variable Annuities * Company hub for variable annuities ARLINGTON, VA. * ReliaStar Payroll Deduction (individual voluntary insurance) Firfield, N.J. * CD brokerage and fixed-income securities trading for credit unions HUDSON, OHIO * ING Advisors (broker/dealers) CHARLOTTE, N.C. * ING Settlement Solutions (settlements for catastrophe losses) SOURCE: ING Groep N.V. GRAPHIC 3: BUYER ING Group Inc. * Headquarters: Amsterdam * Business: Global provider of a wide range of financial services. ING is involved in commercial, savings and investment banking, and life, property, casualty and commercial insurance. Last month it closed on the purchase of Reliastar, parent of Avon-based Connecticut- Security Corp. * Top executive: Godfried J.A. Van der Lugt * Employees: 90,000 * Market capitalization: $58.3 billion * 1999 net income: $804 million BEING SOLD Aetna Financial Services * Headquarters: Hartford * Business: Provides group life insurance, annuities, mutual funds and retirement plans for the public and private sector. * Top executive: Thomas J. McInerney * Employees: 3,400 * Assets under management: $77 billion * 1999 operating income: $227.3 million Aetna International * Headquarters:Hartford * Business: Provides group health and life insurance, pension management services and property casualty insurance. * Top executive: Frederick Copeland Jr. * Employees: 15,000** * 1999 revenues: $2.8 billion * 1999 operating earnings: $194.2 million ** Includes affiliates WHAT'S LEFT Aetna U.S. Healthcare * Headquarters: Hartford, with major operations in Blue Bell, Pa. and Middeltown. * Business: The nation's largest health insurer, with 19.5 million managed-care members. Also provides dental, pharmacy, vision and group insurance programs. * Top executive: [William H.