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FINANCIAL SERVICES
DARANA CHUDASRI AND BLOOMBERG NEWS
Despite its strong capital base, the Dutch financial services company ING Group has no big plan for acquisitions in Asia Pacific as it wants to apply a conservative strategy to invest only in profitable ventures, says Hans van der Noordaa, a member of the executive board.
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| Discussing the company’s outlook at a briefing in Bangkok yesterday, from left: Rajesh Sethi, CEO, ING Life (Thailand); Hans van der Noordaa, member of the executive board; and Maris Tarab, CEO, ING Funds Thailand. KOSOL NAKACHOL |
"We are now a little bit cautious about new acquisitions in the Asian region," Mr Van der Noordaa said at a briefing yesterday in Bangkok.
"Our top priority is to protect our capital base because the financial markets will continue to be volatile," he said, adding the group needed to be conservative in business operations next year though Asia Pacific is expected to be a growth region.
ING Group expects that Asia Pacific will contribute 20% of the group's revenue next year, an increase from 10% due to growth from its life insurance businesses in China, India, Thailand and Malaysia. Central Europe and Latin America also have growth potential.
The group has 190 billion worth of total investment assets in Asia Pacific, including life businesses in 10 countries and fund management businesses in 12 countries.
Rajesh Sethi, president and CEO of ING Life in Thailand, said ING still had a long-term commitment in Thailand and has plans to increase investment, release new products, technologies and customer service, and develop representatives in every channel.
"The crisis is not bothering us. It can be an opportunity," said Mr Rajesh.
It just launched a new training center located in Le Concord Building, and the company has over 8,500 agents.
Its life operating result in the first three quarters grew higher than the industry. First-year premiums for the nine-month period totalled 1.376 billion baht, up 17% year-on-year. Total insurance premiums were 4.193 billion baht, up by 29% while the industry overall grew by a more modest 11%.
Maris Tarab, managing director of ING Fund, said assets under management at the end of this year are expected to reach 214 billion baht, higher than its target of 204 billion. This includes hotel property funds worth 10 billion baht that will be launched before the year-end.
ING Funds has set a goal to expand its asset size to 244 billion baht next year when it plans more growth on short-term bond funds and private funds. Two property funds worth a combined five billion baht are planned to launch.
Three foreign investment funds are also planned to launch in the second quarter.
In Thailand, ING Group has total investments of 650 million. This includes 100 million in ING Life, 50 million in ING Funds, 40 million in ING Bank and 460 million in TMB Bank.
ING tapped a 10-billion ($12.6 billion) lifeline from the Dutch government on Oct 19 to shore up its capital.
The company reported a loss this week, the first since it was created 17 years ago in a merger, of 478 million in the quarter ended Sept 30. It had a net profit of 2.31 billion in the same period last year.
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