Romania's ING Life Insurance to name new CEO as of next week
ING Life Insurance, Romania's market leader in life insurance and
voluntary pensions (3rd pillar), will name its new CEO in a conference
to be held next week, market sources told www.privatepensions.ro. Bram
BOON, the ex-CEO, detached to lead ING's insurance operations in
Greece, will also attend the official event. Most likely, the event
will take place on Monday or Tuesday, and new CEO of ING Life Romania
will be an expat sent from Amsterdam.
A few weeks ago, market sources told www.privatepensions.ro that ING Life's new CEO will be an expat sent from Amsterdam, as Cornelia COMAN's application for the job was not accepted by the ING Group. Cornelia COMAN is ING Life's interim CEO and was the ex vice-CEO of the company. For this position, she is recommended by her 10 year experience with ING's local company (ING has been present in Romania for 11 years now). On the other hand, the general policy of ING Group is to detach expats (most of them being Dutch) to lead its worldwide operations. Just like Bram BOON, the new CEO of ING Life will also be President of the Board in ING Pension Fund, the market leader in mandatory private pensions (2nd pillar).
In life insurance, ING is market leader, with a market share of 30.5%
(Q1 2008), as against 34.7% in 2007. In mandatory pensions, ING Pension Fund holds 40% of the total EUR 80 mln. assets under management at market level. and 33.2% of the total number of participants. In voluntary pensions, ING recently reached the first place on the market by assets and participants, with a market share of 34% by assets and 40% by participants.
