Filed Under:Annuities, Variable

ING sizes planned offering of common stock

News from Guardian, New York Life, NelsonHall

In a statement filed today with the SEC, ING U.S. revealed the size of a planned public offering of common stock currently held by ING Group. According to the company, ING Group seeks to sell 30 million shares, which would reduce its stake in ING U.S. from 71 percent to roughly 60 percent.

ING U.S. was previously the domestic subsidiary of Netherlands-based ING Group. An agreement reached between ING Group and the European Commission in 2009 to have ING Group focus on banking and divest itself of insurance operations after a $12.71 billion cash infusion from the Dutch government led to the IPO of its U.S. arm, which was rebranded as Voya Financial, a retirement, investment and insurance company.

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