Rochester,NY 8/28/2009 10:16:29 PM
ING GROEP NV PERP. IDG, Eliminates 250 Jobs at Japan Life Insurance Unit
ING GROEP NV PERP.
ING Groep NV, the biggest Dutch financial services company, issues pink slips to a quarter of the 1,000 employees at its Japanese life insurance unit.
The firm eliminate sabout 250 positions in Tokyo and offers affected staff dismissal allowances and career support. The firm will eliminate the positions gradually August and December.
ING has been trying to expand insurance sales in Japan by allying with regional banks and the nation’s newly privatized postal service. The life insurer will stop selling variable annuities in the country after that business posted a pretax loss of 191 million euros ($267 million) for the quarter ended March 31, and will focus instead on corporate clients.
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