ING Annuities

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Nov 12, 2009 6:08 pm

Anyone know anything about ING Annuities, more so on the business side?  My VA wholesaler just got laid off, which is unfortunate because he was a great guy.

 
 
Nov 12, 2009 6:14 pm
iceco1d:

Bobby used to know a ton about them.  I think he quit using them though because he got a chargeback from them back in early 2008. 

 
Yeah, I used them too.  I remember someone on here saying ING was getting out of the VA business.  I don't believe it, so I was curious.
 
 
Nov 12, 2009 6:58 pm

My ING Wholesaler called me to say he jumped ship.  ING is looking to spin off it's Insurance division via IPO or even possibly sell the entire package to the right buyer.  Bottomline is they are getting out of Insurance products.

Nov 13, 2009 7:53 am
snaggletooth:
iceco1d:

Bobby used to know a ton about them. I think he quit using them though because he got a chargeback from them back in early 2008.



Yeah, I used them too. I remember someone on here saying ING was getting out of the VA business. I don't believe it, so I was curious.







That was me. My ING wholesaler jumped ship and told me that they were likely getting out of the business. Again, this is coming from a wholesaler so take it for what it's worth!

Nov 14, 2009 2:08 pm

I don't know about their annuities but there is a revcon that's over 10% in a month or so if you get good fills. The risk of them paying a special dividend, the primary risk to a revcon, is about Nil since they are so behind on paying the cumulative preferred they have out, never-mind all the money they got from the government.

 
Bobby? YO BOBBY!!!!
Nov 18, 2009 3:21 pm

ING is dutch for AIG.  Stay away.

Nov 28, 2009 1:45 am

ING is looking for a buyer for their insurance unit right now. Credit rating agencies downgraded them and they're now at a 80 comdex.