ING To Review "Strategic Options" For U.S. Ops; May Shift Annuity Book

By ALLISON BELL

Published by National Underwriter on 4/9/2009

"ING Groep N.V. wants to reduce the scope of its U.S. operations ‘over time and as market conditions permit'..."

Full article à http://www.lifeandhealthinsurancenews.com/News/2009/4/Pages/ING-To-Review-Strategic-Options-For-US-Ops-May-Shift-Annuity-Book.aspx

ING is a solid company with a good base in the U.S.  However, it is not a U.S. company.  During the past twenty or thirty years, insurance Behemoths from other countries have been buying their way into the United States insurance and financial business by buying U.S. companies.

The Behemoths based their purchases on strategic decisions aimed at improving both the profitability and the balance sheet of the alien Behemoth.  Insurance and financial Behemoths from Asia are currently eyeing U.S. insurance and financial businesses as potential acquisitions.

Here's the problem.  If or when an alien Behemoth finds its United States operation to be unprofitable or unable to add to its bottom line, the Behemoth can sell its interest and leave the country.  The effects such a departure may have on American families and other American businesses will be only a minor consideration in the decision-making process.

I'm not suggesting that ING or any other alien Behemoth is currently planning to leave the U.S.  I am suggesting that insurance purchases, and particularly life and health insurance products, are based on long-term commitments from both sides.  The commitment of the Behemoth needs to be based on a commitment to America and the U.S. economy.

That is not and cannot be the basis of an alien Behemoth's commitment, whose country of origin regulates and controls it to a greater extent than the host country does - in this instance the United States of America.

I personally choose to write cash value life insurance, long-term care insurance, and annuity contracts with US companies for this reason and because there is no compelling reason to do otherwise.  US companies perform as well or better than their alien counterparts, offer equivalent products, and are not beholden to foreign powers or governments.

The wealth creation, family wealth management, and personal asset protection of clients are better served over a lifetime with cash value life insurance, annuities and long-term care insurance from companies that owe allegiance to America and American families first.

If there were compelling reasons to do business of any kind with an alien Behemoth one should be willing to do that.  In the case of life insurance, long-term care insurance, and annuities there is not only no compelling reason to do so, but some pretty darn good reasons not to do so.