ING U.S. Inc., the American insurance unit of ING Groep NV (INGA) that’s planning to go public, is changing its name as it distances itself from the largest Dutch financial-services company.
The business will be called Voya Financial, the company said today in a statement distributed by PR Newswire. ING U.S. filed for an initial public offering in November, and said today its ticker symbol will be VOYA.
ING Groep is taking the unit public to satisfy the conditions of its 2008 bailout, which stipulated that the bank sell insurance operations, its U.S. online bank and a Dutch mortgage lender before the end of this year. The U.S. unit, led by former American International Group Inc. executive Rodney Martin, competes with MetLife Inc. (MET:US) and Prudential Financial Inc.
“As more Americans face the growing responsibility to plan and save for their retirement, ING U.S.’s goal is help guide them on their voyage toward greater financial preparedness,” the company said in the statement.
ING U.S. said last week that it expects to get gross proceeds of about $600 million from the IPO. Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc. are leading the sale. The company plans to list on the New York Stock Exchange.
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