Press Release

ING Life records 61% high growth for 2003's new premiums

(Hong Kong, 3 February 2004) ING Life Insurance Company (Bermuda) Limited today announces its 2003 year-end business performance figures. New premiums in Hong Kong have recorded a 61% high growth totaling HK$502 million, while Macau has recorded a satisfactory growth of 30% totaling HK$15.9 million.

For Hong Kong, the total business for 2003 amounted to HK$1,727 million, which represents a growth of 24% compared to 2002. A 45% growth in Macau was recorded, amounting to HK$43 million. Moreover, more high-savings products have been sold this year, contributing to a 38% growth in the average premium per new policy in Hong Kong, with the average premium now at HK$13,150. For Macau, its premiums average HK$6,481, representing a 17% growth.

Mr. M.K. Cheng, Country Manager, HK/Macau, ING Asia Pacific stated, "We have very satisfactory increases in business in both Hong Kong (over 60%) and Macau (around 30%) for 2003. The impressive new business growth for Hong Kong is due to more high savings products being sold. In fact, it is not surprising in the environment of fluctuating investment markets and low interest rate for bank deposits, to see the general public putting their money into more stable investments, such as our savings insurance plans. In terms of Macau, it is encouraging to see its rapid development through having a more experienced agency force and more products. This accounts for a 36% growth in the total number of policies currently in force in Macau."

Mr. Augustus Yuen, CEO of ING Life, HK/Macau said, "Riding on the success of 2003, ING Life will continue to invest resources in recruiting agents and product design. Now, we have 2,000 insurance intermediaries, and will continue recruiting fresh and quality applicants. We also aim to strengthen our agents' training to achieve a higher level of professionalism. For product strategy, we will enhance existing client-focused products. This month, we will launch i.Junior, a new high-savings insurance plan which helps parents to build a solid financial support for their children's future studying needs. The first 100 customers who successfully apply for i.Junior will receive a free primary care eye examination for their children, provided by The Hong Kong Polytechnic University Optometry Clinic. Moreover, to highlight the importance of retirement protection, under our "Live your Future in Joy " program launched at the same time, customers will be awarded a scratch card when they successfully apply for an i.retire plan with us. Everyone is sure to get a prize."

Mr. Yuen also said that this year is ING Life's 20th anniversary and to celebrate this achievement, a series of advertising and promotion campaigns will be launched. A limited edition of ING Life 20th anniversary stamp mini-pane has been specially designed for a charity sale where "Helping Hand" will be the beneficiary. The highlight of the 20th anniversary campaign will be a big-scale customer promotion program, which will include a set of merchant discount coupons for all customers, rewards for the 20th related customers (i.e. prizes will be given to customers who age 20, insure for 20 years, HKID or policy nos. with numbers 20¡Ketc), as well as other benefit programs for policy purchases and a grand lucky draw. An advertising promotion will be launched to promote the 20th anniversary campaign, and also the new product.

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