Press Release

ING Life, Asia Insurance to offer provisions to Hong Kong Doctors

(29th March, 2004) ING Life Insurance Company (Bermuda) Limited and Asia Insurance Company Limited today announced a partnership to tailor professional indemnity (PI) and life-insurance products for the Government Doctors' Association and the Hong Kong Public Doctors' Association.

Under the agreement, Asia Insurance will provide PI products, while ING Life will offer a variety of life-protection plans, including savings insurance with variable payment periods, women's policies, income-protection and retirement plans, and a range of benefits and value-added services.

Solicitor Mary Jean Reimer Lau will contribute free legal-consultant services for insured doctor members in the scheme.

At a press conference on 25th March 2004, Mr. Augustus Yuen, CEO of ING Life, and Mr. Bernard Chan, President of Asia Insurance, detailed the new products that the venture would handle. Joining the ING Life CEO and the Asia Insurance president at the signing were Dr. Wong Tak Cheung (President, Hong Kong Public Doctors' Association), Dr. Lui Wing-hong (Chairman, Government Doctors' Association) and Solicitor Mary Yung.

Mr. Yuen said: "Doctors are in a high-risk occupation and they have an urgent need for comprehensive protection, especially post-SARS. Unfortunately, premiums for many medical-staff insurance products have risen substantially.

"In view of this, ING Life is offering a special series of comprehensive products to cover a variety of doctors' protection needs. Asia Insurance and the two doctors' associations are ideal partners in the scheme which, we hope, marks the start of a greater future collaboration," he added.

Under the scheme, the Government Doctors' Association and Hong Kong Public Doctors' Association will appoint ING Life for PI and life-insurance products starting from March 2004. Asia Insurance will provide a PI scheme covering both legal expenses and indemnities in negligence claims. The premium is half that of current market rates with a HK$7.5 million limit per policy, and will extend to cover both Good Samaritan Acts and Overseas Training.

ING Life will offer a wide range of life-protection products, including savings insurance, ladies life-insurance plans, income-protection, medical, crisis, personal accident and retirement plans. Doctors holding any of the new designated plans with premiums of HK$12,000 or more are entitled to a special offer on PI products. If insured under the i.368, AeconoLife, or AeconoSmart savings plans, doctors will also be entitled to an additional ten per cent discount on the first-year premium.

Solicitor Mary Yung is the legal consultant for the value-added services, and insured members from either association are entitled to free legal advice on medical-related legal and court issues. Moreover, ING Life will provide a special hotline for enquiries, and will name a team to tailor services to members. ING Life will periodically review their portfolio of services.

- End -