Press Release

(12th October, 2004) ING Life Insurance Company (Bermuda) Limited today announced its business performance figures for the first eight months of 2004 New premiums in Hong Kong have recorded a 41% growth, totalling HK$427 million. In view of the good investment return, the company also announced that an extra 20% dividend would be given to its clients.

ING Life in Hong Kong saw total business for the first eight months of 2004 amounting to HK$1,329 million, which represents a growth of 23% compared to the same period in 2003. In addition, high-savings products have recorded good sales results, contributing to a 24% growth in the average premium per new policy. Average premium now stand at HK$15,623. In Macau, there was overall stable growth with a 33% increase in total business, amounting to HK$35 million.

Mr. M.K. Cheng, Country Manager, HK/Macau, ING Asia Pacific, stated, "We have seen very satisfactory increases in new business in Hong Kong for the first eight months of the year. This impressive growth is due to the sale of more high-savings products. Even if Hong Kong adjusts its interest rate upward in the wake of similar moves in the U.S., ING expects that returns will still be less attractive compared to the earnings of insurance companies' savings products. Saving insurance for example, with its low risk and good returns, still has great market potential. ING's outperfomance in the competitive insurance market is due to our tailor-made products, upgraded after-sales services and our successful development of other sales channels."

Mr. Augustus Yuen, CEO of ING Life, HK/Macau, added, "Riding on the success of the first eight months of the year and our good investment returns, we will award our clients with an extra dividend of 20%. Those who have successfully insured policies between 1984 and the end of 2004, and whose policies belong to the designated participating types, will be awarded a 10% dividend for each of the policy years 2005 and 2006, totaling a 20% dividend under this reward scheme. This extra 20% dividend holds a special meaning as we commemorate our 20th anniversary this year. It also, of course, shows our appreciation of our clients' continued support."

Mr. Yuen also said that ING Life would continue to have a strong focus on product design, as demonstrated by the recent launch of CrisiSaver - a critical illness protection basic plan that combined a premium rebate, maturity bonus and crisis protection, which was the first-of-its-kind in the market. Following a good response to CrisiSaver, the company is looking to launch an investment-linked product in due course.

Moreover, a brand new customer benefits programme, called "Indulge in the Arts with ING Life" has just been launched. Those who are successfully insured between 11 October and 6 December will have a chance to get two tickets to the "ING Good Person Show", which will be hosted by multi-media drama specialist Jim Chim and Cheung Tat Ming, and which is co-presented by ING Life and the Hong Kong Arts Centre. Twenty-year customers can win double rewards of a total of four tickets. Each new policy approved will earn its holder one entry into a lucky draw to win the first prize of a "Tour of the Netherlands and French Arts for Two" valued at HK$60,000, as well as many more fabulous prizes. The more policies insured, the more lucky draw chances available!

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