London - 29 September 2004 - ING Groep N.V., has become the latest financial institution to implement OpBase, an operational risk loss event database developed by Aon Limited, the leading insurance broker, risk management and consulting firm. OpBase helps financial institutions to manage their risk profile more effectively and minimise losses by identifying potential risk areas. This in turn results in a reduction of volatility and improved profitability.

“ING has been collecting data since 1998 and has kept a close eye on the development of external databases and data consortia,” said Dr Huib ter Haar, Head of Operational Risk at ING headquarters in Amsterdam.  “We are pleased that Aon has widened the scope of external operational loss data with OpBase and can further satisfy our increasing requirements. This will complement our existing data and provide us with a greater understanding of our risk exposure and a higher degree of precision in our modelling of operational risk capital.” he added.

OpBase is the first product to offer financial institutions access to a global database of loss events that can be scaled to suit their operational profile.  “Using OpBase, financial institutions can more accurately predict the number and scale of  potential losses and allocate their capital accordingly,” said Daniel Butler, Executive Director at Aon Professional Risks, a division of Aon Limited.

“Being precise about capital allocation means that financial institutions can cut ‘wasted’ capital and reinvest those funds in their business, thus enhancing profitability.  In addition to holding loss event data categorised according to Basel II, the inclusion in OpBase of insurance losses provides valuable coverage of risk categories not available through other loss databases.   This is especially valuable to a wide ranging financial institution such as ING, with converging regulation between banking and insurance.” added Butler.

Note to Editors:
 

About Aon
Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 52,000 professionals in its 600 offices in more than 120 countries.   Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

About ING Group:
ING Groep N.V. (www.ing.com) is a global financial institution of Dutch origin with 115,000 employees, offering banking, insurance and asset management to more than 60 million clients in over 50 countries. ING’s clients are individuals, families, small businesses, large corporations, institutions and governments.    ING comprises a broad spectrum of prominent businesses serving their clients under the ING brand.

About OpBase:
Aon OpBase is the largest, most accurate and most comprehensive source of external low frequency/high severity operational risk loss event data in the world.  OpBase contains over ten thousand records of financial institution losses covering the last fifteen years, from every part of the world. 

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors.  Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of regulatory issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.