Newsboard 2007 (archives)

• Christmas 2008 message
• ING Australia
• 2007/08 Annual Report
• 2007/08 Final Crediting Rates
• Insurance enhancements
• New! Discounted Health Insurance
• Investment volatility
• Transition to retirement seminar
• legalsuper wins 'Platinum' rating
• Centro Properties Group
• E-news
• Rising Star!
• Transition to Retirement
• Video message
• Growing fast!
• 2007 Annual Report
• Investment volatility
• Tax free super is here!
• Salary Sacrifice guide
• BPAY
• ASX 200 Investment Option
• Gold rating achieved again
• Where will your super take you

legalsuper insurance cover

In recent time there has been extensive media about the continuing losses and liquidity pressures being suffered by some large American financial institutions and insurers.

We anticipate that some legalsuper members may have questions about whether these issues impact their insurance cover with legalsuper.

legalsuper’s member insurances (including death, total and permanent disability, and salary continuance) are provided by ING Australia.  Harry Stout, Chief Executive Officer of ING Australia has informed us that:

1. ING Australia is very strong financially, and is well placed to weather the current global turmoil.  It has a very healthy balance sheet and significant excess capital above current regulatory requirements.

2. ING Australia’s financial strength has been recognised by Standard & Poor’s recent decision to upgrade their rating of ING Life from A+ to AA- status.

3. Globally, ING is ranked seventh in the latest Fortune 'Global 500 list', and is the only financial institution ranked in the top 10.

4. Despite the current negative market conditions ING Australia is on track to deliver a solid profit result in 2008.  This follows the delivery of a record profit in 2007.

5. ING is one of the most trusted brands in the wealth management industry, with a leading position in wealth management and life insurance.  This was reinforced last month when ING Australia was named 'Life Company of The Year' at the AFR Smart Investor Awards.

In October 2008, the ING Group received Euro 10 billion from the Dutch Government.  In a letter sent to legalsuper, Ian Riley, Chief Financial Officer, ING Australia advised as follows:

• ING is in a strong position both locally and globally.

• The action was taken to strengthen ING Group’s capital position, creating a strong buffer to navigate the current investment market volatility.

• ING Group is one of many banks around the world who are receiving capital injections from their governments.

• The Dutch Finance Minister has said “It is a large sum that we are injecting into a healthy business”.

• ING Australia is well funded and holds capital well in excess of regulatory requirements.

• As a joint venture ING Australia has the support and backing of ING Group (51%) and ANZ (49%).

We trust this information about legalsuper's insurer, ING Australia, reassures you.  If you have questions please call us on 1800 060 312 or email us on mail@legalsuper.com.au.