ING Insurance Asia/Pacific has signalled an assault on AIG’s regional market share by bringing in the big guns.
Paul Bedbrook, ING Australia chief executive, has been promoted to ING Asia/Pacific chief executive with responsibility for Australia, New Zealand, Japan and Malaysia.
After four years at the helm, Bedbrook will move to Hong Kong on May 1.
“ING has the second largest footprint in the Asia Pacific region behind AIG,” he told InvestorDaily.
“The company wants to grow more strongly and is intensifying the focus by bringing in the skills of seasoned managers.”
Bedbrook is one of three chief executives appointed to drive a portfolio of countries.
Ron van Oijen has responsibility for India, Korea and Thailand. A third chief executive, who is yet to be appointed, will have responsibility for China, Hong Kong and Taiwan.
Bedbrook will also have overall responsibility for ING’s 51 per cent interest in ING Australia, the wealth management joint venture formed in 2002 between ING Group and ANZ. He also has regional responsibility for bancassurance.
The new chief said he would focus on boosting the 20 per cent annual business growth rate in terms of inflows and new premiums in the region.
ING Insurance Asia/Pacific chairman Hans van der Noordaa said Bedbrook’s achievements at ING Australia were underlined by the record after-tax profit of $311 million posted for the year ended September 30, 2007 – an increase of 28 per cent on the previous year.
Bedbrook was appointed ING Australia chief executive in July 2003. He was formerly ING Direct chief executive in Canada.
ING Australia has started a global search within the company for a replacement.
