A.M. Best Upgrades Aetna Retirement Services Subsidiaries; Affirms ING America's Insurance Subsidiaries.

Business Editors/Insurance Writers

OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 14, 2000

A.M. Best Co. has upgraded the financial strength ratings of the Aetna Life Insurance & Annuity Co. and Aetna Insurance Company of America to A+ (Superior) from A (Excellent) and affirmed the financial strength ratings of ING America's insurance subsidiaries in the United States. This rating action follows the completion of ING Group's acquisition of the financial services and international divisions of Aetna Inc. Under the terms of the transaction, ING paid $5.0 billion in cash and assumed approximately $2.7 billion in Aetna Inc.'s long-term debt, bringing the total transaction value to $7.7 billion. Aetna's health-care business -- as well as its group insurance, global benefits and large-case pension businesses -- are excluded from ING Group's acquisition.

The rating action reflects the strategic role of the companies within ING's North American operations and the financial strength and implicit support of the ING Group. Along with Aetna International, A.M. Best believes these companies provide the ING Group needed scale in several important markets, including the United States, Latin America and Asia. The completion of this transaction, together with ING's existing operations and its recent acquisition of ReliaStar Financial Corp. in September 2000, create the sixth largest life insurance group in the United States, as measured by insurance assets as of September 30, 2000.

While A.M. Best recognizes the challenges that exist with integrating these various operations, the rating acknowledges the company's proven ability in successfully integrating prior acquisitions. In addition to further increasing management expertise and depth, A.M. Best views favorably the continued diversification of its product portfolio, earnings sources and distribution platforms. The acquisition of Aetna Financial Services provides ING a leading position in the U.S. employer-sponsored defined-contribution market, broadens ING's access in the individual retail retirement savings marketplace through a dedicated distribution network and provides an established brand of mutual funds managed by Aeltus Investment Management Company. Aetna International and its affiliates increase ING's presence in Latin America and Asia/Pacific as an insurance and financial service provider with operations in 17 countries and more than 17 million customers through individual sales and group plans of life insurance and pension products. A.M. Best views these markets as strategically important to ING's global insurance operations.

The ING Group is a diversified financial service organization based in Amsterdam, the Netherlands. ING's global operation is one of the largest providers of integrated financial products worldwide, with total assets of Euro 613 billion through September 30, 2000. The group offers a comprehensive range of life and non-life insurance, commercial and investment banking, asset management and related products and services in Europe, North America, South America, Africa, Asia, and Australia.

The A+ (Superior) financial strength ratings of the following ING U.S. life/health affiliates have been affirmed:

-- Equitable Life Insurance Company of Iowa

-- First Golden American Life Insurance Company of New York

-- First ING Life Insurance Company of New York

-- Golden American Life Insurance Co.

-- Life Insurance Company of Georgia

-- Security Life of Denver Insurance Co.

-- Southland Life Insurance Co.

-- USG Annuity & Life Co.

-- ReliaStar Life Insurance Co.

-- Northern Life Insurance Co.

-- ReliaStar Life Insurance Co. of New York

The A (Excellent) financial strength ratings of the following ING U.S. life/health affiliates have been affirmed:

-- Ameribest Life Insurance Co. -- Midwestern United Life Insurance Co. -- United Life & Annuity Insurance Co. -- Security-Connecticut Life Insurance Co.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.