Insurance group Nationale-Nederlanden is splitting its consumer operations into two; a life insurance arm that manages policies for existing clients and a unit to sell insurance and banking products to new clients, director Tom Kliphuis has told the Financieele Dagblad.

In an interview with Thursday’s paper, Kliphuis says Nationale-Nederlanden Services, which will manage old policies, could also take over existing policies from other insurers and may eventually be sold off.
Nationale-Nederlanden is part of the ING group and the reorganisation is aimed at readying the company for the stock exchange listing of ING’s insurance operations next year.
The revamp also means some 200 out of 6,500 jobs will be cut.