Investopedia: ING - The Destination Is Known, But The Path Is Murky At Best

Banking is still complicated, particularly in Europe, and insurance is pretty murky today as well. Combine the two, add in certain (but uncertain) divestitures, and bailout repayments and you have ING (NYSE:ING). While there's a decent bank buried in here, the uncertainties that attend the insurance divestitures mean that valuation is close to a shot in the dark.

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http://stocks.investopedia.com/stock-analysis/2012/ING---The-Destination-Is-Known-But-The-Path-Is-Murky-At-Best-ING-SAN-AZSEY-MET0621.aspx