ING will separate its banking and insurance operations, with plans to sell the latter part of its company in the next four years.

The Dutch financial services firm announced the split Oct. 26, indicating that it plans to divest of all its insurance operations, including investment management, and will explore all options, including initial public offerings, sales or other methods.

The company said the action is part of its ongoing review of ING Group NV’s strategy and part of a final restructuring plan filed with the European Commission.

ING offers insurance, investment, retirement and asset management products and services in the United States. It is the third largest in the defined contribution segment of the U.S. retirement services market as measured by assets.

Jan Hommen, CEO of ING, said that the move will “provide a clear plan for resolving the uncertainty created by the financial crisis and will launch a new era for ING.”

Hommen noted in a statement that more than a year ago, the company received two waves of financial support by the Dutch government to strengthen its capital position and mitigate risk. The last six months, he said, have included devising a plan to pay back both the government and address the EC’s requirements for viability and fair competition.

“Splitting the company is not a decision we took lightly,” Hommen said. “ING has a proud history as a global financial services leader and has been a strong advocate for combining banking and insurance in one company. The combination provided us with advantages of scale, capital efficiency and earnings stability through a diversified portfolio of businesses. However, the financial crisis has diminished these benefits.”

Hommen added that the company will “work carefully” in the coming months and years on a separation “that will support the success of our businesses in the interests of our customers, employees, shareholders and other providers of capital.”

In addition to announcing the company split, ING also announced companion management moves. It announced Tom McInerney, currently responsible for Insurance Americas, will assume the role of chief operating officer for insurance on the ING Management Board Insurance, having responsibility for all day-to-day insurance and investment management activities.

Matt Rider, currently CFO for ING’s global insurance operations, will join the Management Board Insurance and become chief administrative officer with broad finance responsibility.