NN Group, ABN AMRO Bank, and their joint venture ABN AMRO Verzekeringen (AAV) are to sell AAV’s life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions).
The subsidiary will be integrated into NN Life & Pensions. The intended transaction will have no impact on the services and guarantees to customers. NN Life & Pensions and ABN AMRO Bank intend to continue the sale of term life products via the bank’s channels.
Under the deal, NN Life & Pensions will acquire 100% of ABN AMRO Levensverzekering N.V. from AAV for a total amount of €253m. This will be financed from the existing cash resources of NN Life & Pensions.
Leon van Riet, CEO Netherlands Life & Pensions and member of the Management Board of NN Group, said: ‘This transaction is in line with our strategy to achieve further efficiencies by leveraging our existing closed book capabilities. We are pleased to continue our successful collaboration with ABN AMRO Bank and look forward to further supporting AAV’s growth strategy in non-life insurance.’
AAV, a joint venture between NN Group and ABN AMRO Bank, is a provider of insurance products and services for retail and corporate customers.
Following the transaction, AAV will focus on its non-life insurance business and its insurance broker activities. NN Group and ABN AMRO Bank have agreed to make additional investments in the coming years to strengthen AAV’s digital capabilities and further grow its non-life portfolio.
The transaction is subject to regulatory approvals and is expected to close in the second half of 2022.
