NN Group todayannounces that it has reached an agreement to acquire Aegon’s Life Insurance businessin the Czech Republic and Aegon’s Life Insurance and Pension businesses inSlovakia for a total consideration of EUR 155 million.
This transaction isin line with NN Group’s strategy to achieve profitable growth and value creation.This bolt-on acquisition will strengthen NN’s position in the Life insurancemarket and its distribution network in the Czech Republic and Slovakia, andwill further strengthen its leading position in the Slovakian Pension market.
The transaction willbe funded from existing cash resources and is not expected to have a material impacton the operating result and Solvency II ratio of NN Group. The transaction issubject to regulatory approvals, and is expected to close by the end of thefirst quarter of 2019.
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NN Group has been active in the Czech life insurance market since 1992. It currently has a number four position in life insurance (based on GWP) and a number seven position in pensions (based on AuM). In Slovakia, NN Group has been active in the life insurance market since 1996 and currently has a number seven position in that market. It also has a very strong position in pensions being the number one voluntary pension provider in Pillar 3 and the number four mandatory pension provider in Pillar 2. NN’s Czech and Slovakian businesses serve more than 1 million customers and have high-quality tied agent networks.
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NN Group is an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, investments and banking to approximately 17 million customers. NN Group includes Nationale-Nederlanden, NN, Delta Lloyd, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).
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All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (4) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (5) the frequency and severity of insured loss events, (6) changes affecting mortality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in investor, customer and policyholder behaviour, (11) changes in general competitive factors, (12) changes in laws and regulations and the interpretation and application thereof, (13) changes in the policies and actions of governments and/or regulatory authorities, (14) conclusions with regard to accounting assumptions and methodologies, (15) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built-in loss carry forwards, (16) changes in credit and financial strength ratings, (17) NN Group’s ability to achieve projected operational synergies, (18) catastrophes and terrorist-related events, (19) adverse developments in legal and other proceedings and (20) the other risks and uncertainties contained in recent public disclosures made by NN Group.
Any forward-looking statements made by or on behalf of NN Group speak only as of the date they are made, and, NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
