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29 Apr 2015 - 10:47 CET

European Court affirms position Nationale-Nederlanden regarding unit-linked products

[Note: download the Dutch version of the Press Release as PDF]

  • European Court affirms Nationale-Nederlanden’s position that the information requirements prescribed by the European Directive may only be extended by information requirements that are clearly and precisely described in applicable national laws and are foreseeable
  • Nationale-Nederlanden is of the opinion that the general principles of Dutch law do not meet these criteria
  • Nationale-Nederlanden has always complied with Dutch law and is of the opinion that additional information requirements cannot be imposed retroactively
  • Today’s ruling does not change earlier statements and conclusions disclosed by NN Group in relation to unit-linked products
  • Nationale-Nederlanden continues to reach out to customers to encourage them to carefully assess their unit-linked products in order to find an appropriate solution on an individual basis


Today, the European Court of Justice issued its ruling on the preliminary question submitted in relation to unit-linked products. Today’s ruling does not change earlier statements and conclusions disclosed by NN Group in relation to unit-linked products.

The European Court rules that the information requirements prescribed by the European Directive may only be extended by information requirements that are clearly and precisely described in applicable national laws and are foreseeable. Nationale-Nederlanden is of the opinion that the general principles of Dutch law that are used as legal basis in Dutch legal proceedings do not meet these criteria, as they are not specific. Therefore, they cannot serve as a basis to impose additional information requirements.

NN continues to reach out to customers to encourage them to carefully assess their unit-linked products in order to find an appropriate solution on an individual basis. In 2013 and 2014, Nationale-Nederlanden contacted all customers with a non-accumulating policy. Customers with mortgage-related unit-linked products are expected to be contacted by the summer of 2015. At year end 2014, 365,000 individual unit-linked policies were in force. Customers are entitled to switch to another product at any time and free of charge.

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  • NN Group profile

    NN Group is an insurance and investment management company with a strong, predominantly European presence in more than 18 countries. With around 12,000 employees the group offers retirement services, insurance, investments and banking to more than 15 million customers. NN Group includes Nationale-Nederlanden, NN (formerly known as ING Insurance) and NN Investment Partners (formerly known as ING Investment Management). NN Group is listed on Euronext Amsterdam (NN).
  • Important legal information

    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, (4) the implementation of the EC Restructuring Plan, (5) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit and financial strength ratings, (18) NN Group’s ability to achieve projected operational synergies and (19) the other risks and uncertainties detailed in the Risk Factors section contained in recent public disclosures made by NN Group and/or related to 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.