5 Oct 2016 - 08:00 CET
NN Life Japan and Sumitomo Life to collaborate in Japan
NN Life Japan today announced that it has entered into a long-term collaboration agreement with Sumitomo Life Insurance. Sumitomo Life Insurance, one of Japan’s leading life insurers, will sell NN Life Japan’s Corporate-Owned Life Insurance (COLI) products to Small and Medium-sized Enterprises (SMEs) through its nationwide tied agency network. The agreement also provides a framework for collaboration on potential future product initiatives.
Robin Spencer, CEO International Insurance NN Group: ‘We have a strong, growing business in Japan with a leading position in the COLI market. This agreement provides NN Life Japan the opportunity to distribute COLI solutions through the extensive and highly regarded tied agent force of Sumitomo Life Insurance. It will allow NN Life Japan to reach more SMEs and SME owners to help them secure their financial futures.’
The agreement is in line with NN Group’s strategy to achieve profitable growth through multi-access distribution. With this agreement, NN Life Japan will further expand its distribution reach through Sumitomo Life Insurance’s 30,000 tied agents and 1,400 branch offices throughout Japan.
The collaboration is subject to regulatory approval and sales are expected to start in April 2017.
About NN Life Japan
NN Life Japan began operations in April 1986 as the first European insurance company in Japan and has established a strong position as a Small and Medium-sized Enterprises (SME) specialist over the past 30 years. Our brand purpose is to help SMEs and SME owners secure their financial future. To this end, we help SMEs and SME owners prepare for their various needs including protection, business succession, and retirement planning through more than 5,000 independent agencies and 60 financial institutions nationwide.
NN Group profileNN Group is an international insurance and asset management company, active in more than 18 countries, with a strong presence in a number of European countries and Japan. With around 11,500 employees the group offers retirement services, insurance, investments and banking to more than 15 million customers. NN Group includes Nationale-Nederlanden, NN and NN Investment Partners. 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, (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, (13) changes in the policies 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 us 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 and (18) the other risks and uncertainties detailed in the Risk Factors section contained in recent public disclosures made by NN Group.
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