Today NN Group and Athora announce that they have both received Declarations of No Objection (DNO) from Dutch regulator, De Nederlandsche Bank (DNB), with regard to the intended acquisition of the activities of VIVAT in the Netherlands. The intended acquisition was announced on 7 June 2019.
David Knibbe, CEO of NN Group: ‘Obtaining the approval from DNB marks a significant step in the acquisition process. Combining the Non-life businesses of VIVAT and NN will further strengthen our leading Non-life platform in the Netherlands. The added scale will enable us to improve customer propositions, create synergies and increase shareholder returns.
Our balance sheet will continue to be strong following the transaction and considering recent volatility in financial markets. Based on the closing market position on 13 March 2020, our Solvency II ratio is estimated at approximately 210%, after deducting the impact of the VIVAT Non-life transaction (-5%-points), the 15bps reduction of the UFR on 1 January 2020 (-4%-points), and the EUR 250 million share buyback programme that commenced on 2 March 2020 (-3%-points). This estimate does not take into account any potential future increase in insurance claims or changes in experience or assumptions that may arise from COVID-19. Together with Athora we will work towards the completion of the transaction.’
Today’s DNB approval follows the clearance from the Dutch Authority for Consumers and Markets (ACM) for the acquisition of VIVAT Non-life by NN Group, received on 18 November 2019. The transaction is expected to close in early April 2020.
For further information on NN Group, please visit www.nn-group.com.
NN Group is an international financial services company, active in 18 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).
Elements of this press release contain or may contain information about NN Group N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/ 2014 (Market Abuse Regulation).
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.
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