NN has agreed to sell its Bulgarian Pension and Life business to KBC

Today, NN Group announces that it has reached an agreement with KBC Group NV (KBC) to sell its Bulgarian operations for a total consideration of EUR 77,7 million to KBC’s Bulgarian insurance business DZI. 

NN has developed its business in Bulgaria with Pension and Life insurance products since its entrance in the market in 2001. NN Bulgaria has 138 employees, and the customer base consists of over 400,000 individual and 400 corporate clients. The operating result of the Bulgarian business was around EUR 3 million in 2020. The sale is expected to increase the Solvency II ratio of NN Group by approximately 1%-point. 

Fabian Rupprecht, CEO of NN International Insurance: ‘After careful consideration, we concluded that a divestment of the Bulgarian activities would be in the best interest of our local customers, business partners and employees. We went through a rigorous process to find the right buyer, focusing on a  cultural fit and their interest in the continuation of our business. We are confident that KBC is well positioned to further develop the Bulgarian Pension and Life business. This change of ownership is in line with NN’s strategy and portfolio review, as announced in June last year.’  

‘The divestment of our Bulgarian business does not change our focus and commitment towards the Central Eastern and European region, as it remains one of our key growth regions. I would like to take this opportunity to thank our colleagues, and our partners, in Bulgaria for their hard work and valuable contribution over the past 20 years. We wish them all the best with KBC going forward.’ 

The transaction is subject to regulatory and antitrust approvals and is expected to close in the course of 2021.

  • 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 18 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).

  • 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) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which NN Group operates, on NN Group’s business and operations and on NN Group’s employees, customers and counterparties (3) changes in performance of financial markets, including developing markets, (4) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (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 and the interpretation and application thereof, (14) changes in the policies and actions 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 NN Group 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, (19) catastrophes and terrorist-related events, (20) adverse developments in legal and other proceedings and (21) 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.

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