NN group: about to sell portfolio in Belgium
(CercleFinance.com) - NN group announced on Friday that its Belgian subsidiary intends to sell a life insurance portfolio worth approximately 3.
3 billion euros to Athora Belgium.
The sale of this so-called "closed book" portfolio - formed from life insurance policies that are no longer marketed - should enable a simplification of the IT structure of NN Insurance Belgium, the Dutch insurer explained.
This aims to enable the subsidiary to focus fully on the implementation of its strategy to further develop its protection and pension activities from its strong distribution network in the Belgian market.
Once completed, the transaction is expected to have a positive impact on NN Group's Solvency II ratio of around 1%. The transaction is expected to be completed by mid-2022.
Athora Belgium - formerly Generali Belgium - is a provider of insurance and reinsurance solutions.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
3 billion euros to Athora Belgium.
The sale of this so-called "closed book" portfolio - formed from life insurance policies that are no longer marketed - should enable a simplification of the IT structure of NN Insurance Belgium, the Dutch insurer explained.
This aims to enable the subsidiary to focus fully on the implementation of its strategy to further develop its protection and pension activities from its strong distribution network in the Belgian market.
Once completed, the transaction is expected to have a positive impact on NN Group's Solvency II ratio of around 1%. The transaction is expected to be completed by mid-2022.
Athora Belgium - formerly Generali Belgium - is a provider of insurance and reinsurance solutions.
Copyright (c) 2021 CercleFinance.com. All rights reserved.