(RTTNews) – Dutch insurer NN Group NV (NNGPF.PK) announced Friday that its subsidiary NN Insurance Belgium plans to sell a closed book life portfolio to Athora Belgium.
The closed book portfolio comprises life insurance policies that are no longer being sold, reflecting approximately 3.3 billion euros of assets and liabilities.
The proposed deal is subject to customary conditions, including obtaining the necessary regulatory and competition clearances and consultation of the NN Belgium works council. Closing of the proposed transaction is expected by mid-2022.
At closing, the transaction is expected to have a positive impact on the NN Group Solvency II ratio of approximately 1%-point.
The company said the agreement has no impact on the services and guarantees that NN provides to its policyholders.
The sale is expected to further simplify NN Belgium’s IT structure, enabling it to fully focus on executing its successful strategy to further grow its protection and pension business.