NN to acquire MetLife’s business activities in Poland and Greece

NN announced that it has agreed to acquire MetLife ’s business activities in Poland and Greece, for a total consideration of EUR 584 million. The acquisition will almost double NN’s total customer base in Poland and Greece.

“Strategically and financially this is a unique opportunity for NN to enhance value and consolidate our leading positions in these markets. The acquisition will add scale, provide growth opportunities and drive diversification in life and protection in markets with low insurance penetration rates. Having built our NN business in Greece since 1980 and in Poland since 1994, we know and understand these markets well. MetLife’s activities tie in well with ours, with a cultural fit and a mirrored business model, allowing for a smooth integration. While combining the strengths of both companies, we will continue to focus on the well-being of both our new and existing customers. We look forward to welcome around 2.7 million new customers and 450 new colleagues to our company, and to work together with around 1,600 additional (tied) agents and brokers.” – David Knibbe, CEO of NN Group.

The acquisition is expected to create synergies and to lead to an incremental operating capital generation of EUR 50 million per annum in 2024 excluding part of the synergies that will be capitalised via assumption changes, and to generate a double-digit return on investments. The transaction will be financed by a combination of cash capital at holding and around EUR 100 million of local surplus capital. NN’s dividend policy and share buyback program will not be affected.