NN Life & Pensions completes acquisition of the life insurance subsidiary of ABN AMRO Verzekeringen
NN Group, ABN AMRO Bank and their joint venture ABN AMRO Verzekeringen (AAV) announced that they have completed the sale of the life insurance subsidiary of AAV to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions). The closing of the transaction, which was announced on 15 February 2022, follows the fulfilment of customary closing conditions, including receipt of all necessary regulatory approvals.
The transaction is in line with NN Life & Pension’s strategy to achieve further efficiencies by leveraging its existing closed book capabilities.
AAV is a joint venture between NN Group (51%) and ABN AMRO Bank (49%) that provides insurance products and services to over one million retail and corporate customers. As previously announced, ABN AMRO Bank and NN Group have agreed to extend their successful cooperation in AAV by 5 years until 2038, if certain customary performance criteria are met. Following the transaction, AAV will focus on its non-life insurance business and its insurance broker activities.
New step in the sale of La Médicale, Crédit Agricole Assurances’ healthcare professional insurance subsidiary, to Generali
Crédit Agricole Assurances and Generali signed yesterday the sale agreement for La Médicale by Crédit Agricole Assurances to Generali. This operation is accompanied by the sale by Predica to Generali Vie of the portfolio of death guarantees marketed by La Médicale.The sale of La Médicale to Generali responds to Crédit Agricole Assurances’ desire to focus on the development of its bancassurance model, a vector of significant synergies with the other entities of the Crédit Agricole group. As a universal bank-insurer and a major player in health, Crédit Agricole Assurances wishes to strengthen its offer in this area to all of its customers via the Group’s local banks.
This sale for an amount of €435 million, subject to price adjustments at the time of the sale, is scheduled within 2022. It will have a marginal impact on the solvency of Crédit Agricole Assurances and will not have a significant impact on the solvency ratios of Crédit Agricole S.A. The positive impact on the Crédit Agricole Assurances’ net income group share at the time of the sale will be more than €100 million.
The completion of this transaction remains subject to obtaining the authorizations of the competent regulatory and competition authorities.