NN Group completes acquisition of AEGON units in Czech Rep. and Slovakia

10 January 2019 — Andrei Victor
NN Group announced that it has completed the acquisition of AEGON's Life Insurance business in the Czech Republic and AEGON's Life Insurance and Pension businesses in Slovakia.

"The transaction, which was announced on 16 August 2018, is funded from existing cash resources and will not have a material impact on the operating result and Solvency II ratio of NN Group".

At that time, NN Group said that it agreed to acquire AEGON's units for a total consideration of EUR 155 million.

NN Group has been active in the Czech life insurance market since 1992. It currently has a number four position in life insurance (based on GWP) and a number seven position in pensions (based on AuM).

In Slovakia, NN Group has been active in the life insurance market since 1996 and currently has a number seven position in that market. It also has a very strong position in pensions being the number one voluntary pension provider in Pillar 3 and the number four mandatory pension provider in Pillar 2. NN's Czech and Slovakian businesses serve more than 1 million customers and have high-quality tied agent networks.

Share |