NN Group is eyeing MetLife's Greek and Polish subsidiaries

30 June 2021 — Daniela GHETU
Dutch NN Group NV offered to acquire part of MetLife Inc.'s businesses in Europe, saying the move is in line with its strategy to consolidate leading positions in attractive growth markets, Bloomberg reports.

Bloomberg reported on 25 June that NN was in talks to pay about USD 740 million for the assets, an information that NN promised to update at the appropriate moment. According to informed sources it seems that the acquisition is targeting MetLife's units in Greece and Poland.

In Poland, METLIFE TUnZiR S.A. ranks 11th on the life insurance market, with GWP in 2020 of EUR 167.95 million and a market share of 3.74%. NATIONALE-NEDERLANDEN TUnZ S.A. ranks 3rd, with GWP of EUR 357.2 million and a market share of 7.95%.

MetLife's Greek company ended 2020 with GWP of EUR 285.1 million and a market share of 15.6% on the life insurance market. NN Hellas, on the other hand, is the No.1 life insurer in Greece and ended 2020 with GWP of EUR 470.6 million, controlling 25.9% of the Greek life insurance market.

According to Bloomberg, MetLife's decision to sell its assets is part of the group's strategy of streamlining its global business. On the other side, NN is in need of offering more value to its shareholders. Earlier this year NN also tried to take over Aviva's Polish operations, in the end bought by Allianz.