NN Group announced that its subsidiary NN Insurance Belgium has the intention 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 EUR 3.3 billion of assets and liabilities. The contemplated agreement has no impact on the services and guarantees that NN provides to its policyholders.

The transaction would further simplify NN Belgium's IT structure, enabling NN Belgium to fully focus on executing its successful strategy to further grow its protection and pension business, building on its strong distribution network in the Belgian market.

At closing, the transaction is expected to have a positive impact on the NN Group Solvency II ratio of approximately 1%-point.

The proposed transaction 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.