NN Group, ABN AMRO Bank and their joint venture AAV (ABN AMRO Verzekeringen) announced that they have completed the sale of the life insurance subsidiary of AAV to 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 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.