NN Group, ABN AMRO Bank and their joint venture AAV (ABN AMRO Verzekeringen) announcd that they have reached an agreement to sell AAV's life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions).

Thus, NN Life & Pensions will acquire 100% of AAL (ABN AMRO Levensverzekering N.V.) from AAV for a total amount of EUR 253 million. AAL will be integrated into NN Life & Pensions.

Following the transaction, AAV will focus on its non-life insurance business and its insurance broker activities.

The transaction is subject to regulatory approvals and is expected to close in the second half of 2022.

AAV (ABN AMRO Verzekeringen) 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.

NN Group already consolidates the life insurance activities of AAV.

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.