Belgium's KBC Group and the Netherlands-based NN Group finalised the agreement announced on 11 February 2021 for KBC's Bulgarian subsidiary, DZI - Life Insurance EAD, to acquire all the shares of NN Pension Insurance Company EAD and all the assets and liabilities of NN Insurance Co. Ltd. - Sofia Branch.

The deal, which had received regulatory approval, has a total consideration of EUR 77.7 million and will only have an immaterial impact on KBC's solid capital position.

Following these acquisitions, NN Pension Insurance will be renamed UBB Pension Insurance, while NN Life Insurance will cease to exist as a separate legal entity and be merged into DZI Life Insurance.

"The acquisition is fully in line with KBC Group strategy and allows UBB and DZI to not only further increase their cross-selling potential through their already well-established bank-insurance presence in the Bulgarian market, but also to serve more customers and benefit from economies of scale and increased visibility", as the Belgium's KBC Group announced in a statement.