Value Enhancing Acquisition in Europe
Value enhancing acquisition in line with NN Group's strategic and
financial criteria
Adding strong,
profitable businesses in
Europe
Creating value for
shareholders
Maintaining a strong
balance sheet
Timetable
N NN
• Consolidating NN's leading positions in Poland and Greece:
.
• strengthening #3 position in life insurance and #1 position in pensions in Poland
• creating #1 life insurer in Greece
• Adding scale and expanding distribution by adding strong (tied) agent networks and brokers
Capturing growth opportunities in profitable protection market
Estimated purchase price at completion of EUR 584m¹ financed from cash capital at holding and around
EUR 100m of local surplus capital
Expected cost synergies of EUR 20m (pre-tax) per annum
• Incremental operating capital generation of EUR 50m per annum in 2024; excluding part of the cost
synergies that will be capitalised via assumption changes of EUR ~10m (post-tax) per annum
⚫Double-digit return on investment
• Impact on Group solvency ratio of approx. -6%-points (pro forma 31 Dec 2020)
Capital return policy including share buyback programme unaffected
• Transaction is subject to regulatory approvals
Closing expected in 1H22
1. Total consideration of EUR 620m less cash flows (including dividends) to be paid to current shareholders prior to completion, expected to be EUR ~36m, at current FX rates
2View entire presentation