NN Belgium to Sell €3.3 Billion Closed-Book Life Insurance Portfolio to Athora

October 8, 2021

Cleary Gottlieb is representing global insurer and financial services provider NN Group (NN) in the sale by its subsidiary NN Insurance Belgium (NN Belgium) of a closed-book of life retail insurances representing approximatively €3.3 billion of assets and liabilities to Athora Belgium (Athora).

The transaction will provide Solvency II capital relief to NN, and further simplify NN Belgium’s IT structure, enabling it to focus on executing its strategy to further grow its protection and pension business, building on its strong distribution network in the Belgian market.

An understanding has been reached for the transaction on October 8, 2021, and has been announced on the same day. Definitive transaction documents will be signed after completion of applicable employee information and consultation processes. Closing of the transaction is subject to regulatory approvals.

NN, previously known as ING Insurance, was formed as a result of the separation of ING Group’s banking and insurance businesses following the 2008 financial crisis. It is active in 19 countries, with a strong presence in a number of European countries and Japan. With 15,000 employees, NN provides retirement services, pensions, insurance, investments, and banking to approximately 18 million customers. NN includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank, and OHRA.

Founded in 2014 by global private equity sponsor Apollo, Athora is a specialized insurance and reinsurance group fully focused on the European market, with operational subsidiaries in the Netherlands, Belgium, Germany, Ireland, and Bermuda. It has €79 billion of assets under administration, approximately 2.3 million policyholders in Europe and about 2,300 employees.

For more information, please see the press release here.