15 February 2018Insurance

NN Group, Delta Lloyd merger delivers €133m savings in 2017

Dutch NN Group’s acquisition of its peer Delta Lloyd has lowered the cost base by €133 million in 2017, according to a Feb. 15 press release.

Overall, NN Group is targeting €350 million of cost savings through the integration of the businesses by 2020.

At the end of 2016, NN Group and Delta Lloyd reached an agreement under which NN Group will buy Delta Lloyd for €2.5 billion. The companies said the deal has been driven by competitive market conditions and the capital requirements of Solvency II.

For 2017, NN Group reported an increase in net profit of 77.5 percent year on year to €2.11 billion.

“2017 was a memorable year for NN Group in which we successfully completed the acquisition of Delta Lloyd,” said NN Group CEO Lard Friese.

“We have started the integration in the Netherlands and Belgium creating a leading insurance and pension company, with attractive propositions in asset management and banking. We are making good progress.”

Full-year 2017 operating results of the ongoing business increased to €1.59 billion, up 29.3 percent from 2016, mainly driven by the contribution of the Delta Lloyd businesses and improved results at most segments, partly offset by lower results at Netherlands non-life.

“We continue to see volatility in the results of the non-life business, where an improvement in the P&C business was offset by a deterioration in D&A performance,” Friese said. “We are implementing a range of measures to sustainably improve the non-life performance.”

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More on this story

Insurance
16 August 2018   Dutch insurer NN Group has appointed Fabian Rupprecht as CEO international insurance replacing Robin Spencer who stepped down effective June 1, 2018 to join Prudential Corporation Asia (PCA), a business unit of Prudential, as chief operating officer.
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17 May 2018   Profits dipped at NN Group, one of the biggest insurers in the Netherlands, in the first quarter of 2018 but its gross premium income rocketed on the back of its 2017 acquisition of Delta Lloyd as its chief executive said he anticipates the integration of the two companies will be largely finalised by the end of the year.
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12 March 2018   Dutch insurance and asset management company NN Group's chief executive officer of international insurance, Robin Spencer is stepping down from his position, effective June 1, 2018.