NN Group merges life and non-life in the Netherlands

NN Group has obtained approval from its regulator De Nederlandsche Bank (DNB) to execute the legal mergers of Delta Lloyd Life into NN Life and Delta Lloyd Non-life into NN Non-life.

The legal mergers will become effective on Jan.1, 2019. As a result, NN Non-life will assume all assets and liabilities of Delta Lloyd Non-life, and NN Life will assume all assets and liabilities of Delta Lloyd Life as part of a legal restructuring process of the group.

“I am proud that, in less than two years, our continued focus on the restructuring and integration of Delta Lloyd into NN Group will result in the mergers of our largest entities in the Netherlands,” Lard Friese, CEO of NN Group. “This milestone is another step towards the full integration of the businesses by the end of 2020. The new, more effective and efficient structure aligns with our strong commitment to our customers. We are well positioned to respond to customers' changing needs and the shifting environment in which we operate,” Friese said.

In December 2016 NN Group decided to buy Delta Lloyd for around €2.5 billion. In May 2018 NN Group said that post the acquisition it had achieved cost reductions of €175 million, €42 million of which had been achieved in the first quarter of 2018. It now anticipates that total cost reductions will reach €400 million by 2020 of which at least half will be achieved by the end of 2018.

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