NN Group to sell its Turkish business to Zurich Türkiye
NN Group to sell its Turkish business to Zurich Türkiye
Today, NN Group announces that it has reached an agreement to sell its Turkish operations to Zurich Türkiye.
Since 2009 NN has been present in Turkey offering pension, life insurance, and complementary health insurance products. With more than 180 employees, NN Hayat ve Emeklilik serves its customers through a strong network of independent agencies. The contribution of NN Hayat ve Emeklilik to NN Group’s operating result is limited and the sale is expected to have a negligible impact on NN Group’s Solvency II ratio.
Frank Eijsink, CEO of NN International Insurance: ‘The decision to sell our Turkish operations is the result of a thorough process. After careful consideration, we concluded that a divestment of our Turkish activities would be in the best interest of our local customers, employees, and other stakeholders. We are confident that Zurich Türkiye is well positioned to further develop the Turkish business by increasing its scale and overall market position. I would like to thank our colleagues and our agents in Turkey for their valuable contribution and dedication over the past 15 years. We wish them all the best with Zurich Türkiye going forward.’
The transaction is subject to regulatory and antitrust approvals and is expected to close ultimately in the first quarter of 2025.