Dutch insurer NN Group and Athora have announced that they have both received Declarations of No Objection (DNO) from Dutch regulator, De Nederlandsche Bank (DNB), with regard to the intended acquisition of the activities of VIVAT in the Netherlands. The intended acquisition was announced on 7 June 2019.
David Knibbe, CEO of NN Group: ‘Obtaining the approval from DNB marks a significant step in the acquisition process. Combining the Non-life businesses of VIVAT and NN will further strengthen our leading Non-life platform in the Netherlands. The added scale will enable us to improve customer propositions, create synergies and increase shareholder returns.
Our balance sheet will continue to be strong following the transaction and considering recent volatility in financial markets. Based on the closing market position on 13 March 2020, our Solvency II ratio is estimated at approximately 210%, after deducting the impact of the VIVAT Non-life transaction (-5%-points), the 15bps reduction of the UFR on 1 January 2020 (-4%-points), and the EUR 250 million share buyback programme that commenced on 2 March 2020 (-3%-points).
This estimate does not take into account any potential future increase in insurance claims or changes in experience or assumptions that may arise from COVID-19. Together with Athora we will work towards the completion of the transaction.’
Today’s DNB approval follows the clearance from the Dutch Authority for Consumers and Markets (ACM) for the acquisition of VIVAT Non-life by NN Group, received on 18 November 2019. The transaction is expected to close in early April 2020.
For further information on NN Group, please visit www.nn-group.com.