NN Group announces today that it has reached an agreement with Generali to sell the former MetLife pension business in Poland. The pension business is part of the former MetLife activities in Poland that were acquired by NN Group in April 2022. The business has approximately EUR 2.4 billion of assets under management.
The decision to divest was made following a review of NN’s strategic options for the former MetLife pension business in Poland. The transaction does not impact the existing pension business of Nationale-Nederlanden Poland, which remains a market leader in the Polish pension market.
The sale is expected to have an immaterial impact on NN Group’s operating capital generation and operating result.
The transaction is subject to customary closing conditions and is expected to close ultimately in the first quarter of 2023.
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