July 6 (SeeNews) - Dutch insurance and financial services firm NN Group said it has agreed to acquire the business activities of US insurer Metlife Inc in Poland and Greece for 584 million euro ($694.4 million) in a push to almost double its customer base in the two European countries and create a strong platform for future growth.
With the purchase, NN Group’s market share in Poland in life insurance will increase to 12% from 8%, which strengthens its position to around 500 million euro annual gross written premium (GWP). In Greece, the investment is expected to make NN a leading life insurance company, with a combined 31% market share in life and health, and an 18% overall market share, the group said in a press release on Monday.
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“We look forward to welcome around 2.7 million new customers and 450 new colleagues to our company, and to work together with around 1,600 additional (tied) agents and brokers,” NN Group's CEO David Knibbe noted.
The transaction hinges on regulatory and competition clearances. The parties anticipate completion in the first half of 2022.
NN Group said it intends to finance the purchase by a combination of cash capital at holding and around 100 million euro.
($=0.84 euro)