The transaction is anticipated to have an immaterial impact on NN Group’s operating capital generation and operating result. Credit: Ralph from Pixabay.

Dutch financial services firm NN Group has agreed to divest the former MetLife pension business in Poland to Italian insurer Generali.

The pension business is part of the former businesses of MetLife in Poland, which was bought by the Dutch company in April this year.

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It manages nearly $2.42bn (€2.4bn) in assets.

NN Group noted that the decision of a sale was made after a review of its strategic options for the Polish business.

This is anticipated to have an immaterial impact on the group’s operating capital generation and operating result, but will not affect the current pension business of Nationale-Nederlanden Poland.

The deal is anticipated to complete in the first quarter of next year, if customary closing conditions are satisfied.

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While announcing the deal in July last year, NN Group had said that the acquisition of the MetLife business will boost its life market share in Poland from 8% to 12% and expand its distribution reach through the addition of 1,200 tied agents, and external alliances.

NN Group offers insurance, pensions, banking, investment and retirement services to nearly 18 million customers. The group has staff headcount of 15,000. 

In July this year, NN Life & Pension closed the purchase of the life insurance subsidiary of ABN AMRO Verzekeringen (AAV).

The deal aligns with the company’s strategy to gain further efficiencies by using its current closed book capabilities.

AAV will now prioritise its non-life insurance as well as insurance broker operations.