Having acquired MetLife Poland in April, NN Group will sell its pension business to Italy’s Generali. Despite containing around $2.4 billion in assets, the Dutch insurer has claimed that this won’t make a dent in the wider company’s ability to generate capital nor NN’s pension business specifically.
NN representatives said, “”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”.
As a result, Generali will shift up in the pension funds ranking to fourth from its current seventh position with 2.4 million customers and 4.7 billion euros under management.