NN Group Sells Its Türkiye Operations to Zurich Türkiye

NN Group announced today that it has reached an agreement with Zurich Turkey to sell its Turkey operations.

NN has been offering pension, life insurance and supplementary health insurance products in Turkey since 2009. With more than 180 employees, NN Hayat ve Emeklilik serves its customers through a strong independent agent network. When evaluating NN Hayat ve Emeklilik's contribution to NN Group's operating results, the sale is not expected to have a material impact on NN Group's Solvency II ratio.

Frank Eijsink, Chief Executive Officer of NN International Insurance: 'We made the decision to sell our operations in Turkey as a result of a thorough process. Following detailed evaluation, we concluded that this decision would be beneficial to our customers, employees and other stakeholders in Turkey. We are confident that Zurich Turkey is well positioned to take its operations forward in Turkey by increasing its scale and market share.' 

I would like to thank our colleagues and agents in Turkey for their valuable contributions and commitment over the last 15 years, and we extend our best wishes to them with Zurich Turkey."

The transaction is subject to regulatory authority approvals and approval by the Competition Board, and final completion of the transaction is expected in the first quarter of 2025.