Zurich Türkiye Completes Acquisition of Nn Hayat ve Emeklilik

Zurich Turkey completed the acquisition of NN Hayat ve Emeklilik following receipt of regulatory approvals and share transfer.

The process for the sale of NN Hayat ve Emeklilik A.Ş., which operates in individual pension, health and life insurance in Turkey under the Netherlands-based NN Grup, to Zurich Sigorta Grubu Turkey has been completed with the receipt of approvals from the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) and the Competition Authority, as well as the completion of share transfer.

"With the acquisition of NN Hayat ve Emeklilik, we underscore our confidence in Turkey once again."

Yılmaz Yıldız, Chief Executive Officer of Zurich Sigorta Grubu Turkey, stating that the new acquisition is a clear indicator of their confidence in Turkey's future and the Turkish economy, said: "Turkey is the most developed economy in this region and the country with the highest growth potential. For the Zurich Grup, it is a priority country for investments. With the acquisition of NN Hayat ve Emeklilik, we underscore our confidence in Turkey once again."

Yıldız continued as follows:

"Since 2008, we have had a successful and profitable performance in Turkey. With our strategy based on sustainable growth and creating added value for all stakeholders, while expanding our product range in elementary insurance, we are making a rapid entry into individual pension and life insurance with the acquisition of MAPFRE Yaşam, based in Spain, and now NN Hayat ve Emeklilik, based in the Netherlands. With the international knowledge, experience and customer-focused service approach of Zurich Sigorta Grubu, we will now offer our customers a broader range of products and services."

"We are prioritising the expansion of life insurance and addressing the savings gap."

Atilla Benli, General Manager of Zurich Yaşam ve Emeklilik, outlined their objectives in individual pension and life insurance following the acquisition of NN Hayat ve Emeklilik as follows: "In individual pensions, there is a well-structured framework in place by state institutions and SEDDK. We are prioritising the expansion of life insurance and addressing the savings gap by focusing on the needs of the insurance sector.

We view life insurance products integrated with BES and investment-linked life insurance as strategic areas. We aim to deliver faster, easier and more accessible solutions through improved participant experience, effective fund management and digital-focused services. The customer portfolio, distribution channels and experienced team of NN Hayat ve Emeklilik have been a major gain for Zurich Turkey. This merger will enable us to provide richer solutions and differentiated services in the sector."