KBC Group: BC to acquire NN’s Bulgarian pension insurance and life insurance businesses
11 Febbraio 2021 - 7:05AM
KBC Group: BC to acquire NN’s Bulgarian pension insurance and life
insurance businesses
Press ReleaseOutside trading hours - Regulated information*
Brussels, 11 February 2021 (7.05 a.m. CET)
KBC to acquire NN’s Bulgarian pension insurance and life
insurance businesses
Yesterday, KBC Group and the
Netherlands-based NN Group reached
agreement for KBC’s Bulgarian subsidiary, DZI – Life Insurance EAD,
to acquire:
- all the shares of NN Pension Insurance
Company EAD (Bulgaria)
- all the assets and liabilities of NN Insurance Co. Ltd.
– Sofia Branch (Bulgaria)
The
deal has a total consideration of 77.7 million euros and will only
have an immaterial impact on KBC’s solid capital position. Upon
closure, KBC Insurance’s Solvency II ratio – which stood at an
excellent 222% at the end of 2020 - will be reduced by
approximately 6 percentage points, but remain well above regulatory
requirements, while KBC Group’s CET1 ratio will be maintained at an
outstanding level (17.6% in 4Q2020, Basel III, fully loaded –
Danish compromise).
Closure of the deal is subject to
regulatory approval and is expected to be finalised in the course
of 2021.
The acquisition of NN Pension Insurance Company
EAD (‘NN PIC’) allows KBC’s Bulgarian franchise - in the shape of
UBB and DZI - to broaden its extensive bank-insurance offering to
customers with the addition of high-end pension fund products,
while also providing additional cross-selling opportunities for
banking and non-life insurance products in a one-stop shop
approach.
The acquisition of NN Insurance Co. Ltd - Sofia
Branch (‘NN Life’) will allow DZI - KBC’s Bulgarian insurance
franchise - to further increase its share of the life insurance
market in Bulgaria through a range of traditional life insurance
and unit linked insurance products, thus reaffirming its leading
position. It will also strengthen DZI’s distribution power thanks
to NN Life’s network of 300 tied insurance agents in Bulgaria’s
main cities.
NN Bulgaria has developed its pension and life
insurance business since entering the market in 2001. It has 138
employees, and boasts a customer base of over 400,000 individuals
and 400 corporate entities, and approximately 1 billion euros in
AUM. Pending closure of the deal and the subsequent integration of
the entities into KBC’s Bulgarian operations, NN PIC and NN Life
will continue to honour their commitments to the market while
continuing to provide professional service of the highest quality
to their customers.
The deal is fully in line with the strategy of
the KBC group, which focuses on retail customers, small and medium
sized enterprises and midcaps in its core markets of Belgium, the
Czech Republic, Slovakia, Hungary, Bulgaria and Ireland. KBC has
been present in the Bulgarian financial sector since 2007. In 2009,
KBC redefined its strategy to include Bulgaria as one of its core
markets. The acquisition will allow UBB and DZI to further increase
cross-selling potential through their already well-established
bank-insurance presence in the Bulgarian market, to serve more
customers, and to benefit from economies of scale and increased
visibility.
Johan Thijs, KBC Group CEO,
commented as follows on the deal: “I am delighted with this
acquisition in Bulgaria. We’ve become a strong player in this core
market, distinguishing ourselves in our banking, insurance, asset
management and leasing lines of business. Since our Group’s entry
in Bulgaria in 2007 our commitment to the Bulgarian market has been
firmly stated many times. Today we are taking a next step and
adding pension insurance to our already wide-spread presence in
Bulgaria. This means that we will be in a position to offer all
types of high-end integrated bank-insurance products to our
Bulgarian customers. We’re extremely happy to acquire a
high-quality concern with an excellent reputation and management
team, and we are looking forward to developing it in a responsible
manner with our other Bulgarian entities, and so affirm our leading
position on the Bulgarian financial market.”
Luc Popelier, CEO of KBC Group’s
International Markets Business Unit added: “This deal
further strengthens our already strong position in Bulgaria and is
a fine example of our strategic approach to our core markets. We’re
convinced that NN’s customers and KBC’s stakeholders will benefit
from the amalgamation of our brands.”
Peter Andronov, country manager for KBC
in Bulgaria commented: “This deal gives our 1.8 million
customers access to pension insurance and additional life insurance
opportunities, in addition to our broad range of stable, secure and
fully integrated financial solutions. Expanding our activities in
Bulgaria, building on the competence and dynamism of UBB and DZI,
and leveraging our joint product and service offering will help us
to achieve our objectives, diversifying our income and ensure
future success. I look forward to collaborating with our new staff
and management and am convinced that, together, we will affirm our
leading position for all our customers and other stakeholders.”
For more information, please contact:
Kurt De Baenst, General Manager, Investor Relations, KBC
GroupTel. +32 2 429 35 73 - E-mail : IR4U@kbc.beViviane Huybrecht,
General Manager, Corporate Communication/Spokesperson, KBC GroupTel
+32 2 429 85 45 - E-mail: pressofficekbc@kbc.be
*
This news item contains information that is subject to the
transparency regulations for listed companies. |
KBC Group NVHavenlaan 2 – 1080
BrusselsViviane HuybrechtGeneral
ManagerCorporate Communication
/SpokespersonTel. +32 2 429 85 45 |
Press OfficeTel.
+32 2 429 65 01 Stef LeunensTel. +32 2 429 29 15
Ilse De MuyerTel. +32 2 429 32 88 Pieter
KusséTel. +32 2 429 85 44 Sofie
SpiessensE-mail:
pressofficekbc@kbc.be |
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