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    NN   NL0010773842

NN GROUP N.V.

(NN)
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NN Group to Acquire MetLife's Poland and Greek Businesses for EUR584 Million

07/05/2021 | 05:41am EDT

By Joe Hoppe

NN Group NV said Monday that it will acquire MetLife Inc.'s businesses in Poland and Greece for a total consideration of around 584 million euros ($692.9 million).

The Dutch insurance and asset-management company said the closing of the acquisitions, conditional on obtaining regulatory and competition clearances, is expected in the first half of 2022.

NN said the acquisitions will almost double its existing customer base in Poland and Greece, and it expects to welcome around 2.7 million new customers.

The company said the acquisition will create synergies and lead to an incremental operating capital generation of EUR50 million a year by 2024, partially excluding cost synergies. A double-digit return on investments is expected.

"The acquisition will add scale, provide growth opportunities and drive diversification in life and protection in markets with low insurance penetration rates," Chief Executive David Knibbe said.

The company's dividend policy and share buyback program won't be affected.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

07-05-21 0540ET

Stocks mentioned in the article
ChangeLast1st jan.
METLIFE, INC. 0.16% 61.36 Delayed Quote.30.69%
NN GROUP N.V. -0.16% 44.86 Real-time Quote.26.26%
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Analyst Recommendations on NN GROUP N.V.
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Financials
Sales 2021 14 273 M 16 728 M 16 728 M
Net income 2021 1 906 M 2 234 M 2 234 M
Net cash 2021 322 M 377 M 377 M
P/E ratio 2021 7,32x
Yield 2021 5,41%
Capitalization 13 859 M 16 229 M 16 243 M
EV / Sales 2021 0,95x
EV / Sales 2022 0,95x
Nbr of Employees 13 002
Free-Float 85,8%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 44,86 €
Average target price 46,12 €
Spread / Average Target 2,80%
EPS Revisions
Managers and Directors
David Knibbe Chief Executive Officer
Delfin Rueda Arroyo Chief Financial Officer & Investor Relations
David Cole Chairman-Supervisory Board
Heijo Hauser Member-Supervisory Board
Hans Schoen Member-Supervisory Board