Insurance and investment management company NN Group, which was formerly part of ING Group, has completed the sale of its 50% stake in its Chinese insurance joint venture, ING-BOB Life Insurance Company, to BNP Paribas Cardif.
The transaction, which was previously announced by ING Group on 8 July 2013 does not have a material impact on NN Group or ING Group results.
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The transaction is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses.
ING’s Chinese life insurance joint venture was established in 2002 and today operates eight branches in seven provinces and municipalities in China. It offers savings and protection products to families in China through an agency network and through bank branches.
NN Group includes Nationale-Nederlanden, ING Insurance Europe, ING Life Japan and ING Investment Management. It has a predominantly European presence in more than 18 countries.
NN Group listed as an independent company on Euronext Amsterdam on 2 July 2014.
The group’s new sales for life insuramce (APE) totalled 307m ($370m) in Q3 2014 compared to 272m in Q3 2013, a year-on-year change of 12.9%.
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