Dutch insurer NN Group has made an offer to acquire part of MetLife’s life insurance businesses in Europe.

People familiar with the development told Bloomberg that the financial value of the transaction is close to $740m.

NN Group is eying MetLife’s Greece and Poland units and it expected that the firms can reach an agreement by the next week.

NN Group said it will provide an update on the matter ‘if, and when appropriate.’

American insurer MetLife is divesting its assets to streamline its global operations. The firm’s operations in Europe, Middle East and Africa reported earnings of $327m in 2020 as against $282m in 2019, the Bloomberg report added.

In March this year, NN Group and Italy’s Assicurazioni Generali bid to acquire the Polish business of Aviva. However, Allianz outbid both the firms to sign a cash deal worth $2.9bn (€2.5bn) for the business.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Prior to that in February, NN Group sold its Bulgarian pension and life insurance businesses to KBC Group for €77.7m ($94.3m).

The agreement involved all the shares of NN Pension Insurance Company (NN PIC) along with all the assets and liabilities of NN Insurance– Sofia Branch (NN Life).

In May this year, Assicurazioni Generali confirmed its plans to launch a €1.17bn buyout offer for smaller rival Cattolica.