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.

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By GlobalData

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.