NN Group sells its insurance business in Turkey

Dutch company NN Group is selling its Turkish life and pensions subsidiary “NN Hayat ve Emeklilik” to Zurich Sigorta. The amount of the transaction has not been disclosed.

The sale is not expected to have any impact on NN Group's Solvency II ratio, as NN Hayat ve Emeklilik's contribution to the Group's operating income is limited.

Pending regulatory approval, the transaction is expected to be finalized during the first quarter of 2025.

For Zurich Sigorta, this acquisition will allow it to consolidate its position in the Turkish life market, where it has already been present since October 2023 following the takeover of Mapfre Yaşam Sigorta.