The Netherlands-based insurance company NN Group announced it has reached an agreement to transfer its operations from Türkiye to Zurich Türkiye.
The company said that following the divestment of its operations in Türkiye, it has decided that it is the most appropriate solution for local customers and employees.
Frank Eijsink, CEO of NN International Insurance, emphasized in a statement that the decision to sell Türkiye operations was the result of a detailed evaluation process.
“We have concluded that this decision will benefit our customers, employees and other stakeholders in Türkiye,” Eijsink said.
Eijsink also stated that they believe that Zurich Türkiye will increase its scale and market share with this acquisition and will carry its insurance operations in Türkiye even further.
The transaction will be approved by the Turkish regulatory authorities and the Competition Board.
The transaction is expected to be completed in the first quarter of 2025.
NN Group’s activities in Türkiye
NN Group entered the Turkish market in 2009, offering products such as life insurance, pensions, and complementary health insurance.
The company has 203 employees and 406 thousand customers in Türkiye.
The Turkish subsidiary NN Hayat ve Emeklilik had a limited impact on the group’s operating results.
Additionally, Fiba Emeklilik received the auto-enrollment portfolio from NN Group in January 2023.
