NN Group off-loading Bulgarian pension, life business to KBC Group for €77.7M

NN Group NV agreed to sell its Bulgarian pension and life business to KBC Group NV's local insurance unit, DZI, for a total consideration of €77.7 million.

The operating result of the Bulgarian business was around €3 million in 2020. NN Bulgaria has 138 employees, and the customer base consists of over 400,000 individual and 400 corporate clients.

The sale is expected to increase the Solvency II ratio of NN Group by about 1 percentage point.

The transaction is subject to regulatory and antitrust approvals and is expected to close in the course of 2021, according to a statement.