Posted: January 10, 2024 at 1:49 AM ET
Written by Ian Walker
NN Group agreed to pay a €300 million ($328 million) settlement related to insurance products linked to the unit.
The Dutch insurance and asset management group said late on Tuesday that the settlement was made with Consumentenclaim, Wookerpolis.nl, Wookerpolisproces, Wakkerpolis and Consumentenbond and related to products sold in…
Written by Ian Walker
NN Group agreed to pay a €300 million ($328 million) settlement related to insurance products linked to the unit.
The settlement was made with Consumentenclaim, Wookerpolis.nl, Wookerpolisproces, Wakkerpolis and Consumentenbond and relates to products sold by Nationale-Nederlanden in the Netherlands, including Delta Lloyd and ABN AMRO Levensverzekering, the Dutch insurance and asset management group said late on Tuesday.
It plans to reserve a provision of €360 million in its fourth-quarter accounts for the settlement, which includes an additional €60 million for difficult cases and non-interest group clients who have not previously received compensation.
NN Group said it was comfortable with a cash capital position of between €500 million and €1.5 billion.
“We take criticism that some products did not meet our customers’ expectations very seriously, so we are pleased to announce a final settlement with all interest groups,” CEO David Knipe said.
NN Group said that all legal proceedings will be suspended and no new legal proceedings may be initiated by interest groups and affiliated parties.
Write to Ian Walker at ian.walker@wsj.com