NN Group

NN Group


150506 Dutch Insurers | ECoJ ruling: a small step in an ongoing journey 150506 Dutch Insurers | ECoJ ruling: a small step in an ongoing journey


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Although the ECoJ ruled that Member States may require life assurance companies to send their clients information other than that listed in the Third Life Assurance Directive, those companies must be able to identify that additional information with sufficient foreseeability. It is for the Member State concerned to determine, on the basis of the characteristics of its legal order and the specific features of the situation which it seeks to regulate, the legal basis of such an obligation; in this particular case the District Court of Rotterdam. It is not clear how long it could take. For that reason, the conclusion of this update is the same as that of our two earlier notes on the ‘woekerpolis’ affair: to be continued……           


- Summary and Conclusions

- ECoJ ruling in brief

- Both sides claim their glass to be (at least) half full

- Back to square one

- Conclusion: still no clarity         

161006 NN Group/Delta Lloyd | no assurances for a deal (yet) 161006 NN Group/Delta Lloyd | no assurances for a deal (yet)




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NN intends to make an all cash offer of EUR 5.30 for each Delta Lloyd share, valuing the latter at EUR 2.4bn. We clearly see the potential of a combination of the two companies, largely because this is a in-country deal in a business where scale matters. However, our initial reaction is that the indicated price does not offer a fair share of the potential future benefits to the Delta Lloyd shareholders. More importantly, a number of the 'older' large DL shareholders could be forced to convert their paper losses in real losses; not a compelling prospect in view of the fact that on a stand-alone basis, well-executed management actions still provides a lot of room for value creation on a stand-alone basis.



  • Summary and Conclusions

  • An unsolicited intended offer

  • The creation of a new strong local giant

  • Rationale very clear

  • Timing also rational from NN's perspective

  • This is all about benefits



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