NN Group, the well-known insurance company active in 11 countries, has announced the sale of its Turkish operations to Zurich Turkey. Having entered the Turkish market in 2009, NN Group is now preparing to transfer its insurance business after a comprehensive review.
In the official statement published on NN Group’s website, NN International Insurance CEO Frank Eijsink explained the decision: “The sale of our Turkish operations is the result of an extensive process. After careful consideration, we concluded that this move would be in the best interest of our local customers, employees, and other stakeholders.”
The transaction is subject to regulatory approvals, including the Competition Authority, and is expected to be finalized by the first quarter of 2025.
Limited Impact on NN Group’s Global Insurance Business
The announcement also emphasized that the impact of NN Hayat ve Emeklilik, the group’s Turkish subsidiary, on NN Group’s overall business results would be limited.
203 Employees and a Solid Turkish Insurance Presence
NN Group, primarily based in the Netherlands, operates across 18 countries, including key European markets and Japan. Since entering the Turkish market in 2009, NN has provided retirement, life insurance, and supplementary health insurance products. According to the 2023 annual report, NN had 203 employees and 406,000 customers in Turkey. Additionally, in January 2023, NN Hayat ve Emeklilik transferred its automatic enrollment portfolio to Fiba Emeklilik.
Personal Comment: This decision marks a significant shift in Turkey’s insurance landscape, with Zurich Turkey poised to strengthen its position in the market. It will be interesting to see how Zurich leverages this acquisition to grow its presence further, while NN Group focuses on other regions. For customers and employees alike, this transition could bring new opportunities and changes in services.
