NN International Insurance has announced its decision to exit the Turkish market. Frank Eijsink, CEO of NN International Insurance, stated in a company announcement on their website, “We have concluded that divesting our operations in Turkey is in the best interest of our local customers, employees, and other stakeholders.”
The announcement also indicated that NN Group’s Turkish subsidiary, NN Hayat ve Emeklilik, has had a limited impact on the group’s overall results.
The transaction is expected to close in the first quarter of 2025.
The company’s history in Turkey began on December 4, 2008, when the ING Group acquired a 100% stake in OYAK Emeklilik.
According to its 2023 activity report, NN Hayat ve Emeklilik had 203 employees and served 406,000 customers. By 2023, the company’s total assets reached 23 billion TL, with a fund size of 21.7 billion TL.
As of January 2023, NN Hayat ve Emeklilik had also transferred its automatic enrollment portfolio to Fiba Emeklilik.
- SOURCE: BLOOMBERG HT
