NN publiceert op haar website:
“As part of the legal restructuring process, which was announced on 15 November 2018, NN Group today announces that it has obtained approval from De Nederlandsche Bank (DNB), the Dutch supervisory authority, to execute the legal mergers of Delta Lloyd Levensverzekering N.V. (Delta Lloyd Life) into Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life) and Delta Lloyd Schadeverzekering N.V. (Delta Lloyd Non-life) into Nationale-Nederlanden Schadeverzekering Maatschappij N.V. (NN Non-life).
The legal mergers will become effective on 1 January 2019. As a result, NN Non-life will assume all assets and liabilities of Delta Lloyd Non-life, and NN Life will assume all assets and liabilities of Delta Lloyd Life, including its subordinated notes of EUR 500 million. NN Life and NN Non-life intend to have a credit rating from Standard & Poor’s on completion of the legal mergers.
As the integration of NN Life and Delta Lloyd Life has progressed further with the approval of the legal merger, the two businesses will be combined into one cash generating unit, being the segment Netherlands Life, for the purpose of goodwill impairment testing. The IFRS equity of Delta Lloyd Life at the acquisition date reflected assets and liabilities at fair value. Whilst most assets in the combined Netherlands Life segment are also reflected at fair value, most of the NN Life insurance liabilities are recognised at historical locked-in assumptions in IFRS.
As a result, the IFRS book value of the combined Netherlands Life segment will be higher than the fair value of its assets and liabilities, resulting in an elimination of the goodwill for Delta Lloyd Life of EUR 852 million through a charge in the IFRS profit and loss account of NN Group in the fourth quarter of 2018. This charge will not affect the operating result and does not have an economic or Solvency II impact.
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