SNS REAAL Groep N.V.
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Publicatie datum
19 nov 2007 - 07:28
Statutaire naam
SNS REAAL Groep N.V.
Titel
SNS REAAL TO ACQUIRE ZWITSERLEVEN NETHERLANDS AND SWISS LIFE BELGIUM
Bericht
- SNS REAAL to become the number 2 life insurer in the Netherlands -
Utrecht, 19 November 2007
SNS REAAL and Swiss Life Holding have come to a mutual understanding concerning the purchase of the Dutch and Belgium businesses of Swiss Life Holding, including Zwitserleven and its brand in the Netherlands, Swiss Life Asset Management (Nederland) and Swiss Life Belgium for a total consideration of up to Euro 1,535 million. With this acquisition SNS REAAL will nearly quadruple its pensions business and become the 2nd largest life insurer in the Netherlands with a market share of almost 16%.
Sjoerd van Keulen, Chairman of the Executive Board: “Zwitserleven is an excellent strategic fit for us. It is a unique opportunity for SNS REAAL to become a market leader in the Dutch life and pensions market. This acquisition is in line with our strategic priorities of achieving scale through consolidation, diversifying our income in the Dutch life insurance market, strengthening our distribution, broadening our presence in the SME segment, and gaining a significant presence in the structurally attractive pensions market. It fits our financial criteria and is expected to be EPS accretive in the first 12 months following completion. Although the transaction comes soon after the acquisition of AXA NL, we have the management resources to safeguard the integration process. Zwitserleven is a highly professional organisation, and we welcome the people of Zwitserleven and Swiss Life Belgium to our group.”
The total transaction consideration will be up to Euro 1,535 million and consists of (i) Euro 1,345 million, (ii) up to Euro 90 million reflecting the movement in 2007 of net asset value, and (iii) Euro 100 million relating to a tax benefit on fiscal goodwill created. Excluding the payment for the tax benefit, the purchase price equals 1.17x the Market Consistent Embedded Value, 1.48x the Net Asset V
Datum laatste update: 01 september 2024