Dutch Insurer NN Group Offers to Buy Part of MetLife’s European Businesses

NN Group NV offered to acquire part of MetLife Inc.’s businesses in Europe, saying the move is in line with its strategy to consolidate leading positions in attractive growth markets.

The Dutch insurer said in a statement Sunday that it will further update the market on the offer “if and when appropriate.” Bloomberg reported Friday that NN was in talks to pay about $740 million for the assets.

NN shares were up 0.64% at 9:43 a.m. in Amsterdam Monday, giving it a market value of 12.9 billion euros ($15.4 billion).

New York-based MetLife is selling the assets as it seeks to streamline its global business. Its operations in Europe, the Middle East and Africa reported adjusted earnings of $327 million in 2020, up from $282 million in 2019.

The offer comes as NN, which has been facing pressure from activist Elliott Investment Management to unlock value for shareholders, pursues a sale of its asset management arm. It had also bid on Aviva Plc’s Polish operations this year.

–With assistance from Sebastian Tong.

Photograph: The MetLife insurance building is seen in Warsaw, Poland on March 11, 2018. Photo credit: Jaap Arriens/NurPhoto/Getty Images.