Brussels, 11 February 2021 (7.05 a.m. CET)
KBC to acquire NN’s Bulgarian pension insurance and life insurance businesses
Yesterday, KBC Group and the
Netherlands
all the shares of
all the assets and liabilities of NN Insurance Co. Ltd. – Sofia Branch (Bulgaria)
The deal has a total consideration of 77.7 million euros and will only have an immaterial impact on KBC’s solid capital position. Upon closure, KBC Insurance’s Solvency II ratio – which stood at an excellent 222% at the end of 2020 - will be reduced by approximately 6 percentage points, but remain well above regulatory requirements, while KBC Group’s CET1 ratio will be maintained at an outstanding level (17.6% in 4Q2020, Basel III, fully loaded – Danish compromise).