VvAA Sells Life Insurance Business to a.s.r.
VvAA Groep B.V. (VvAA) and ASR Nederland N.V. (a.s.r.) have agreed that a.s.r. will acquire VvAA Levensverzekeringen N.V. With this takeover, VvAA will secure the access to life insurance products including term life insurance and annuity products for its more than 120,000 members. Besides a multi-year collaboration for the life insurance business, VvAA and a.s.r. also intend to further expand the services to VvAA members. This takeover fits into a.s.r.’s strategy to grow not only organically but also through targeted bolt-on acquisitions, and it meets the strict financial criteria that a.s.r. applies for acquisitions.
The life insurance portfolio comprises approximately 18,000 policies. The annual premium income is €28 million, and the technical provisions amount to €430 million. 14 employees will be transferred from VvAA to a.s.r. The takeover has limited impact on a.s.r.’s profitability and solvency. As a collective of care providers, VvAA will continue to offer a total package of products and services to provide a full-service solution to its members. Products and services of the life insurance business will from now on be offered in collaboration with a.s.r. VvAA will continue as advisor for all products and services, thus remaining the point of contact for its members.
In view of the declining market for life insurance products, VvAA has decided to continue to offer these products, but it will no longer construct them itself. For this reason, VvAA has entered into a collaboration with an insurance company with a robust product range in the life insurance market. This way it will retain a solid foundation for its members. Furthermore, in the context of capital growth and protection, members feel the need for Personal Finance products. Improving and broadening the VvAA strategy can be realized with this strategic partner.
“In our choice for a.s.r. we have carefully considered several elements, including the interests of our members and of our staff. We want to offer our members a top-quality total package of products and services and optimal service. In addition, we were looking for excellent employment conditions for the current VvAA life insurance business colleagues. With this partner, we can safeguard the quality of our service, now and in the future, in a way that takes full account of our VvAA standards.” – Kees Brouwer, chairman of the board of VvAA.
“We are very pleased with VvAA’s choice to transfer its life insurance business to a.s.r. This underlines that our ongoing attention to optimal service to our clients with quality products is recognised and appreciated. This takeover fits in with a.s.r.’s strategy of targeted bolt-on acquisitions. As a strategic partner, we stand ready to further expand and improve, together with VvAA, the product range for its members. I extend a warm welcome to the customers and staff of VvAA.” – Jos Baeten, CEO a.s.r.
The takeover is subject to approval of the De Nederlandsche Bank and completion of the advice procedure with the works council of VvAA. a.s.r.’s works council has already issued a positive advice on the takeover.
About VvAA
As a group of well over 120,000 care providers, VvAA is the voice of care providers in the Netherlands, providing support where necessary. Started in 1924 by three physicians who felt that they could offer a better service as a group, the organisation has now grown into a powerful collective. Together we voice our opinion on a broad range of care-related topics such as passion in care, free choice of doctor and less bureaucracy. In addition, VvAA supports individual members and their care businesses in the form of knowledge sharing, advice, development, insurance and other profession-related services. Tailored to their situation and co-developed by and for care providers. Go to www.vvaa.nl for more information.
About a.s.r.
ASR Nederland N.V. (a.s.r.) belongs to the top-3 insurers in the Netherlands. a.s.r. offers products and services in the area of insurance, pension and mortgages for consumers and SMEs. In addition, a.s.r. is also active as third-party asset manager. a.s.r. is listed at Euronext Amsterdam and is included in the AEX Index. Read more information on this website.