Dutch insurance giant NN Group exiting Turkish market after 15 years

NN Group, a Dutch insurance company operating in 18 countries and having entered the Turkish market in 2008, has made a surprising decision to stop its activities in Türkiye after 15 years and sell its operations.

NN Group, which began its operations in Türkiye in 2008, announced that it will cease its business there. The major company has agreed to sell its operations to Zurich Türkiye.

Frank Eijsink, CEO of NN International Insurance, stated: “The decision to sell our operations in Türkiye is the result of a comprehensive process. After careful consideration, we have concluded that exiting Türkiye is the best course of action for our local customers, employees, and other stakeholders. The transaction is subject to approval by regulatory authorities and the Competition Authority, and is expected to be finalized in the first quarter of 2025.”

NN Group primarily operates in the Netherlands and 18 other countries, including European nations and Japan.

The company began its Turkish operations in 2008 by acquiring OYAK Emeklilik from ING Group. In Türkiye, NN offered retirement plans, life insurance, and supplementary health insurance products. As of 2023, the company had 12,000 employees globally, with 203 of them in Türkiye, serving 406,000 customers.

In January 2023, NN Hayat ve Emeklilik transferred its automatic enrollment portfolio to Fiba Emeklilik.