NN Group
A Dutch financial services group whose businesses include life and general insurance, banking products, and asset management.
Last updated August 27, 2026
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Overview
NN Group is a Dutch financial services group headquartered in The Hague. It is the parent company of Nationale-Nederlanden and, until its sale in 2022, NN Investment Partners. The group’s activities are rooted in the Dutch insurance market but extend across several European markets and Japan. Its offerings include life insurance, pensions, protection and other insurance products, mortgages and selected banking services, as well as investment and asset-management services through its operating businesses. The group’s principal Dutch insurance brand, Nationale-Nederlanden, was created in 1963 through the merger of De Nederlanden van 1845 and the Nationale Levensverzekeringsbank. The combination brought together the domestic position of Nationale and the international experience of De Nederlanden. The merged company invested in computerisation and developed capabilities in group insurance, helping it expand its product range and geographic reach. Nationale-Nederlanden later became part of the broader ING Group following the 1991 merger between Nationale-Nederlanden and NMB Postbank Groep. The financial crisis of 2008 changed the structure of the business. ING Group received support from the Dutch state and, as part of the associated restructuring requirements, was directed to separate its insurance and asset-management operations from its banking activities. NN Group was established in 2013 as the holding company for ING’s European and Japanese insurance and asset-management businesses, including Nationale-Nederlanden and NN Investment Partners. NN Group subsequently became a separately listed company on Euronext Amsterdam in 2014. The separation from ING was completed in 2016 when ING sold its remaining interest in NN Group. NN expanded its position in the Dutch insurance market by agreeing in December 2016 to acquire Delta Lloyd Group for approximately EUR 2.5 billion. The transaction combined two significant Dutch insurance businesses and broadened NN’s customer, product and distribution base. NN later sold NN Investment Partners to Goldman Sachs, with the transaction completed in April 2022 for approximately EUR 1.7 billion. The sale reduced NN Group’s direct asset-management footprint while leaving insurance and related financial services at the centre of its business. NN primarily distributes insurance through independent intermediaries in the Netherlands rather than relying only on a large network of company-owned branches. Its offices in The Hague and Rotterdam are important Dutch locations, while its Ede office has historical links to the former RVS business. The group also operates internationally through its insurance and financial-services activities in selected European countries and Japan. As a listed holding company, NN Group’s identity is therefore distinct from that of Nationale-Nederlanden: NN Group is the corporate parent, while Nationale-Nederlanden remains the best-known customer-facing brand in the Netherlands.
History
NN Group’s history combines the development of Dutch insurance institutions with the restructuring of the former ING financial conglomerate. Its most important operating heritage comes from Nationale-Nederlanden, which was formed in 1963 when De Nederlanden van 1845 merged with the Nationale Levensverzekeringsbank. The merger united a company with a strong domestic insurance position and a business known for international experience. The combined organization benefited from pooling resources for emerging computer technology and other innovation, while cooperation in group insurance supported later expansion. Nationale-Nederlanden developed into one of the Netherlands’ major insurance and asset-management businesses. Its activities included life insurance and group insurance, and the wider business also offered financial products such as mortgages. Distribution in the Netherlands relied substantially on independent intermediaries, a model that remained important to the group’s relationship with customers and advisers. In 1991, Nationale-Nederlanden merged with NMB Postbank Groep. The transaction created ING Group, a broader financial-services organization combining banking, insurance and investment activities. Nationale-Nederlanden continued as the insurance component of the new group, while the combined organization expanded its range of financial products and international operations. The global financial crisis of 2008 placed ING under significant pressure. ING received financial assistance from the Dutch state, and the restructuring associated with that support required the group to separate its insurance and asset-management operations from its banking activities. This process led to the creation of NN Group in 2013. NN Group became the holding company for ING’s European and Japanese insurance operations and its asset-management activities, including Nationale-Nederlanden and NN Investment Partners. NN Group entered public markets through an initial public offering on Euronext Amsterdam in 2014. The company’s separation from ING was completed in 2016, when ING sold its remaining stake. That same year, NN agreed to acquire Delta Lloyd Group for approximately EUR 2.5 billion. The transaction was a major consolidation step in the Dutch insurance market and added the activities and customer relationships of another established Dutch financial-services group. The group later changed its portfolio through the disposal of NN Investment Partners. NN completed the sale of the asset manager to Goldman Sachs in April 2022 for approximately EUR 1.7 billion. The transaction marked a strategic shift away from owning a large standalone asset-management business and placed greater emphasis on insurance and associated long-term financial products. NN Group remains headquartered in The Hague, with another major Dutch office in Rotterdam at Gebouw Delftse Poort and an office in Ede associated with the former RVS business. Its geographic footprint includes the Netherlands, other European markets and Japan. In the Netherlands, the group’s customer-facing activity is principally associated with Nationale-Nederlanden, while NN Group functions as the listed corporate parent. The company has also faced scrutiny over responsible-investment issues. In 2018, environmental organizations objected to investments in tar-sands oil companies and pipelines; NN defended engagement with investee companies as a more effective approach than simply divesting.
- 2022
NN Investment Partners is sold
[1]NN Group completes the sale of NN Investment Partners to Goldman Sachs for approximately EUR 1.7 billion.
- 2018
Environmental-investment criticism
[1]Environmental organizations criticize NN Group’s exposure to tar-sands oil companies and pipelines; the group responds by defending active engagement.
- 2016
Agreement to acquire Delta Lloyd Group
[1]NN Group agrees to acquire Delta Lloyd Group for approximately EUR 2.5 billion, expanding its position in Dutch insurance.
- 2016
Separation from ING is completed
[1]ING sells its remaining interest in NN Group, completing the corporate separation initiated after the financial crisis.
- 2014
NN Group lists on Euronext Amsterdam
[1]NN Group becomes a publicly traded company through an initial public offering on Euronext Amsterdam.
- 2013
NN Group is established
[1]NN Group becomes the holding company for ING’s European and Japanese insurance and asset-management businesses.
- 2008
ING restructuring begins after the financial crisis
[1]Following Dutch state support for ING, the group is required to separate its insurance and asset-management operations from its banking activities.
- 1991
Nationale-Nederlanden joins NMB Postbank Groep
[1]The merger creates ING Group and brings Nationale-Nederlanden into a larger banking, insurance and investment-services organization.
- 1963
Nationale-Nederlanden is formed
[1]De Nederlanden van 1845 and the Nationale Levensverzekeringsbank merge to form Nationale-Nederlanden, establishing the principal insurance heritage later carried by NN Group.
Products and positioning
A diversified European financial-services group with a strong Dutch insurance heritage, serving retail, corporate and institutional customers through branded businesses and intermediary distribution.
Insurance
Life insurance
Life insurance is a core part of NN Group’s historical business, inherited principally through Nationale-Nederlanden. The category includes long-term protection and savings-oriented arrangements associated with the group’s insurance operations. Its development reflects the company’s origins in Dutch life-insurance institutions and its later role in serving individual and group customers.
Retirement and employee benefits
Pensions and group insurance
NN Group’s insurance heritage includes group insurance and pension-related solutions for employers and customers. These products address long-term retirement planning and employee-benefit needs and have been an important area of expertise since the formation and expansion of Nationale-Nederlanden.
Insurance
General insurance
The group’s broader insurance portfolio includes general insurance products distributed through its customer-facing businesses. Specific product availability varies by market, and in the Netherlands the distribution model relies substantially on independent intermediaries rather than only on company-owned branches.
Banking and lending
Mortgages and banking products
In addition to insurance, NN Group’s businesses offer selected banking and lending products, including mortgages. These services complement long-term insurance and retirement relationships by addressing household financing and other personal-finance needs.
Investment management
Asset management
Asset management was historically represented by NN Investment Partners, which operated as part of NN Group’s investment and financial-services portfolio. NN Group completed the sale of NN Investment Partners to Goldman Sachs in 2022, so the business is no longer an NN Group-owned flagship operation.
Brand decisions
2022
Sell NN Investment Partners to Goldman SachsM&ABackground
NN Group reviewed the composition of its portfolio after operating insurance and asset-management businesses under the same holding company.
Action taken
NN Group completed the sale of NN Investment Partners to Goldman Sachs for approximately EUR 1.7 billion.
Aftermath
The transaction reduced NN Group’s direct ownership of asset-management activities and increased the relative importance of insurance and related financial services.
Transaction value. Approximately EUR 1.7 billion (April 2022)
2016
Acquire Delta Lloyd GroupM&ABackground
NN Group sought to expand its scale and position in the Dutch insurance market by combining with another established Dutch insurance business.
Action taken
NN Group reached an agreement to acquire Delta Lloyd Group for approximately EUR 2.5 billion.
Aftermath
The transaction broadened NN Group’s Dutch insurance platform and consolidated two significant market participants.
Transaction value. Approximately EUR 2.5 billion (2016)
2013
Create a standalone insurance and asset-management groupStrategyBackground
ING’s post-crisis restructuring required the separation of its insurance and asset-management operations from its banking business.
Action taken
NN Group was established as the holding company for ING’s European and Japanese insurance and asset-management activities.
Aftermath
The new group proceeded toward a public listing and eventual full separation from ING.
Recent events
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