NN Group reaches 360 mln euro settlement on unit-linked products (updated)

NN

09/01/2024 19:49

(Adds more detail from 3rd paragraph on)
       AMSTERDAM, Jan 9 (Reuters) - Dutch insurer NN Group
 NN.AS  on Tuesday said it had reached an agreement with
interest groups to settle a years-long fight over
investment-linked products for a total consideration of
approximately 360 million euros ($393.12 million).
    In September last year, a court said the company had at
various points offered customers insufficient information about
the costs linked to its products, striking down a 2017 ruling
that had cleared the company of these allegations.
    NN Group said it had taken a 360 million euros provision in
the fourth quarter of last year, with 60 million euros earmarked
for "hardship cases" and customers unaffiliated to the interest
groups who have not previously received compensation.
    NN Group and other Dutch insurers have been dealing with
issues related to these insurance policies, popularly known as
"woekerpolissen" for years.
        The common theme is that customers were allegedly not
informed how much of their premiums went to actual investments,
and how much went to cover insurers' costs.
  
        In previous rounds, NN already compensated buyers of the
products for around 1 billion euros.
  

($1 = 0.9158 euros)

 (Reporting by Bart Meijer)
 ((Bart.Meijer@thomsonreuters.com;))