NN in Extension of Bancassurance Distribution Relationship With ING in Belgium

Cleary Gottlieb represented NN Insurance Belgium (NNIB) and the Belgian branch of Nationale-Nederlanden Schadeverzekering Maatschappij (together with NNIB, NN Belgium), both subsidiaries of global insurer and financial services provider NN Group, in the renewal and extension of their bank-insurance partnership with ING Belgium, a subsidiary of global financial institution ING Group.

NN Group, listed on Euronext Amsterdam and previously known as ING Insurance, was formed as a result of the separation of ING Group’s banking and insurance businesses following the 2008 financial crisis.  It is active in 11 countries, with a strong presence in a number of European countries and Japan.  With 16,000 employees, NN provides retirement services, pensions, insurance, banking and investments to approximately 19 million customers.

ING Group is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group’s shares are listed on the exchanges of Amsterdam, Brussels and on the New York Stock Exchange.

With the transaction, NN Belgium and ING Belgium extend and renew their collaboration on the Belgian market for a ten-year term until 2034, during which ING Belgium will continue distributing NN Belgium’s insurance products to its retail customers.

The transaction was announced on June 28, 2024. NN Belgium and ING Belgium’s press releases are available here and here.