Nationale Nederlanden Is a Good Quality and Undervalued Benelux Multiline

Nationale Nederlanden is the former Europe and Japan insurance business of International Netherlands Group and includes the divested asset management division. When the global financial crisis hit, International Netherlands Group was forced to divest its insurance assets as part of the conditions for receiving government aid. Originally, the spinoff of these assets was mandated to occur before end-2013. This deadline was extended to end-2014 and National Nederlanden was subsequently listed on the Amsterdam Stock Exchange. The larger banking group has subsequently sold the rest of its stake in Nationale Nederlanden.