The Closure of ASR’s Unit-Linked File Reduces the Uncertainty of NN Group
With the news Nov. 30 that ASR has reached a settlement to close its unit-linked file, we reduce our Uncertainty Rating for NN Group from High to Medium and we maintain our EUR 55 per share fair value estimate. The settlement of EUR 250 million relates to around 140,000 policies represented by the claims foundations. While ASR has set aside a further EUR 50 million as a buffer for claims not included in this settlement, and that is on top of an existing EUR 40 million provision, the total set aside of around EUR 340 million represents a substantially lower amount than the guestimate that has previously been circulated, around EUR 2,430 per policy versus prior working numbers of around EUR 15,000.