Following the announcement of 5 July 1999, Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc (“CGU”), has reached agreement to merge with NUTS OHRA, the Dutch health, life and general insurer.
Following the announcement of 5 July 1999, Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc (“CGU”), has reached agreement to merge with NUTS OHRA, the Dutch health, life and general insurer.
The new company, DELTA LLOYD NUTS OHRA, will be the 3rd largest insurer in the Netherlands. The merger is subject to the approval of the European Commission and full details of the transaction will be released at the time of CGU’s 9 months results on 10 November 1999.
Notes to Editors
- CGU is Europe’s 5th largest insurance group and the largest in the UK (based on worldwide sales of some Ł18bn per annum).
- Delta Lloyd ranked fifth in the Netherlands for both life and general insurance, with total premium income of Ł1.1bn in 1998, of which life business accounted for two-thirds.
- NUTS OHRA is a mutual insurance company and the 10th largest insurer in the Netherlands. It has a strong position in health care (some 80% of sales) and direct distribution (some 40% of sales) with the balance through intermediaries. Premiums in 1997 were over Ł900m.
- Business analysis of DELTA LLOYD NUTS OHRA, based on premium income:
56% Life
21% General insurance
21% Health
2% Other
- Distribution channels of the new group:
75% Intermediary (ranked 1st)
25% Direct marketing (ranked 2nd)
- Key market positions of the new group:
3rd largest insurer in the Netherlands
3rd largest pensions business
2nd largest health company
4th largest life business
4th largest general insurance business