Insurance firm ASR Nederland (a.s.r.) has agreed to acquire Loyalis from APG Groep for €450m to strengthen its position in the field of disability insurance.
Loyalis, which was founded in 2002, is based in the Netherlands. The company provides disability insurance, survivors’ insurance and also supplementary pensions for employers, employees and self-employed persons.
Headquartered in Heerlen, Loyalis employs around 300 full-time employees. The company has close to 450,000 insured persons at about 10,000 employers.
Last year, the insurance company recorded a premium income of €267m and a net result of €71m. As at year-end 2017, the company’s equity totaled to €437m with €3.1bn of assets under management.
a.s.r. said that the APG subsidiary with its group insurance policies is well placed with medium-sized and large firms in education, healthcare, construction and the government. Loyalis also provides services in the field of prevention, vitality, absenteeism and reintegration, said a.s.r.
a.s.r. CEO Jos Baeten said: “This acquisition is in the core of our strategy. a.s.r. plays a leading role in the field of disability insurance with the De Amersfoortse brand, with a focus on sustainable employability.
“The acquisition of the complementary portfolio of Loyalis strengthens a.s.r.’s market position and offers us opportunities to grow further in new segments.”
APG, which is a Dutch pensions administrator, said that the sale of its insurance subsidiary is part of its strategy to focus mainly on realizing pension value for participants of pension funds operated by it.
The company also said that the sale gives its insurance subsidiary scope to further expand its scale and realize a wider product range.
The pensions administrator has signed long-term agreements with a.s.r. to guarantee the continuity of service to customers from its insurance subsidiary.
APG Group CEO Gerard van Olphen said: “With a.s.r., Loyalis is offered the opportunity to strengthen its future in the insurance market. a.s.r. is a large Dutch party that offers continuity and security for Loyalis customers in the longer term.
“APG can now focus more on its primary tasks in the area of pension administration and asset management of the pension funds that are connected to us.”
The transaction will be based on the approval of De Nederlandsche Bank and the Dutch Consumer & Market Authority among other conditions.