Dutch Insurer NN Settles ‘Unfair Cost’ Case for $328 Million
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NN Group NV has agreed to pay around €300 million ($328 million) in a settlement with customers of its unit-linked insurance products following a Dutch court ruling that determined the insurer shouldn’t have imposed certain costs and deductions.
The resolution means all legal proceedings will now be discontinued and no new actions can be started by the consumer group Woekerpolis.nl, the insurer said in a late Tuesday statement. NN recognized a provision of about €360 million in the fourth quarter of 2023 to cover the settlement costs, which includes €60 million for hardship cases.