Delta Lloyd Group

Delta Lloyd Group was a Dutch insurer with operations in the Netherlands, Belgium and Germany. It consisted of Delta Lloyd, OHRA, ABN AMRO Verzekeringen and a few minor banks. The company was the sixth-largest insurer in the Netherlands, with a market share of approximately 8% before it was acquired by NN Group in 2017.

Delta Lloyd N.V.
TypeNaamloze vennootschap
IndustryFinancial services
PredecessorNederlandsche Lloyd Edit this on Wikidata
Founded1807 (1807)
HeadquartersAmsterdam, Netherlands
Key people
Hans van der Noordaa (CEO), Rob Ruijter (Chairman of the supervisory board)
ProductsLife, property and casualty insurance; mortgages; asset management; savings accounts
Revenue€8.999 billion (2010)[1]
€620.8 million (2010)[1]
Total assets$108.1 billion (2015)[2]
Total equity€4.956 billion (end 2010)[1]
Number of employees
6,665 (FTE, average 2010)[1]
Websitewww.deltalloydgroep.com/en/

Up until the merger, Delta Lloyd was owned by the Dutch foundation Nuts OHRA (5%) and publicly traded (95%). Previously, it had been owned by Aviva. On 23 December 2016, competitor NN Group reached an agreement to acquire Delta Lloyd for 2.5 billion euro.[3]

History

The earliest predecessor of Delta Lloyd, the Hollandsche Societeit van Levensverzekeringen, was founded in 1807. In 1966, it merged with the Amsterdamsche Maatschappij van Levensverzekeringen- also known as Amstleven and was renamed Delta. The "Hollandsche Societeit" had a few non life companies, like the "Koepel" and "Bataafsche", while Amstleven had acquired the Arnhemsche Verzekering maatschappij N.V. in 1964. Daughter of the Arnhemsche was the specialist pleasurecraft insurer "Nereus. Before the "Delta" group could consolidate properly in 1967, Delta merged with NedLloyd (not to be confused with the shipping company of the same name). As all offices of the various companies were spread around Amsterdam- CBD - within the canal belt - it was decided to build a new head office in Amsterdam Slotervaart at the Nachtwachtlaan. All non life business moved there in 1969. In 1973, all shares in Delta were bought by the British firm Commercial Union (now part of Aviva). In 1999, Delta Lloyd merged with OHRA, the resulting company being renamed to Delta Lloyd Group in 2002. In 2016, Delta Lloyd discontinued as such after being acquired by NN Group.

Initial public offering

The Delta Lloyd Group officially went public on the NYSE Euronext Amsterdam on 3 November 2009.[4] Delta Lloyd made 38–42% of its shares public, with its major shareholder Aviva reducing its ownership from 92% to 50–54%. Delta Lloyd's other previous shareholder, Nuts OHRA, retained its 8% stake. In July 2012 and January 2013, Aviva sold its stake, making the group 95% publicly traded.

On October 5, 2016, NN Group unexpectedly made an offer for all Delta Lloyd shares, the offer has a cash value of 2.4 billion euros. Delta Lloyd, the fourth-largest insurer in the Netherlands, has 3.2 million customers in the Netherlands and Belgium and 5,200 employees.[5] NN Group is much larger than Delta Lloyd, it has four times as many customers and double the number of employees.[5] In December 2016, the two reached an agreement after NN Group raised the bid by 10 euro cents to €5.40 per share. The combination will become a strong player in pensions, non-life insurance and asset management in the Netherlands and Belgium. Furthermore, it will be able to work more efficiently, achieving significant cost benefits of at least €150 million by 2020.[6] Trade union CNV Vakmensen fears that between 1,000 and 1,500 jobs will be lost in the process.[6] On June 1, 2017, Delta Lloyd ceased to exist for good,[7] The legal merger with NN Group took effect on that day. Delta Lloyd shareholders received NN Group shares. On May 31, Delta Lloyd shares traded for the last time and the company disappeared from the stock exchange.[7]

Delta Lloyd Netherlands

Delta Lloyd
Amsterdam, office building: Delta Lloyd
Ghent, office building: Delta Lloyd
Office building in Brussels

Delta Lloyd formed the core of the Delta Lloyd Group. It offered savings accounts, insurance and financial planning.

OHRA

OHRA was formed in 1925 and originally known as Onderlinge ziektekostenverzekeringsfonds van Hoogere RijksAmbtenaren (Mutual health insurance for senior civil servants).

ABN AMRO Verzekeringen

ABN AMRO Verzekeringen is a joint venture between ABN AMRO and Delta Lloyd, giving Delta Lloyd the exclusive right to sell insurance through ABN AMRO offices. It had a revenue of €900 million in 2006. For Delta Lloyd, this joint venture represented a vital means of selling insurances.

Delta Lloyd Health Insurance

Delta Lloyd was only a small player in the health insurance market with only 700,000 customers. Originally, Delta Lloyd tried to merge its health insurance division with Agis and Menzis, but the deal fell through, thus necessitating Delta Lloyd to sell its health insurance division to CZ Group, effective 1 January 2008.

Delta Lloyd Bank

Delta Lloyd also offered limited banking products, such as savings accounts and mortgages.

Delta Lloyd Belgium and Germany

Delta Lloyd was also active in Belgium and Germany. In Belgium, the company offered life insurance and collective insurance. In Germany, Delta Lloyd stopped signing new contracts in 2010.

References
  1. "Annual Report 2010" (PDF). Delta Lloyd Group. Archived from the original (PDF) on 1 September 2011. Retrieved 22 April 2011.
  2. "The World's Biggest Public Companies". forbes.com.
  3. Belia Heilbron (23 December 2016). "Delta Lloyd stemt in met overnamebod NN Group" [Delta Lloyd agrees with takeover bid NN Group] (in Dutch). NRC Handelsblad.
  4. Kreijger, Gilbert; Ku, Daisy (3 November 2009). "Delta Lloyd falls after IPO prices at low end". Reuters. Retrieved 3 May 2010.
  5. "Verzekeraar NN Group doet bod op Delta Lloyd". NRC (in Dutch). 2016-10-05. Retrieved 2023-05-18.
  6. Volkskrant Grootste overname in verzekeringswereld: NN neemt Delta Lloyd over, 23 december 2016, geraadpleegd op 23 december 2016
  7. Telegraaf Woensdag afscheid van Delta Lloyd, 30 mei 2017, geraadpleegd op 1 juni 2017
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