{"id":23075,"date":"2025-01-23T12:21:26","date_gmt":"2025-01-23T12:21:26","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=809282"},"modified":"2025-01-23T12:21:26","modified_gmt":"2025-01-23T12:21:26","slug":"banks-have-unfair-edge-over-insurers-in-ma-race-nn-ceo-says","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2025\/01\/23\/banks-have-unfair-edge-over-insurers-in-ma-race-nn-ceo-says\/","title":{"rendered":"Banks Have Unfair Edge Over Insurers in M&amp;A Race: NN CEO Says"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/img\/social\/opengraph\/ij-social-default-1200x630.png\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2025\/01\/23\/809282.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2025\/01\/23\/809282.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<div class=\"news--published-info\">\n<p class=\"bloomberg\">A top European insurance executive slammed a piece of regulation that has emerged as key driver behind a recent slate of asset management acquisitions by banks.<\/p>\n<\/div>\n<p>The rule known as Danish Compromise gives the region\u2019s lenders \u201can advantage\u201d when buying investment units, NN Group NV Chief Executive Officer David Knibbe said in an interview at the World Economic Forum in Davos. He has complained about the issue to several European regulators, he said.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"carriers,mergers\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The Danish Compromise allows banks to reduce the hit to their regulatory capital levels if they buy an asset management firm through an insurance subsidiary. BNP Paribas used the loophole when buying AXA\u2019s investment unit last year and Banco BPM SpA in Italy has said the effect is essential in its proposed acquisition of the asset manager Anima Holding SpA.<\/p>\n<p>The comments show that insurance companies are unhappy with what they see as a distorted competitive landscape. Speaking at an event in November, Carlo Cimbri, the chairman of Italian insurer Unipol Assicurazioni SpA, labeled as \u201cscandalous\u201d the advantage afforded by the Danish Compromise to banks in asset management M&amp;A<\/p>\n<p>\u201cIt is not very much facilitated that insurance companies own a bank\u2026while the other way around has been made, from a capital point of view, relatively attractive,\u201d Knibbe said in the interview at Davos.<\/p>\n<p>NN agreed in 2021 to <a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2021\/08\/19\/627884.htm\" target=\"_blank\" rel=\"noopener\">sell its investment arm<\/a> to Goldman Sachs Group Inc. for about <a href=\"https:\/\/www.goldmansachs.com\/pressroom\/press-releases\/2022\/announcement-11-apr-2022\" target=\"_blank\" rel=\"noopener noreferrer\">\u20ac1.7 billion<\/a> ($1.8 billion).<\/p>\n<div class=\"copyright-notice quiet\">Copyright 2025 Bloomberg.<\/div>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/mergers\/\" class=\"btn btn-sm btn-primary tagtag\">Mergers &amp; Acquisitions<\/a> <a href=\"https:\/\/www.insurancejournal.com\/carriers\/\" class=\"btn btn-sm btn-primary tagtag\">Carriers<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"809282\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Carriers<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments A top European insurance executive slammed a piece of regulation that has emerged as key driver behind a recent slate of asset management acquisitions by banks. The rule known as Danish&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":23076,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1285,1286,24,1287,1,1288,1267],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2025\/01\/banks-have-unfair-edge-over-insurers-in-ma-race-nn-ceo-says.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23075"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=23075"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/23076"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=23075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=23075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=23075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}