LONDON, Sept 28 (Reuters Breakingviews) - Dutch insurers NN (NN.AS) and ASR (ASRNL.AS) have lost 3 billion euros of combined market value after court rulings in the Netherlands raised the prospect of large compensation claims.
The respective 22% and 16% stock price collapse will put pressure on the two groups to reach a speedy resolution.
But customers argue that the insurers marketing these policies failed to disclose how much of their premiums went to actual investments, and how much covered the sellers’ costs.
Take Hague-based NN: it has 315,000 active woekerpolissen policies and 581,000 inactive ones, ING reckons.
Its 2.1 billion euro market value loss is equivalent to a claim of 2,300 euros per policy.
Persons:
Pamela Barbaglia, ’, quagmire, Neil Unmack, Streisand Neto
Organizations:
Reuters, ING reckons, JPMorgan reckons, Dutch, X, Thomson
Locations:
Netherlands, Ukraine