Dutch banking group ING has completed the sale of its reinsurance unit Nederlandse Reassurantie Groep (NRG) to Columbia Insurance Company, a subsidiary of Berkshire Hathaway for €272 million ($422 million).
ING Group announced the sale of NRG on December 28 last year as part of its strategy to focus on its core businesses in banking, investments, life insurance and retirement services.
When ING announced the sale it said it would book a loss of €129 million. On completion of the deal this rose to a total capital loss of €144 million after tax for ING.
According to ING it will report a profit
of €2 million on the transaction in the second quarter. It said the proceeds of the sale have a positive effect on ING's spare leverage of around €170 million.
