May 2026
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Largest Insurance Carriers Public Companies in Netherlands
Benchmark revenue and EBITDA valuation multiples for public comps like
NN Group, ASR Nederland and Aegon.
 | NN Group is a European insurance company that primarily sells long-term savings in the Netherlands. The business is made up of four divisions: Netherlands life, Netherlands nonlife, insurance Europe, and Japan life. The Netherlands life business is the biggest division and tends to generate around three-quarters of operating income. That business sells traditional spread-based long-term savings and more modern defined-contribution savings. Since 2022, assets that are managed to support the traditional savings products and in-house part of defined-contribution products are managed by Goldman Sachs. Since around 2013, NN has closed its domestic individual life insurance products to new business. | $84 | +31% | $22B | $30B | 1.9x | 8.5x | ||
| ASR Nederland NV is an insurance company. The company offers a variety of insurance policies to its customers. The business segments are Non-life; Life; Banking, Asset Management; Distribution and Services and Holding and Other. The Non-life insurance entities offer Non-life insurance contracts. Its life insurance entities offer financial products such as life insurance contracts and life insurance contracts on behalf of policyholders. The Asset Management segment involves all activities related to asset management including investment property management. Its Distribution and Services segment includes activities related to the distribution of insurance contracts. | $75 | +15% | $15B | $23B | 1.5x | 11.7x | ||
| Aegon is a life insurance and long-term savings business listed in the Netherlands. It was listed on the Amsterdam Stock Exchange in the 1980s and now has mature operations in the United States, the United Kingdom, and four growth markets of Brazil, China, Portugal, and Spain. Over recent years, Aegon has been moving through an extensive transformation program where management has sought to divest noncore operations and improve the risk profile of the business. Financial assets are the parts of the company that are now being run off. Aegon is looking to cycle out of capital-consumptive and volatile earnings products and recycle funds into capital-light and more predictable strategic businesses. | $9 | +19% | $13B | $14B | 0.4x | 7.0x | ||
| Median | $75 | +19% | $15B | $23B | 1.5x | 8.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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