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NN Group raises cost reduction target after Delta Lloyd takeover
November 30, 2017 / 6:18 AM / in 16 days

NN Group raises cost reduction target after Delta Lloyd takeover

AMSTERDAM, Nov 30 (Reuters) - Dutch insurer NN Group said on Thursday it aims to cut costs by 350 million euros ($415.3 million) by 2020, following the takeover of smaller Dutch rival Delta Lloyd earlier this year.

NN Group had earlier estimated the acquisition would lead to 150 million euros in synergy savings, on top of cost reduction plans earlier announced by both companies. The insurer expects to grow its gross operational result by 5 to 7 percent annually in the medium term. ($1 = 0.8428 euros) (Reporting by Bart Meijer; Editing by Sunil Nair)

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