Dutch insurance companies muscle into the mortgage market
Dutch insurance companies such as Aegon, ASR and Delta Lloyd made hefty inroads into the mortgage market last year, the Financieele Dagblad says on Monday.
Current market leader Rabobank lost the most – 4.4 percentage points of its market share, more than double the decline booked by ING, the FD says, quoting advisory group IG&H Consulting.
‘Insurers and pension funds are hunting for long-term investments with good returns,’ spokesman Bouwe Kuik said.
A spokesman for Rabobank told the paper insurance companies had temporarily offered low interest rates in 2013. ‘Rabobank opts for a fee structure which allows us to guarantee sustainable growth in a responsible manner,’ the spokeman said.
Aegon was the biggest winner among the insurers, boosting its market share by 2.7%. The paper did not say how big the insurance companies’ market share now is.
According to Nos television, Rabobank has around 30% of the Dutch market. ABN Amro and ING, together with their subsidiaries Westland-Utrecht and Florius, each have around 20%.
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