NN Group Investor Update

NN Group has published some financials, plus an investor update;

The company is buying back 250 million in shares and paying a dividend. It’s Solvency II ratio is at 205%, which is impressively high in terms of emergency liquidity. NN Group also notes their continued commitment to “ESG-integrated assets under management and employee engagement.”

David Knibbe, CEO of NN Group: “Our commercial and financial performance has been strong across the businesses. We are well on track to achieving our 2023 financial targets ahead of plan, reflecting the accelerated shift to higher yielding assets, our business transformations in Non-Life and Insurance Europe, as well as the positive impact from higher interest rates. Through investing in our businesses, both organically and inorganically, we have created a strong foundation for long-term sustainable growth.”

The company statement keeps mentioning resilience and having money in the bank is certainly a wise policy.

NN says they will continue to focus on the sale of protection products and profitable growth in Europe and Japan. They are further optimising Non-life business, translating into a combined ratio of between 93% and 95%.

Interestingly, the company says they will “continue to originate attractive Dutch mortgages in an efficient way.”

Owned or mortgaged homes account for about 69% of the housing market in the Netherlands. Like the UK, Dutch house prices have rocketed upwards ahead of inflation, which means LTV ratios have to increase to sustain any growth, even allowing for public sector pay inflation in 2022-24.


About alastair walker 10923 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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