NN Group N.V.

Latest Results (27.04.2026):

NN Group N.V. — FY25 (full‑year 2025) results: NN Group reported a strong operating performance for FY25 with operating capital generation up 9% to EUR 2.09 billion and free cash flow up 7% to EUR 1.62 billion, exceeding their 2025 targets; operating result rose 17% to EUR 3,002 million but net result fell to EUR 1,188 million (‑24.9%) due mainly to negative revaluations and divestment effects. Solvency II strengthened to 220%, the total dividend for 2025 is increased 13% to EUR 3.88 per share and the annual buyback was raised to EUR 350 million.

Key financials

Operating capital generation (OCG) EUR 2,089m (+8.7%); free cash flow EUR 1,620m (+6.7%); operating result EUR 3,002m (+16.6%); net result EUR 1,188m (‑24.9%); basic EPS EUR 4.17. OCG exceeded the 2025 target (EUR 1.9bn) and free cash flow was slightly ahead of the EUR 1.6bn target.

Capital strength and liquidity

Solvency II ratio rose to 220% (from 194% at 31‑Dec‑24), driven by market tailwinds and net capital build; cash capital at the holding increased to EUR 1,843m (pro forma ~EUR 1.6bn after redemption of remaining grandfathered T1 in Jan‑2026).

Capital returns

NN Group increased shareholder returns: full‑year 2025 dividend up 13% to EUR 3.88 per share (final dividend proposal EUR 2.50) and the annual share buyback programme increased by EUR 50m to EUR 350m (to be executed within ten months, commencing March 2026).

Drivers of the earnings change

Operating result improvement was driven by higher investment results, Insurance Europe and Netherlands Non‑life; however below‑the‑line items reduced net result — revaluations on derivatives (EUR ‑757m), gains/losses and impairments (EUR ‑351m) and a EUR ‑131m result on divestments contributed to the lower net profit.

Commercial momentum

VNB rose to EUR 442m (+11.7%): Insurance Europe VNB +16% (to EUR 295m), Japan Life VNB +25% after a new product launch. Netherlands Non‑life GWP +6%, surpassing EUR 4bn; Netherlands DC assets under management EUR 42.6bn (+9%, EUR 2.6bn net inflows).

Segment highlights

Netherlands Life OCG EUR 1,185m (+13%); Netherlands Non‑life OCG EUR 442m (+8.8%) with a combined ratio 92.9% (in guidance 91–93%); Insurance Europe OCG EUR 520m (+12.9%); Japan Life OCG EUR 116m (+8%); Banking OCG down to EUR 91m.

Balance sheet & leverage

Total assets EUR 204.9bn (down EUR 5.5bn y/y); shareholders’ equity EUR 19.1bn (‑4%). Financial leverage ratio modestly increased to 18.0% and fixed‑cost coverage improved to 12.5x.

Management outlook & execution

Management highlights progress on the Future Ready programme (target EUR 200m annual benefit by 2027), continued commercial expansion in selected European markets and Japan, and reiterated intent to maintain capital flexibility while executing enhanced shareholder returns.