FINANCIALS: NN Group: 1H24 Preview; Non-life Stats, Dutch Pension Updates

NN Group (NNGRNV: A-/A) reports 1H24 results on 15-Aug. Spreads have done reasonably well this year, after good 2H23 results and there was a positive RT1 issuance in March. Non-life performance (which has been mixed amongst peers) alongside news on Dutch pensions could feature.

• Results for FY24 (29-Feb) beat expectations on operating capital generation (OCG) and equity payout assumptions were revised upwards, pushing the equity on 8% on the day. OCG and FCF guidance for FY25 was also upgraded. Spreads were broadly unchanged.
• The company issued its debut RT1 in March which has tightened around 40bp since issue. Much as this is now a EUR13bn insurer, it has been linked in the press with Generali’s “growth push”. Dutch pension reform, alongside the usual non-life performance measures are likely to feature tomorrow.
• Spreads are a little (5bp) tighter since results in Feb (vs. €IG insurers +3bp) but have broadly tracked peers across recent volatility. The equity has outperformed its peers quite meaningfully (20pp) this year, so at least the latter includes some expectation.
• Revenue estimates were trimmed down for FY24 and up for next year after results, though net earnings have moved slightly higher for both years.

Results are due at 0600 (London time) with an 0830 conf call at: https://nn-group.nngroup-webinars.com/1h24-results-analyst-investor-call