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FINANCIALS: NN Group: Solid Operating Results, Credit Neutral

FINANCIALS

NN Group (NNGRNV: A-/A) headlines appear a strong operating result with operating profit, combined ratio and SII ratio all ahead of expectations. Another large below-the-line revaluation (derivatives and hedge asymmetry) does mean a pre-tax miss – this will be a key subject for the call, in our view. We see these results as credit neutral.

  • “*NN GROUP 1H OPER PROFIT EU1.33B, EST. EU1.26B (2 EST.)
  • *NN GROUP 1H SOLVENCY II 192%, EST. 190.1%
  • *NN GROUP 1H COMBINED RATIO 92.2%, EST. 92.5%
  • *NN GROUP TO HOLD CAPITAL MARKETS DAY ON MAY 27, 2025
  • *NN AIMS TO COMPLETE UNIT-LINKED SETTLEMENT BEFORE JUNE 2025” - BBG

Conf call is 0830 (London time) at: https://nn-group.nngroup-webinars.com/1h24-results-analyst-investor-call

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