NN Group (NN) H1 2026 earnings summary

Executive summary

• Operating capital generation (OCG) rose 5% year-over-year to EUR 1,073 million in H1 2026, driven by strong business growth in Europe and robust commercial momentum.

• Net result surged to EUR 1,066 million, up 172% year-over-year, supported by higher operating results and positive revaluations.

• Interim dividend increased 12% to EUR 1.55 per share, reflecting continued attractive capital returns.

• The Future Ready programme delivered 65% of targeted annual savings, with EUR 130 million in annual benefits achieved and 70% of planned investments completed.

• Value of new business (VNB) increased 16% to EUR 275 million, with strong growth in Europe and a major pension transaction in the Netherlands.

Financial highlights

• Operating result increased 4% to EUR 1,507 million, with strong contributions from Insurance Europe and Netherlands Non-life.

• Free cash flow rose 7% to EUR 922 million, mainly from higher remittances in Non-Life and Europe.

• Gross written premium in Non-Life grew 6% year-over-year; combined ratio improved to 90.5%, ahead of guidance.

• Assets under management in defined contribution pensions grew 13% to EUR 48.2 billion, with net inflows of EUR 1.7 billion.

• Basic earnings per share increased to EUR 3.93 from EUR 1.31 year-over-year.

Outlook and guidance

• On track to achieve 2028 targets: EUR 2.2 billion OCG, EUR 55 billion DC AUM, and over EUR 1.8 billion free cash flow.

• H2 2026 expected to be in line with H1, with organic growth and positive seasonality in Non-Life.

• Annual share buyback of at least EUR 350 million to continue, with additional excess capital to be returned unless used for value-creating opportunities.

• Some headwinds anticipated in Europe for 2027 due to Greek bancassurance and Czech pension reform, but underlying growth expected to offset.

• Continued focus on sustainable long-term value creation and digital innovation.