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 across segments.

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

• Interim dividend increased by 12% to EUR 1.55 per share, reflecting continued capital return to shareholders.

• 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 offsetting lower VNB in Japan.

Financial highlights

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

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

• Net result rose to EUR 1,066 million, supported by higher operating results and lower negative revaluations.

• Gross written premiums for Netherlands Non-life up 6%; combined ratio improved to 90.5%, ahead of guidance.

• Basic earnings per share increased to EUR 3.93 from EUR 1.31 in H1 2025.

Outlook and guidance

• On track to achieve 2028 targets: EUR 2.2 billion OCG, over EUR 1.8 billion free cash flow, and strong capital returns.

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

• Free cash flow target of over EUR 1.8 billion by 2028 reaffirmed.

• Future Ready programme expected to deliver EUR 200 million in annual benefits by 2027, with 65% already achieved.

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