NN Group (NN) H2 2024 earnings summary

Executive summary

• Operating capital generation for 2024 reached EUR 1.92 billion, meeting the 2025 target a year early, supported by strong business growth in Insurance Europe and robust performance in Netherlands Non-life.

• Free cash flow rose 8% year-over-year to EUR 1.5 billion, progressing toward the EUR 1.6 billion 2025 target.

• Solvency II ratio remained robust at 194%, at the upper end of the 150-200% comfort range.

• Value of new business increased 20% year-over-year, driven by strong sales and margin improvements in Europe and the Netherlands.

• Dividend per share increased by 8% to EUR 3.44, with a recurring EUR 300 million share buyback announced.

Financial highlights

• Operating capital generation for 2024: EUR 1,922 million, up 1% from EUR 1,902 million in 2023.

• Free cash flow for 2024: EUR 1,519 million, up 8% from EUR 1,410 million in 2023.

• Net result increased 35% year-over-year to EUR 1.58 billion, with operating result up 1.8% to EUR 2.57 billion.

• Gross premiums written increased 6% to EUR 14.0 billion, mainly from pension buyouts in the Netherlands and higher sales in Europe.

• Basic earnings per share increased 38% to EUR 5.58.

Outlook and guidance

• Free cash flow target of EUR 1.6 billion for 2025 remains in place.

• Basel IV implementation at NN Bank expected to add 3 percentage points to the solvency ratio in 2025.

• Progressive dividend policy and annual share buyback of at least EUR 300 million to continue.

• Additional excess capital to be returned if solvency ratio remains sustainably above 200%.

• Update on strategy and new medium-term targets to be provided at Capital Markets Day in May 2025.