NN Group reports 1Q17 results

Strong operating performance; Solvency II ratio at 238%
  •     Operating result ongoing business of EUR 406 million, up 33.3% from 1Q16, driven by higher results in all segments
  •     Net result of EUR 435 million, up 61.0% from 1Q16, reflecting the higher operating result, higher non-operating items and a lower hedge-related loss for Japan Closed Block VA
  •     Further cost savings in the Netherlands bringing the expense base down to EUR 748 million
  •     Strong commercial momentum: APE of EUR 620 million, up 28.3% from 1Q16 at constant currencies, driven by higher sales at Netherlands Life, Insurance Europe and Japan Life; net third party inflows of EUR 2.1 billion at Asset Management; EUR 1.1 billion of mortgage production at NN Bank
  •     Solvency II ratio of NN Group decreased to 238% from 241% at the end of 4Q16 primarily due to market impacts
  •     Holding company cash capital higher at EUR 2,977 million, reflecting the EUR 500 million senior notes issued in January and dividends received from subsidiaries, partly offset by the acquisition of shares in Delta Lloyd in February 2017

Statement of Lard Friese, CEO

'NN Group showed a strong performance in the first quarter of 2017, with all segments contributing to the increase in the Group's operating result compared with the first quarter of 2016. We continue to improve efficiency, with cost savings in the Netherlands bringing the expense base down further. And our balance sheet remains robust, with NN Group
Share |