NN Group reports 2Q17 results

  • Operating result ongoing business was up from EUR 321 million in 2Q16 to EUR 404 million, of which Delta Lloyd contributed EUR 49 million. The operating result excluding Delta Lloyd increased by EUR 33 million
  • Net result was down 28.2% from 2Q16 to EUR 240 million, of which Delta Lloyd contributed EUR 21 million. The net result excluding Delta Lloyd decreased by EUR 115 million, reflecting a provision related to ING Australia Holdings partly compensated by higher non-operating items
  • Strong commercial momentum: APE was up 43.1% from 2Q16 at constant currencies to EUR 400 million, of which Delta Lloyd contributed EUR 66 million. VNB for 6M17 was up 69.4% to EUR 170 million driven by Japan Life and Insurance Europe
  • Solvency II ratio of NN Group was 196% reflecting the acquisition of Delta Lloyd, positive market impacts, operating return and the deduction of the 2017 interim dividend
  • Holding company cash capital was EUR 1,731 million; including EUR 820 million dividends received from subsidiaries and EUR 500 million capital injection into Delta Lloyd Life
  • Interim dividend 2017 of EUR 0.62 per ordinary share or approximately EUR 209 million

Statement of Lard Friese, CEO

'Today we are reporting our first fully consolidated set of quarterly results for NN Group and Delta Lloyd, and I am pleased with the strong overall performance of the combined group in the second quarter of 2017. We have seen a healthy contribution from Delta Lloyd, and almost all our segments reported improved results compared with a year earlier, most notably in Japan Life and Insurance Europe. The results of our Netherlands Non-life business were impacted this quarter by a EUR 40 million strengthening in the Property & Casualty insurance liabilities. We continued to deliver cost efficiencies across our businesses, leading to a further reduction of our cost base. The Solvency II ratio was 196%, providing a solid foundation for the combined group going forward. The commercial momentum we saw earlier has been sustained, as both sales and the value of our new business increased significantly, and NN Investment Partners again attracted robust Third Party net inflows.

We have made steady progress in our first quarter together with Delta Lloyd, and a start has been made to integrate our businesses, with the aim of taking the combined group into the next phase of our journey. Integrating two organisations and business cultures requires effort and focus. Throughout this process, our employees remain committed to deliver an excellent customer service, further innovate our businesses and to contribute to the societies in which we operate.

We are excited to start this new chapter as a combined group, reporting a first strong set of results. While we bring together the best of our businesses and cultures to integrate NN and Delta Lloyd in the Netherlands and Belgium, our focus remains on disciplined capital management, a strong balance sheet, and on driving ahead with full energy to further improve the customer experience across our 18 markets.'

Read the full story

Related articles

VIG to merge Wiener Staedtische and s Versicherung in Austria

Vienna Insurance Group announced it will merge its two Austrian subsidiaries Wiener Staedtische and Sparkassen Versicherung (s Versicherung)‍​. The merger is expected to become effective in 2018‍​ and it is subject to approval by the boards of the Group companies and the authorities.

2017-11-14

The third largest Slovenian insurer is for sale

Slovenian financial holding KD Group announced, in a statement posted on Ljubljana Stock Exchange's website, that its management board reviewed the group's strategic guidelines, choosing LAZARD as a financial consultant to find a strategic investor for a majority stake in its fully owned insurer ADRIATIC SLOVENICA.

2017-11-14

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

See all