NN Group (2NN0) AI Stock Analysis
NN Group
(Frankfurt:2NN0)
No summary available
NN Group (2NN0) vs. iShares MSCI Germany ETF (EWG)
- Market Cap
- EUR 22.61B
- Dividend Yield
- 5.23%
- Average Volume (3M)
- ―
- Price to Earnings (P/E)
- 11.5
- Beta (1Y)
- 0.50
- Revenue Growth
- 39.01%
- EPS Growth
- 44.63%
- Country
- Germany
- Employees
- 16,188
- Sector
- Financial
- Sector Strength
- 68
- Industry
- Insurance - Diversified
NN Group Business Overview & Revenue Model
Company Description
NN Group N.V. is a financial services entity primarily focused on providing life insurance products within the Netherlands and globally. Its operations are structured into several distinct segments: Netherlands Life, Netherlands Non-life, Insurance E...
NN Group Earnings Call Summary
The call presented multiple strong operational and capital highlights: OCG growth (+5% to EUR 1.1bn), improved solvency (224%) after bank exclusion, clear delivery from the Future Ready AI/efficiency program, robust European commercial momentum (VNB +14% in Europe), strong DC inflows and AUM growth, improved Non-life profitability (combined ratio ~90.5%) and higher shareholder returns (interim dividend +12%). Offsetting these positives are localized but material challenges: weaker sales dynamics and lower CSM release in Japan, an expected drop in bancassurance volumes in Greece, regulatory fee pressure in Czechia, elevated disability claims and provisioning, and market/FX headwinds that reduced solvency by ~5 percentage points. On balance, the strengths—especially diversified, capital-generative growth, effective cost-savings from Future Ready, and strong capital-return discipline—meaningfully outweigh the identified headwinds, though some region-specific risks will require ongoing monitoring.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
NN reiterated that 2026 operating capital generation (OCG) guidance is broadly flat but H1 OCG came in at EUR 1.1 billion (+5% YoY) leaving some upside (H2 expected in line with H1), with Group solvency strengthened to 224% (Netherlands Life 213%) and the 200% reference for excess-capital decisions unchanged. The Future Ready program remains on track: EUR 450 million of total investment, ~70% invested by June and ~65% of the target annual savings delivered toward EUR 200 million of annual benefits by end‑2027 (≈EUR 180 million expense savings), while retail AI straight‑through processing is ~35% (plus 15% from NN Bank) and targeting near 100% in H2; free cash flow was EUR 922 million in H1 (+7% YoY), FY26 expected broadly in line with EUR 1.6 billion (target >EUR 1.8 billion by 2028) and cash capital EUR 1.7 billion. Capital‑return guidance was reiterated (interim dividend EUR 1.55, +12% YoY; annual share buyback program EUR 350 million; >EUR 15 billion total capital return by 2028, versus >EUR 11 billion returned since IPO); commercial/segment targets highlighted include Europe VNB +14% (group VNB +16%), Europe AUM EUR 50 billion, Netherlands DC AUM EUR 48 billion (+13%), Non‑life gross written premium +6% with a combined ratio 90.5% (vs 91–93% guide), Europe OCG target EUR 600 million and Netherlands Non‑life OCG target EUR 475 million by 2028 (with ≥80% free‑cash‑flow conversion), and Japan actions (reinsurance adding ~EUR 240 million local equity) to preserve remittance and solvency under ICS despite Japan VNB down ~5% in H1 (cc).
NN Group Peers Comparison
Overall Rating
HIG81.7Outperform
BRK.B77Outperform
AEG74Outperform
AIG67Neutral
GNW57Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HIG | 82Outperform | $35.46B | 8.13 | 24.13% | 1.77% | 4.08% | 34.70% |
| BRK.B | 77Outperform | $1.16T | 13.98 | 11.86% | ― | 3.93% | 36.30% |
| AEG | 74Outperform | $12.42B | 11.41 | 12.23% | 5.90% | 24.97% | ― |
| Sector * | 68Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
| AIG | 67Neutral | $42.82B | 14.95 | 7.27% | 2.31% | -4.19% | 1.09% |
| GNW | 57Neutral | $3.32B | 16.50 | 2.42% | ― | -0.68% | 19.26% |
* Financial Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| DE:2NN0 | Nn Group N.V. Unsponsored Adr | 39.00 | 10.83 | 38.45% | |
| AEG | Aegon Nv | 8.22 | 1.09 | 15.32% | |
| AIG | American International Group, Inc. | 82.40 | 3.63 | 4.61% | |
| GNW | Genworth Financial Inc | 8.99 | 0.46 | 5.39% | |
| HIG | Hartford Insurance Group Inc | 135.52 | 9.83 | 7.82% | |
| BRK.B | Berkshire Hathaway B | 556.11 | 68.45 | 14.04% |
Disclaimer
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