Half Year 2024 NN Group NV Earnings Call Transcript
Key Points
- NN Group NV (NNGPF) reported robust business results with an Operating Capital Generation (OCG) of EUR959 million for the first half of 2024, keeping them on track to meet their EUR1.9 billion OCG target for 2025.
- The group solvency ratio stands at a strong 192%, at the upper end of their comfort range of 150% to 200%.
- The value of new business increased by 23%, driven by higher volumes in Central and Eastern Europe and the Netherlands.
- The defined contribution pension business saw a net inflow of EUR1.2 billion, increasing total DC-related AUM to EUR36 billion, surpassing the EUR32 billion target for 2025.
- NN Group NV (NNGPF) announced an interim dividend of EUR1.28 per share, a 40% increase from last year, demonstrating their commitment to shareholder returns.
- OCG saw a minor decline compared to the same period last year due to lower claims in the Netherlands non-life segment and reinsurance business.
- The Netherlands non-life OCG decreased versus H1 2023, impacted by increased P&C claims, including some large fire claims in the first quarter.
- The operating result for Netherlands life decreased, largely driven by a lower investment result due to reporting refinements.
- The business improvement order in Japan continues to impact new business contributions, with no expected improvement before the beginning of 2025.
- The solvency ratio could face pressure from future pension buyouts, which are expected to be back-end loaded, potentially impacting capital strain.
Good morning, ladies and gentlemen, this is the operator speaking. Welcome to the NN Group's analyst conference call on its first half year 2024 results. (Operator Instructions)
Before handing the conference call over to Mr. David Knibbe, Chief Executive Officer of NN Group, let me first give the following statement on behalf of the company. Today's comments are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those projected in any forward-looking statements. Such forward-looking statements may include future developments in NN Group's business, expectations for the future financial performance and any of the statements not involving a historical fact.
Any forward-looking statements speak only as of the date they are made and NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
Furthermore, nothing in today's comments constitutes an offer
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