NN Group posted H1 net profit of EUR 1.41 billion

25 August 2021 — Andrei Victor
At the end of June 2021, the NN Group's net profit increased to EUR 1.41 billion compared with EUR 587 million in the first half of 2020. At the same time, the Dutch financial group noted that the operating result increased to EUR 1.12 billion from EUR 926 million in the first half of 2020, "with almost all segments reporting higher results".

The company's representatives pointed out that the Value of new business of EUR 242 million, was up by 98% on the first half of 2020, mainly driven by improved sales at Japan Life and Insurance Europe Division.

"We are reporting strong financial and commercial results for the first half of 2021 and we are making good progress in implementing our strategy to achieve resilient and growing long-term capital generation. We saw higher sales at Japan Life and Insurance Europe, with markets recovering as Covid-19 restrictions are easing and agents and brokers are moving sales online. The impact of the pandemic has also highlighted protection shortfalls that affect people's livelihoods and health. Higher awareness of risk and vulnerability leads to an increased demand for such protection products. This has supported the increase in value of new business that almost doubled compared with the first six months in 2020. Our other units also continued to show commercial momentum. Our asset manager NN Investment Partners (NN IP) attracted new mandates, with net third-party inflows of almost EUR 4 billion. In addition, we saw a further growth of NN IP's ESG-integrated, sustainable and impact strategies in the first half of the year. The Dutch housing market is still buoyant, which is driving the high volume of mortgage origination. In the first six months of the year, almost 17 thousand new mortgages for a total amount of EUR 4.4 billion were originated by NN Bank. At the same time, we are optimizing our performance in Life and Non-life, for example by shifting to higher-yielding assets. The integration of VIVAT Non-life is well on track. In the first six months we migrated 90% of the EUR 800 million of VIVAT premiums to NN systems", said David Knibbe, CEO.Speaking about the CEESE markets, Knibbe pointed out the strengthening of the market position in Poland and Greece, and the exit from the Bulgarian market: "the acquisition of MetLife's businesses in Poland and Greece, which we announced in July, will reinforce our position in life and pensions in Poland and create the market leading life insurance company in Greece. (...). In February, we divested our company in Bulgaria, as the new owner is better positioned to further develop this pension and life business".

Click here to read the press release on the NN Group website.

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