"In 2014 NN Group became a standalone company, separate from ING Group. The successful initial public offering last July marked a new beginning. Although we are still at the start of our journey, we are pleased with the strong performance we are reporting today. The full-year results, with a net result of EUR 588 million, demonstrate the progress we have made so far in achieving our objectives to generate capital and improve earnings, while delivering excellent service and products to our customers.
Our focus on our customers remains our driving force, which is demonstrated by strong new sales growth in 2014. At the same time we continue to strive for more effective and efficient operations which have resulted in a reduction of EUR 142 million in expenses in the Netherlands, showing good progress towards our target of EUR 200 million by 2016. Thanks to our multi-access distribution network, customers can reach us wherever and whenever they want and we will continue to develop this further throughout all regions.
With the strong capital generation of our businesses and our solid solvency ratios we are well prepared for Solvency II. In line with our focus on returning capital to our shareholders we will propose a dividend at our Annual General Meeting in May of approximately 50% of the net operating result of the ongoing business for the second half of 2014.
While we are further shaping our company, we will rebrand our businesses in 2015 and 2016 to the NN brand. A clear and recognisable identity that further unites our businesses and almost 12,000 employees. Over the years, Nationale-Nederlanden, ING Investment Management and ING Insurance, have built leading positions with a strong presence in more than 18 countries. The new branding represents another important milestone, and will further define the profile of NN Group as an international insurance and investment management company." Read the full story NN Group posts strong 4Q14 and 2014 results