Free cash flow grew 7%, slightly ahead of the 2025 target of EUR 1.6 billion, with the contribution from business segments increasingly diversified. NN Group Solvency II ratio increased to 220%, benefiting from favourable market conditions and continued strong net capital build. Operating result rose 17% to EUR 3,002 million; net result of EUR 1,188 million.
Based on strong business performance, cash, and capital levels, NN Group enhances its capital return by an additional EUR 100 million beyond the progressive dividend policy, splitting this evenly between the dividend and the annual share buyback. Consequently, the total dividend per share for 2025 is up 13% to EUR 3.88 per share and annual share buyback programme is increased by EUR 50 million to EUR 350 million.
Future Ready programme well on track to reach EUR 200 million benefits in 2027; further extension of data literacy programme for employees to understand, analyse, and use data effectively. Value of new business (VNB) of Insurance Europe increased 16%, reflecting higher sales and a favourable product mix.
VNB of Japan Life increased 25% following the introduction of a new long-term savings product in March.
Gross written premiums for Netherlands Non-life up 6%, surpassing EUR 4 billion for the first time, driven by premium increases and volume growth. The combined ratio was 92.9%, within the 91%-93% guidance range. Netherlands Life saw assets under management of the defined contribution pension business grow by 9% to EUR 43 billion, benefitting from high net inflows and markets.
“Today, we are presenting a very strong set of results for 2025, reflecting continued positive business performance and strategy execution despite ongoing geopolitical volatility. We exceeded our targets for 2025 and are well on track to achieve the 2028 goals outlined at our Capital Markets Day in May 2025”, David Knibbe, CEO said. “Looking ahead, these results provide us with a strong foundation for future growth, which enables us to continue to create sustainable long-term value for our stakeholders. We would like to thank our customers and shareholders for their trust, and our colleagues for their ongoing commitment”, the CEO added.
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