NN Group, an international financial services company, continued strong business performance in 2024. Full-year operating result increased to EUR 2.6 billion; the net result increased to EUR 1.6 billion from EUR 1.2 billion in 2023.

The key takeaways of the report include:

Strong delivery on targets and attractive shareholder returns 

• Operating capital generation (OCG) for 2024 reached more than EUR 1.9 billion, reaching our 2025 target a year ahead of plan 
• Free cash flow up 8% year-on-year to EUR 1.5 billion, with contribution better diversified between business units 
• Dividend per share also up 8% year-on-year, reaching EUR 3.44; annual EUR 300 million share buyback programme announced 
• Solvency II ratio remains robust at 194%, mainly due to adverse market impacts and regulatory changes, partly offset by management actions 
• Full-year operating result increased to EUR 2.6 billion; the net result increased to EUR 1.6 billion from EUR 1.2 billion in 2023

Strong business performance supported by excellent commercial momentum

• Value of new business increased 20% to EUR 395 million, driven by organic growth and higher margins in Europe and higher defined benefit sales in Netherlands Life. Net inflows in the defined contribution pension business in 2024 were EUR 2.3 billion, boosting assets under management above EUR 39 billion 
• Insurance Europe exceeded its OCG target of EUR 450 million one year ahead of schedule, mainly supported by strong pension performance and new business growth 
• Netherlands non-life showed strong performance in 2024 with ~4.5% premium growth on a like-for-like basis driven by premium increases as well as volume growth, and achieved a strong level of OCG at EUR 406 million. The combined ratio was 93.1% 
• Customer satisfaction scores continue positive trend with 8 out of 10 countries ranking at or above market average; number 1 broker satisfaction scores at Dutch life and pension businesses as well as P&C commercial lines 
• Continued progress in reducing carbon footprint of corporate investment portfolio; total investments in climate solutions increased to EUR 12.8 billion

“Today we are reporting very good results for 2024, highlighting the strength of our diverse businesses and showing we are well on track in the delivery of our strategy focused on customers, our people, and contribution to society. Operating capital generation was EUR 1.9 billion, a slight increase compared to the previous year and a year ahead of the 2025 target. This was supported by continued strong business performances across the group, particularly in Europe and Netherlands Non-life”, commented David Knibbe, CEO.

The full report can be found here.