NN Group is a financial services company based in the Netherlands. Co. engages in insurance and investment management activities, providing life and non-life insurance products primarily in the Netherlands, Belgium, rest of Europe, and Asia. Co. offers group and individual life insurance; and motor, transport, fire, liability, travel, and income insurance. Co. also offers retirement, insurance, investments, and banking services to retail, SME, corporate, and institutional customers. Co. is active in 18 countries, with a presence predominantly in a number of European countries and Japan.
  • TickerA115DY
  • ISINNL0010773842
  • ExchangeEuronext Amsterdam
  • SectorLife Insurance
  • CountryNetherlands
Alan Vandenberghe ...
  • Bart Cuypers
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Thomas Couvreur
  • Wido Jongman

MORNING NOTE : EURN BB, ENX FP, FAGR BB, FUR NA, INGA NA, NN NA, SBMO NA, VGP BB, XIOR BB

Euronav : Record 2Q20 results in line Euronext : July trading volumes Fagron : Continuation of the COVID trend in 2Q20. Fugro : Review investment case ING : 2Q: new CEO draws the line on LLPs NN Group : 2Q comfortable beat, resuming SBB, pays FY19 divi SBM Offshore : Strong operational 1H20 performance VGP : HY net profit expectations in line with forecasts Xior : 1HY20 results – slightly better than expected Various : DTPL update

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

DYNAMIC TOP PICK LIST - UPDATE

Today we update our Dynamic Top Pick List : • We ADD : Orange Belgium (added 24/7/20) • We REMOVE : UCB (removed 28/7/20) • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, VGP, WDP, Care Property Invest, Recticel and Inventiva. Since inception our DTPL is down 1.9%, which represents an outperformance of 4.13%, 13.20% and 8.97% compared to the AEX, BEL20 and SX5E respectively. In July, our list underperformed only the SX5E. On average we outperformed the benchmarks by 0.49%. During the month we had a very solid performance of : WDP, Recticel and Ahold Delhaize.

Bart Cuypers ...
  • Jason Kalamboussis
  • Ruben Devos

Morning Note: CFEB BB, NN NA, OBEL BB

CFE: Moray East foundation installation has kicked off NN Group: Interim could be paid after all, not following DNB Orange Belgium: Appointment of new CEO, Xavier Pichon

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Dynamic Top pick List 2020 - Update

Today we update our Dynamic Top Pick List : • We ADD : Care Property Invest • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, UCB, VGP, WDP, Recticel and Inventiva. Since inception our DTPL is only down 2.4%, which represents an outperformance of 3.6%, 12.2% and 9.3% compared to the AEX, BEL20 and SX5E respectively. In June, our list underperformed all 3 benchmarks by 1.4% on average despite a very solid performance of UCB. The main contributors to this negative performance were : AB Inbev, Basic-Fit and Inventiva

Jason Kalamboussis ...
  • Joachim Vansanten
  • Michiel Declercq
  • Ruben Devos
  • Wido Jongman
  • Wim Hoste

Morning Note: MONT BB, NN NA, PROX BB, QRF BB, SOLV BB

Montea: Expanding into Germany NN Group: CMD: Ambitious strategy, not yielding to pressure Proximus: Launch of new family offer, Flex Qrf: JV Bondgenotenlaan in Leuven closed Solvac: Lowering TP after Solvay’s trading update

Matthieu DRIOL

Analyse court terme - NN GROUP NV : Baisse en cours.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 36,77 € pourrait relancer le mouvement haussier vers 39,51 €. La rupture de 35,60 € mettrait la tendance en danger.

Matthieu DRIOL

Short term view - NN GROUP NV : Falling.

The trend is bullish. The current fall looks like a consolidation. The support at €36.77 could cause a bullish reaction towards €39.51. The break of €35.60 would endanger the trend.

Matthieu DRIOL

Analyse court terme - NN GROUP NV : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 36,77 €. La tendance serait remise en cause par la rupture de 35,60 €.

Matthieu DRIOL

Short term view - NN GROUP NV : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €36.77. A break below €35.60 would challenge the trend.

Matthieu DRIOL

Medium term view - NN GROUP NV : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €40.00 and €43.74. The trend would be invalidated below the support at €32.99.

A director sold 995 shares at 26.200EUR and

A director at Nn Group Nv sold 995 shares at 26.200EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Alan Vandenberghe ...
  • Bart Cuypers
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Thomas Couvreur
  • Wido Jongman

MORNING NOTE : EURN BB, ENX FP, FAGR BB, FUR NA, INGA NA, NN NA, SBMO NA, VGP BB, XIOR BB

Euronav : Record 2Q20 results in line Euronext : July trading volumes Fagron : Continuation of the COVID trend in 2Q20. Fugro : Review investment case ING : 2Q: new CEO draws the line on LLPs NN Group : 2Q comfortable beat, resuming SBB, pays FY19 divi SBM Offshore : Strong operational 1H20 performance VGP : HY net profit expectations in line with forecasts Xior : 1HY20 results – slightly better than expected Various : DTPL update

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

DYNAMIC TOP PICK LIST - UPDATE

Today we update our Dynamic Top Pick List : • We ADD : Orange Belgium (added 24/7/20) • We REMOVE : UCB (removed 28/7/20) • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, VGP, WDP, Care Property Invest, Recticel and Inventiva. Since inception our DTPL is down 1.9%, which represents an outperformance of 4.13%, 13.20% and 8.97% compared to the AEX, BEL20 and SX5E respectively. In July, our list underperformed only the SX5E. On average we outperformed the benchmarks by 0.49%. During the month we had a very solid performance of : WDP, Recticel and Ahold Delhaize.

Bart Cuypers ...
  • Jason Kalamboussis
  • Ruben Devos

Morning Note: CFEB BB, NN NA, OBEL BB

CFE: Moray East foundation installation has kicked off NN Group: Interim could be paid after all, not following DNB Orange Belgium: Appointment of new CEO, Xavier Pichon

Alan Vandenberghe ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Dynamic Top pick List 2020 - Update

Today we update our Dynamic Top Pick List : • We ADD : Care Property Invest • We KEEP : AB Inbev, Ahold Delhaize, Barco, Basic-Fit, Hal Trust, NN Group, UCB, VGP, WDP, Recticel and Inventiva. Since inception our DTPL is only down 2.4%, which represents an outperformance of 3.6%, 12.2% and 9.3% compared to the AEX, BEL20 and SX5E respectively. In June, our list underperformed all 3 benchmarks by 1.4% on average despite a very solid performance of UCB. The main contributors to this negative performance were : AB Inbev, Basic-Fit and Inventiva

Jason Kalamboussis ...
  • Joachim Vansanten
  • Michiel Declercq
  • Ruben Devos
  • Wido Jongman
  • Wim Hoste

Morning Note: MONT BB, NN NA, PROX BB, QRF BB, SOLV BB

Montea: Expanding into Germany NN Group: CMD: Ambitious strategy, not yielding to pressure Proximus: Launch of new family offer, Flex Qrf: JV Bondgenotenlaan in Leuven closed Solvac: Lowering TP after Solvay’s trading update

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/02/2020 - NN Group

NN Group (Achat) : RN de €2 mds (+75,5%) en 2019 Teva (Achat): Table sur un cash-flow libre entre $1,8md et $2,2mds en 2020 Commerzbank (Neutre versus Vente) : RN de €644m (-25,3%) en 2019 Nexi (Achat) : RN de €223m (+18,7%) en 2019 Credit Suisse (Achat) : RN de CHF3,4mds (+69%) en 2019 Mercialys (Achat) :  CAF (FFO) de €124,2m (+7,9%) en 2019 Orange (Achat hybrides) : RN de €3 mds (+54%) en 2019   Emetteurs : Aegon, Commerzbank, OPEP, Nexi, Credit Suisse, BCE, Carnival, Mercialys, Pernord Ricard, Imerys, Ipsen, Orange, BP, Ahol...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 03/12/2019 - UniCredit- FR

Unicredit (Achat) : Nouveau plan stratégique jusqu’en 2023 NN Group et Ageas : Pourraient acquérir l’assureur espagnol Caser Seguros Zone euro : L'indice PMI de l’industrie manufacturière se redresse à 46,9 General Electric (Achat) : Prévoit une marge opérationnelle de ~20% pour la division de santé en 2019 Sisal Pay : Emission de €530m à 7 ans à taux variable Télécoms : 21 dirigeants de groupes télécoms européens favorable à la consolidation transnationale Hema (Vente) : Moody’s dégrade la note d’un cran à Caa1, la perspective est négat...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - EN

KBC (O/P): Net Profit of €1.8bn (-8.3%) In The Nine-Month Period of 2019 NN Group (O/P) - 9M-19: Operating Income of €1.4bn (+6.5%) AXA (O/P): Sale of The Balance of Its Stake In Axa Equitable Holdings Bouygues (M/P) - 9M-19: EBIT of €1.1bn (+30.3%) EDF (U/P): Cuts French Nuclear Output Target On Cruas Reactors For 2019 Telia (M/P): EC Approves The Acquisition of Bonnier AB For $1bn Thyssenkrupp (O/P): 3G Capital Interested To Acquire The Elevator Business For €15bn Moody's Upgrades Arkema (O/P) By One Notch To Baa1 With A Stable ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - FR

KBC (Achat) : RN de €1,8 md (-8,3%) sur les 9M-19 NN Group (Achat) - 9M-19 : Résultat opérationnel de €1,4 md (+6,5%) AXA (Achat) : Cession du solde de sa participation dans Axa Equitable Holdings Bouygues (Conserver) – 9M-19 : EBIT  de €1,1 md (+30,3%) EDF (Vente) : Abaisse sa prévision de production nucléaire en France pour 2019 Telia (Conserver) : Feu vert du CE pour l’acquisition de Bonnier AB pour $1 md Thyssenkrupp (Achat) : Le fonds 3G envisage d’acquérir l'activité Ascenseur pour ~€15 mds Arkema (Achat) : Moody’s rehausse ...

Increased risk weighs on NN GROUP, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of NN GROUP (NL), active in the Life Insurance industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 15, 2020, the closing price was EUR 23.58 and its target price was estimated at EUR 20.71.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

NNN Group – AGM 28 May 2020

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.   In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 7c approval is sought to establish the compensation of the supervisory board. ECGS notes that it is proposed to increase the non-executive base fee by somewhere between 10% (Vice Chairman) and 30% (Chairman). As a matter of principle, ECGS does NOT approve of increases...

Expert Corporate Governance Service (ECGS)

NN Group - EGM 24 September 2019

In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...

Expert Corporate Governance Service (ECGS)

NN Group - AGM 29 May 2019

In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8, the executive board seeks approval to issue contingent convertible securities (commonly known as Coco's). Although NN Group clearly justified its interest in the authority requested, the maximum number of shares potentially to be issued upon conversion (corresponding to 30% of the Company’s share capital) exceeds the threshold of 10% under ECGS’ guidelines. ECGS is furthermore somewhat uncomfortable over the duration (of 5 years) of the auth...

NN Group – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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