NN GROUP : Longevity market analysis highlights large capital releases ahead
NN Group is hosting its CMD on Wed 24 June and activist investor ELLIOT has also come out with its investment case to push its new CEO to unlock more value (their TP being €59ps). In this report we focus on the longevity deal done in May modelling an IRR of 4.2% and capital relief that we calculate at €1.05bn. With only 24% of its pension’s longevity book reinsured, NN has scope for more thereby releasing an additional €1.5bn. The Belgian Life book could also release c€0.5bn. This would help increase the current €250m p.a. SBB, but also lead to larger M&A in target markets (Belgium?). BUY, increasing TP to €37.5.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.
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