Best Idea NN: Expect Better Earnings From Motor, Income Protection, Net Production on Provisions
Shares of no-moat Nationale-Nederlanden trade at a 30% discount to our fair value estimate, and we think the market is mispricing the overall value of the business. First is the turnaround story in P&C, with rate increases in a firming economy. Second, the recovery in disability and accident margins as Dutch bankruptcies decline. Last, within life outflows are overstated by non-recurring flows, in our opinion.Within the non-life business, we think there are two categories of lines of busine...
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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