NN's 1Q a Bit of a Mixed Bag, but Market Still Way Too Pessimistic
NN Group reported first-quarter operating profit of EUR 470 million, which is a little bit ahead of our estimates for the full year. There are some one-offs in here and the results are a bit of a mixed bag, but overall, we still think the market is way too pessimistic. We are maintaining our EUR 48 fair value estimate and no-moat rating.Running through the results, we think Netherlands Life looked fairly decent. The improvement in the investment margin was quite a surprise, at EUR 242 million o...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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