NN Group : Good 1H21 earnings, OCG and group cash, only S2 ratio marginally less
>Conclusion: good set of results - The 1H21 earnings and S2 based operational capital generation (OCG) were both better than expected. The non life results were better in both P&C and disability insurance. Also the group cash position was better due to more upstreaming. Only the Solvency 2 ratio was marginally less because took the opportunity to switch from swaps to high-quality government and corporate bonds which led to a higher SCR. In total a good set of results....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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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