NN Group : Rising Solvency ratio, a healthy 2H21 result, and a € 750m SBB
>Conclusion: Solvency 2 ratio rising by +7pp and results good - In 2H21 we expect the Solvency 2 ratio to rise by +7pp to 216% by end 2021, mostly driven by macro developments like flattening of the yield curve and incoming credit spreads. In 2H21 we expect a healthy Operational Cap Generation (OCG) of € 670m bringing the FY21 to € 1.45bn incl. NN IP. We see the cash at holding at the top end of their target range. For 2H21, we also expect a healthy pre-tax operating ...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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