NN Group : Two acquisitions +4.5% to OCG 2023e and -10pp on Solvency ratio
>Conclusion: Acquisitions effect could be mitigated/offset by NN IP - This week NN Group announced two acquisitions (MetLife in Poland/Greece and the Dutch non-life intermediary Heinenoord). We updated our models (earnings, OCG, cash, Solvency, SOTP) for these two deals. As a result our expected OCG 2023 rises by 4.5%, the Solvency 2 ratio declines by -10pp to 204% end 2022, the holding cash end 2022 declines to € 0.94bn middle of their target range, and the cash EPS2...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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