NN Group : Earnings and cap generation better, Solvency somewhat less
>Conclusion: Earnings and cap generation better, Solvency less - The operating results and OCG capital generation figures in Q2 were better than expected. The solvency was somewhat less than expected. In total a decent set of figures. Maintain Outperform.Operating result somewhat better than expected - In 1H22 the IFRS pre-tax operating result was € 983m vs our € 908m (consensus € 961m) which was mostly better by NL life (552m vs our 483m) driven by h...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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