NN Group : Results good in 1H22, cash at holding good, and Solvency down
>Conclusion: Results good in 1H22 and Solvency down - In 1H22 we expect the Solvency 2 ratio to decline by -9pp to 204% by end 1H22, mostly driven by widening mortgage spreads and declining equities. In 1H22 we expect a healthy Operational Cap Generation (OCG) of € 712m whereby the OCG will start to rise in 2H22 by the risen rates. We see the cash at holding above the top end of their target range. For 1H22, we also expect a healthy pre-tax operating result of € 908m...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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