Report
Cor Kluis

NN Group : S2 and cap return better, OCG/FCF targets increased, S2 sensitivities higher

>Conclusion: S2 better, cap return better, OCG/FCF targets increased - The end 2023 Solvency ratio was better than expected, albeit that the S2 ratio sensitivities become somewhat higher. The OCG/FCF targets for FY25 were increased, and consequently also the capital return to shareholders has been increased incl. a higher recurring SBB. The 2H23 OCG was higher but the non-life combined ratio claim were somewhat higher than expected. We keep our Outperform recommendati...
Underlying
NN Group N.V.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Cor Kluis

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