NN Group : SBB higher, material excess cap after that, OCG better and profits in line
>Conclusion: SBB higher, 2H21 OCG better and profits in line - The SBB of € 1bn was somewhat higher than expected, and after this SBB and the announced M&A NN Group will still have about € 1bn excess capital. As a result NN still has to make quite some capital allocation decisions in the future. In 2H21 the OCG capital generation was better than expected mostly by non-life P&C. NN has not given an update of its € 1.5bn OCG target 2023, which we consider logical. The 2...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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