NN Group : Stable yoy OCG 2H22, S2 down in Q4, SBB depends on UL-court verdict
>Conclusion: Stable OCG 2H22, S2 in Q4 down, SBB depends on court verdict - In 4Q22 we expect the Solvency 2 ratio to decline by -12.5pp to 193% by end 2022, mostly driven by declining real estate prices and widening government bond spreads. In 2H22 we expect a yoy stable Operational Cap Generation (OCG) of € 780m. We see the cash at holding to decline somewhat to € 2.1bn by end 2022. Normally the € 250m SBB is likely to be announced, but this does dependent on the NL...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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