NN Group : Woekerpolis settled for less cost than expected, target price increased
>Conclusion: Woekerpolis settled for less cost than expected, TP increased - Yesterday evening NN Group announced its settlement for the Woekerpolis misselling case. The settlement was expected, but they settled it for less cost than we expected which is positive for NN Group. Consequently we increase our target price to € 48 (from € 46) and keep our Outperform recommendation. The company guided that their Solvency 2 ratio of NN Life will be about 187% end 4Q23 (or 19...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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