Declared Dividend • Aug 09
First half dividend increased to €1.55 Dividend of €1.55 is 12% higher than last year. Ex-date: 10th August 2026 Payment date: 18th August 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
First half 2026 earnings released: EPS: €3.93 (vs €1.31 in 1H 2025) First half 2026 results: EPS: €3.93 (up from €1.31 in 1H 2025). Revenue: €6.67b (down 4.5% from 1H 2025). Net income: €1.03b (up 193% from 1H 2025). Profit margin: 15% (up from 5.0% in 1H 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 20
Upcoming dividend of €2.50 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 02 June 2026. Payout ratio is on the higher end at 93% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Austrian dividend payers (4.2%). Higher than average of industry peers (4.7%). Declared Dividend • May 20
Final dividend increased to €2.50 Dividend of €2.50 is 16% higher than last year. Ex-date: 25th May 2026 Payment date: 2nd June 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 66% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Apr 17
Final dividend increased to €2.50 Dividend of €2.50 is 16% higher than last year. Ex-date: 25th May 2026 Payment date: 2nd June 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 63% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Apr 10
Final dividend increased to €2.50 Dividend of €2.50 is 16% higher than last year. Ex-date: 25th May 2026 Payment date: 2nd June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. EPS is expected to grow by 63% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Feb 14
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Dividend is not well covered by cash flows (373% cash payout ratio). Aankondiging • Sep 03
NN Group N.V. to Report Second Half, 2025 Results on Feb 12, 2026 NN Group N.V. announced that they will report second half, 2025 results on Feb 12, 2026 Declared Dividend • Aug 11
First half dividend increased to €1.38 Dividend of €1.38 is 7.8% higher than last year. Ex-date: 12th August 2025 Payment date: 20th August 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Aug 09
NN Group N.V., Annual General Meeting, May 21, 2026 NN Group N.V., Annual General Meeting, May 21, 2026. Recent Insider Transactions • Jun 25
Chairman of Executive Board & CEO recently sold €838k worth of stock On the 20th of June, David Knibbe sold around 15k shares on-market at roughly €55.87 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Upcoming Dividend • May 12
Upcoming dividend of €2.16 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Austrian dividend payers (4.9%). Higher than average of industry peers (4.2%). Declared Dividend • Apr 04
Final dividend increased to €2.16 Dividend of €2.16 is 3.8% higher than last year. Ex-date: 19th May 2025 Payment date: 27th May 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 21
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Paying a dividend despite having no free cash flows. Aankondiging • Feb 21
NN Group N.V., Annual General Meeting, May 15, 2025 NN Group N.V., Annual General Meeting, May 15, 2025. Aankondiging • Sep 05
NN Group N.V. to Report Fiscal Year 2024 Results on Mar 13, 2025 NN Group N.V. announced that they will report fiscal year 2024 results at 8:00 AM, Central European Standard Time on Mar 13, 2025 Reported Earnings • Aug 18
First half 2024 earnings released: EPS: €2.21 (vs €2.01 in 1H 2023) First half 2024 results: EPS: €2.21 (up from €2.01 in 1H 2023). Revenue: €6.79b (up 4.0% from 1H 2023). Net income: €603.0m (up 7.9% from 1H 2023). Profit margin: 8.9% (up from 8.6% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • May 21
Upcoming dividend of €2.08 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 20 June 2024. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 7.0%. Within top quartile of Austrian dividend payers (5.7%). Higher than average of industry peers (4.9%). Declared Dividend • Apr 17
Final dividend increased to €2.08 Dividend of €2.08 is 16% higher than last year. Ex-date: 28th May 2024 Payment date: 20th June 2024 Dividend yield will be 7.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (dividend approximately 14x free cash flows). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: €4.04 (vs €1.65 in FY 2022) Full year 2023 results: EPS: €4.04 (up from €1.65 in FY 2022). Revenue: €10.3b (up 21% from FY 2022). Net income: €1.12b (up 130% from FY 2022). Profit margin: 11% (up from 5.7% in FY 2022). The increase in margin was driven by higher revenue. Combined ratio: 92.6% (up from 92.3% in FY 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Aankondiging • Feb 29
NN Group N.V. to Report First Half, 2024 Results on Aug 15, 2024 NN Group N.V. announced that they will report first half, 2024 results on Aug 15, 2024 Aankondiging • Nov 03
NN Group N.V., Annual General Meeting, May 24, 2024 NN Group N.V., Annual General Meeting, May 24, 2024, at 10:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €28.98, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Insurance industry in Europe. Total returns to shareholders of 9.1% over the past three years. Reported Earnings • Sep 03
First half 2023 earnings released: EPS: €2.01 (vs €2.06 in 1H 2022) First half 2023 results: EPS: €2.01 (down from €2.06 in 1H 2022). Revenue: €9.14b (up 418% from 1H 2022). Net income: €559.0m (down 11% from 1H 2022). Profit margin: 6.1% (down from 35% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 7.1% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Aankondiging • Aug 29
NN Group N.V. to Report Second Half, 2023 Results on Feb 29, 2024 NN Group N.V. announced that they will report second half, 2023 results on Feb 29, 2024 Upcoming Dividend • May 30
Upcoming dividend of €1.79 per share at 8.0% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 29 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.0%. Within top quartile of Austrian dividend payers (5.5%). Higher than average of industry peers (5.2%). Aankondiging • Feb 18
NN Group N.V. (ENXTAM:NN) announces an Equity Buyback for €250 million worth of its shares. NN Group N.V. (ENXTAM:NN) announces a share repurchase program. Under the program, the company will repurchase up to €250 million worth of its shares. Aankondiging • Feb 16
NN Group N.V. to Report First Half, 2023 Results on Aug 29, 2023 NN Group N.V. announced that they will report first half, 2023 results on Aug 29, 2023 Aankondiging • Oct 12
Rockbridge TFI S.A. entered into an agreement to acquire MetLife asset management business in Poland from NN Group N.V. (ENXTAM:NN) Rockbridge TFI S.A. entered into an agreement to acquire MetLife asset management business in Poland from NN Group N.V. (ENXTAM:NN) on October 11, 2022. The transaction is subject to customary closing conditions and is expected to close in first quarter of 2023. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: €2.98 (vs €4.47 in 1H 2021) First half 2022 results: EPS: €2.98 (down from €4.47 in 1H 2021). Revenue: €9.16b (down 8.3% from 1H 2021). Net income: €917.0m (down 34% from 1H 2021). Profit margin: 10.0% (down from 14% in 1H 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 16% compared to a 96% growth forecast for the Insurance industry in Austria. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 16
Upcoming dividend of €1.56 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 5.3%. Within top quartile of Austrian dividend payers (4.6%). In line with average of industry peers (5.4%). Aankondiging • Apr 13
Goldman Sachs Asset Management, L.P. completed the acquisition of NN Investment Partners B.V from NN Group N.V. (ENXTAM:NN). Goldman Sachs Asset Management, L.P. entered into an agreement to acquire NN Investment Partners B.V from NN Group N.V. (ENXTAM:NN) for €1.7 billion on August 19, 2021. NN Investment Partners’ more than 900 employees will join Goldman Sachs Asset Management following the closing of the transaction, with the Netherlands becoming a significant location in our European business. NN Investment Partners will be integrated into Goldman Sachs Asset Management. The transaction is subject to regulatory and other approvals and conditions. European Commission (EC) on Friday approved the transaction for €1.7 billion. The transaction is expected to close by the end of the first quarter of 2022. Goldman Sachs & Co. LLC is serving as financial advisor and Whitney A. Chatterjee, Heather L. Coleman, C. Andrew Gerlach, Brian E. Hamilton, Joseph J. Matelis, Juan Rodriguez and Isaac J. Wheeler of Sullivan & Cromwell LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsels to Goldman Sachs. J.P. Morgan Securities LLC is serving as financial advisor and De Brauw Blackstone Westbroek N.V. is serving as legal counsel to NN Group.
Goldman Sachs Asset Management, L.P. completed the acquisition of NN Investment Partners B.V from NN Group N.V. (ENXTAM:NN) on April 11, 2022. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 16% share price gain to €43.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Insurance industry in Europe. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €40.37, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Insurance industry in Europe. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €2.04b (down 90% from FY 2020). Net income: €3.28b (up 78% from FY 2020). Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 614%, compared to a 85% growth forecast for the insurance industry in Austria. Aankondiging • Feb 19
NN Group N.V. Proposes Final Dividend for 2021 NN Group N.V. proposed final dividend per share of EUR 1.56, bringing the full year dividend per share to EUR 2.49. This is an increase of 7% on the 2020 dividend per share. Reported Earnings • Aug 18
First half 2021 earnings released: EPS €4.47 (vs €1.77 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €9.99b (up 1.2% from 1H 2020). Net income: €1.39b (up 148% from 1H 2020). Profit margin: 14% (up from 5.6% in 1H 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 17
Upcoming dividend of €1.47 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 16 June 2021. Trailing yield: 8.6%. Within top quartile of Austrian dividend payers (3.2%). Higher than average of industry peers (4.6%). Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €5.87 (vs €5.76 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €7.65b (down 62% from FY 2019). Net income: €1.85b (down 3.0% from FY 2019). Profit margin: 24% (up from 9.4% in FY 2019). The increase in margin was driven by lower expenses. Combined ratio: 95.3% (down from 95.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 16
New 90-day high: €37.22 The company is up 7.0% from its price of €34.71 on 18 November 2020. The Austrian market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €111 per share. Aankondiging • Feb 12
DZI Plc has agreed to acquire NN Pension Insurance Company EAD and Assets And Liabilities Of NN Insurance Co. Ltd. Sofia Branch from Nn Management Services, S.R.O. and NN Insurance Co Ltd. - Sofia Branch for €77.7 million. DZI Plc has agreed to acquire NN Pension Insurance Company EAD and Assets And Liabilities Of NN Insurance Co. Ltd. Sofia Branch from NN Group N.V. (ENXTAM:NN) and NN Insurance Co Ltd. - Sofia Branch for €77.7 million from February 1, 2021. After deal completion NN PIC and NN Life will continue to honor their commitments to the market while continuing to provide professional service of the highest quality to their customers. The deal is subject to regulatory approval and antitrust regulations. The deal is expected to close in the year 2021. Is New 90 Day High Low • Jan 06
New 90-day high: €36.22 The company is up 9.0% from its price of €33.23 on 08 October 2020. The Austrian market is up 27% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €106 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €35.28 The company is up 7.0% from its price of €32.90 on 18 September 2020. The Austrian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €96.18 per share. Is New 90 Day High Low • Oct 29
New 90-day low: €29.79 The company is down 3.0% from its price of €30.76 on 30 July 2020. The Austrian market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.12 per share. Aankondiging • Sep 26
An unknown buyer acquired unknown minority stake in GN Store Nord A/S (CPSE:GN) from NN Group N.V. (ENXTAM:NN). An unknown buyer acquired unknown minority stake in GN Store Nord A/S (CPSE:GN) from NN Group N.V. (ENXTAM:NN) on September 24, 2020. Now NN Group holds 4.94% stake in GN Store.
An unknown buyer completed the acquisition of unknown minority stake in GN Store Nord A/S (CPSE:GN) from NN Group N.V. (ENXTAM:NN) on September 24, 2020. Aankondiging • Aug 16
NN Group N.V. to Report First Half, 2021 Results on Aug 12, 2021 NN Group N.V. announced that they will report first half, 2021 results on Aug 12, 2021 Aankondiging • Jul 30
NN Group N.V. (ENXTAM:NN) completed the acquisition of VIVAT Schadeverzekeringen N.V. from VIVAT NV. NN Group N.V. (ENXTAM:NN) agreed to acquire VIVAT Schadeverzekeringen N.V. from VIVAT NV for approximately €570 million on June 7, 2019. NN Group N.V. will pay €416 million in cash for the deal and in addition, will also acquire the intercompany Tier 2 loans granted by VIVAT holding to VIVAT Schadeverzekeringen N.V. for a consideration of €150 million. In a related deal, Athora signed an agreement to acquire VIVAT NV from Anbang on June 7, 2019. Transaction will be funded from existing cash resources. A transitional services agreement will be entered between VIVAT NV and NN Group N.V. to set forth the services to be performed by VIVAT NV. during the migration period of two years.
Following completion, VIVAT’s non-life activities will be integrated in NN Group N.V. In this process, NN Group N.V. will be committed to expertise of employees of VIVAT Schadeverzekeringen N.V. and will accordingly take a transparent approach with respect to them. Completion of the acquisition is subject to closing of the acquisition of VIVAT NV by Athora. The deal is also subject to customary closing conditions such as regulatory approvals, including declarations of no-objection from the Dutch Central Bank, approval from the Netherlands Authority for the Financial Markets and antitrust clearance. Furthermore, deal is also subject to consultation of the works council of VIVAT NV. NN Group N.V. will seek to obtain all necessary approvals and antitrust clearances as soon as possible. As of November 18, 2019, the transaction has has obtained clearance from the Dutch Authority for Consumers and Markets (ACM) to acquire VIVAT Non-life. The required advice of the VIVAT NV's works council and consultation with the unions will commence immediately. The transaction is anticipated to be completed in quarter one of 2020. The acquisition will create synergies which will lead to an increase in free cash flow of approximately €50 million per annum by 2022. Also, the acquisition is expected to result in upfront capital synergies arising from diversification benefits under Solvency II. Additional capital synergies are expected following further progress with the integration, and the application of the NN Group’s Partial Internal Model. Cost synergies will be reflected in future capital generation and restructuring costs are expected to be in line with precedent transactions of a similar nature. BNP Paribas acted as financial advisor and FreshfieldsBruckhaus Deringer acted as legal advisor to NN Group N.V. JP Morgan acted as legal advisor and Allen & Overy acted as legal advisor for VIVAT NV. Ernst & Young UK, Legal Advisory Arm acted as a legal advisor to NN Group N.V. Kempen & Co acted as a financial advisor to Dutch Central Bank. As of March 19, 2020, NN Group NV received a declaration of no-objection from De Nederlandsche Bank. Transaction is expected to complete in early April 2020. As of April 1, 2020, the transaction has received all necessary regulatory approvals. As of April 2, 2020, Athora completed the acquisition of VIVAT NV from Anbang.
NN Group N.V. (ENXTAM:NN) completed the acquisition of VIVAT Schadeverzekeringen N.V. from VIVAT NV on April 1, 2020. 
