NN Group
NN Group N.V., a financial services company, primarily provides life insurance products in the Netherlands, rest of Europe, the United States, and Asia. The last earnings update was 2 days ago. More info.
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NN Share Price and Events
7 Day Returns
1 Year Returns
NN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| NN Group (NN) | -0.8% | -3.6% | -2.4% | -4.1% | 27.2% | - |
| Europe Insurance | 2.2% | -3.4% | 4.7% | 0.1% | 25% | 25.7% |
| NL Market | 1.5% | -1.4% | 4.3% | -1.7% | 28.4% | 27.1% |
1 Year Return vs Industry and Market
- NN underperformed the Insurance industry which returned 0.1% over the past year.
- NN underperformed the Market in Netherlands which returned -1.7% over the past year.
Value
Is NN Group undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
NN Group
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for NN Group.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity = €73.34 * 7.6% |
€5.54 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 8 analysts. | €73.34 |
| Discount Rate (Cost of Equity) | See below | 7.1% |
| Perpetual Growth Rate | 10-Year NL Government Bond Rate | 0.4% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year NL Govt Bond Rate | 0.4% |
| Equity Risk Premium | S&P Global | 6% |
| Insurance Unlevered Beta | Simply Wall St/ S&P Global | 0.72 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.725 (1 + (1- 25%) (87.01%)) |
1.132 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.13 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (1.132 * 5.96%) |
7.12% |
Discounted Cash Flow Calculation for ENXTAM:NN using Excess Returns Model Model
The calculations below outline how an intrinsic value for NN Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (7.6% – 7.12%) * €73.34) |
€0.32 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= €0.32 / (7.12% - 0.37%) |
€4.80 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= €73.34 + €4.80 |
€78.14 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €78.14 |
| Current discount | Discount to share price of
€36.94
= -1 x (€36.94 - €78.14) / €78.14 |
52.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- NN Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
- NN Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for NN Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
NN Group's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in EUR | €3.50 |
| ENXTAM:NN Share Price ** | ENXTAM (2019-05-17) in EUR | €36.94 |
| Europe Insurance Industry PE Ratio | Median Figure of 65 Publicly-Listed Insurance Companies | 13.01x |
| Netherlands Market PE Ratio | Median Figure of 80 Publicly-Listed Companies | 17.21x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of NN Group.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ENXTAM:NN Share Price ÷ EPS (both in EUR) = 36.94 ÷ 3.50 |
10.55x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- NN Group is good value based on earnings compared to the Europe Insurance industry average.
- NN Group is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does
NN Group's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 10.55x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts |
5.6%per year |
| Europe Insurance Industry PEG Ratio | Median Figure of 53 Publicly-Listed Insurance Companies | 1.9x |
| Netherlands Market PEG Ratio | Median Figure of 66 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 10.55x ÷ 5.6% |
1.9x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- NN Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
NN Group's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in EUR | €82.82 |
| ENXTAM:NN Share Price * | ENXTAM (2019-05-17) in EUR | €36.94 |
| Europe Insurance Industry PB Ratio | Median Figure of 73 Publicly-Listed Insurance Companies | 1.31x |
| Netherlands Market PB Ratio | Median Figure of 103 Publicly-Listed Companies | 1.97x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ENXTAM:NN Share Price ÷ Book Value per Share (both in EUR) = 36.94 ÷ 82.82 |
0.45x |
* Primary Listing of NN Group.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- NN Group is good value based on assets compared to the Europe Insurance industry average.
Value checks
We assess NN Group's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check) NN Group has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is NN Group expected to perform in the next 1 to 3 years based on estimates from 9 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- NN Group's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
- NN Group's earnings growth is positive but not above the Netherlands market average.
- NN Group's revenues are expected to decrease over the next 1-3 years, this is below the Netherlands market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ENXTAM:NN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts | 5.6% |
| ENXTAM:NN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts | -8.8% |
| Europe Insurance Industry Earnings Growth Rate | Market Cap Weighted Average | 8.9% |
| Europe Insurance Industry Revenue Growth Rate | Market Cap Weighted Average | 4.5% |
| Netherlands Market Earnings Growth Rate | Market Cap Weighted Average | 9.4% |
| Netherlands Market Revenue Growth Rate | Market Cap Weighted Average | 2.8% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 14,225 | -4,507 | 1,563 | 3 |
| 2020-12-31 | 14,712 | -4,495 | 1,425 | 7 |
| 2019-12-31 | 15,686 | -4,558 | 1,538 | 3 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 19,819 | -1,153 | 1,172 |
| 2018-12-31 | 19,749 | -2,491 | 1,059 |
| 2018-09-30 | 19,525 | -1,623 | 2,292 |
| 2018-06-30 | 19,637 | -3,795 | 2,238 |
| 2018-03-31 | 19,392 | -5,604 | 2,015 |
| 2017-12-31 | 18,095 | -5,321 | 2,058 |
| 2017-09-30 | 16,086 | -6,715 | 1,511 |
| 2017-06-30 | 14,575 | -3,609 | 1,220 |
| 2017-03-31 | 14,079 | -2,112 | 1,321 |
| 2016-12-31 | 14,402 | -2,130 | 1,155 |
| 2016-09-30 | 14,393 | -3,760 | 1,367 |
| 2016-06-30 | 14,747 | -5,593 | 1,259 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
All data from NN Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 4.63 | 5.04 | 4.01 | 9.00 |
| 2020-12-31 | 4.42 | 5.67 | 3.91 | 12.00 |
| 2019-12-31 | 4.52 | 5.21 | 4.19 | 5.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2019-03-31 | 3.50 |
| 2018-12-31 | 3.16 |
| 2018-09-30 | 6.83 |
| 2018-06-30 | 6.67 |
| 2018-03-31 | 6.03 |
| 2017-12-31 | 6.22 |
| 2017-09-30 | 4.60 |
| 2017-06-30 | 3.74 |
| 2017-03-31 | 4.07 |
| 2016-12-31 | 3.55 |
| 2016-09-30 | 4.18 |
| 2016-06-30 | 3.81 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess NN Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
NN Group has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has NN Group performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- NN Group has delivered over 20% year on year earnings growth in the past 5 years.
- NN Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- NN Group's 1-year earnings growth is negative, it can't be compared to the Europe Insurance industry average.
Earnings and Revenue History
All data from NN Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 19,819.00 | 1,172.00 | 1,673.00 | |
| 2018-12-31 | 19,749.00 | 1,059.00 | 1,670.00 | |
| 2018-09-30 | 19,525.00 | 2,292.00 | 1,686.00 | |
| 2018-06-30 | 19,637.00 | 2,238.00 | 1,713.00 | |
| 2018-03-31 | 19,392.00 | 2,015.00 | 1,755.00 | |
| 2017-12-31 | 18,095.00 | 2,058.00 | 1,663.00 | |
| 2017-09-30 | 16,086.00 | 1,511.00 | 1,539.00 | |
| 2017-06-30 | 14,575.00 | 1,220.00 | 1,432.00 | |
| 2017-03-31 | 14,079.00 | 1,321.00 | 1,308.00 | |
| 2016-12-31 | 14,402.00 | 1,155.00 | 1,312.00 | |
| 2016-09-30 | 14,393.00 | 1,367.00 | 1,350.00 | |
| 2016-06-30 | 14,747.00 | 1,259.00 | 1,356.00 | |
| 2016-03-31 | 14,035.00 | 1,316.00 | 1,350.00 | |
| 2015-12-31 | 14,092.00 | 1,531.00 | 1,346.00 | |
| 2015-09-30 | 21,370.00 | 1,360.00 | 1,680.00 | |
| 2015-06-30 | 13,680.00 | 1,397.00 | 1,837.00 | |
| 2015-03-31 | 13,662.00 | 1,266.00 | 1,857.00 | |
| 2014-12-31 | 13,480.00 | 587.00 | 1,862.00 | |
| 2014-09-30 | 11,150.00 | -79.00 | 1,190.00 | |
| 2014-06-30 | 12,891.00 | 24.00 | 1,253.00 | |
| 2014-03-31 | 12,261.00 | -185.00 | 1,229.00 | |
| 2013-12-31 | 11,163.00 | 294.00 | 1,236.00 | |
| 2013-09-30 | -3,854.00 | 714.00 | -146.80 | |
| 2013-06-30 | 5,151.00 | 39.00 | 1,033.20 | |
| 2013-03-31 | 10,208.00 | 411.00 | 1,068.20 | |
| 2012-12-31 | 12,691.00 | -153.00 | 1,227.20 | |
| 2012-09-30 | 34,453.00 | -1,140.00 | 2,360.00 | |
| 2012-06-30 | 27,698.00 | -756.00 | 1,723.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- NN Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- NN Group used its assets less efficiently than the Europe Insurance industry average last year based on Return on Assets.
- NN Group has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess NN Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
NN Group has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is NN Group's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up NN Group's finances.
The net worth of a company is the difference between its assets and liabilities.
- NN Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- NN Group's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 1.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from NN Group Company Filings, last reported 1 month ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 28,711.00 | 10,554.00 | 11,508.00 |
| 2018-12-31 | 24,848.00 | 10,152.00 | 9,608.00 |
| 2018-09-30 | 25,047.00 | 9,907.00 | 9,370.00 |
| 2018-06-30 | 25,599.00 | 10,013.00 | 10,508.00 |
| 2018-03-31 | 25,424.00 | 9,860.00 | 11,079.00 |
| 2017-12-31 | 24,799.00 | 10,500.00 | 10,317.00 |
| 2017-09-30 | 24,094.00 | 12,562.00 | 10,531.00 |
| 2017-06-30 | 23,901.00 | 12,426.00 | 10,837.00 |
| 2017-03-31 | 23,106.00 | 9,422.00 | 11,445.00 |
| 2016-12-31 | 23,693.00 | 10,532.00 | 9,507.00 |
| 2016-09-30 | 26,465.00 | 10,837.00 | 10,439.00 |
| 2016-06-30 | 26,250.00 | 11,084.00 | 11,215.00 |
| 2016-03-31 | 24,094.00 | 10,125.00 | 11,041.00 |
| 2015-12-31 | 21,464.00 | 9,672.00 | 7,879.00 |
| 2015-09-30 | 21,301.00 | 8,077.00 | 9,510.00 |
| 2015-06-30 | 19,694.00 | 8,386.00 | 9,357.00 |
| 2015-03-31 | 25,195.00 | 8,846.00 | 10,296.00 |
| 2014-12-31 | 21,417.00 | 8,164.00 | 8,158.00 |
| 2014-09-30 | 19,400.00 | 7,118.00 | 6,136.00 |
| 2014-06-30 | 16,999.00 | 7,655.00 | 7,384.00 |
| 2014-03-31 | 14,754.00 | 7,133.00 | 8,883.00 |
| 2013-12-31 | 14,130.00 | 7,709.00 | 7,891.00 |
| 2013-09-30 | |||
| 2013-06-30 | 25,395.00 | 10,066.00 | 7,987.00 |
| 2013-03-31 | 26,640.00 | 12,299.00 | 5,975.00 |
| 2012-12-31 | 26,640.00 | 12,299.00 | 5,975.00 |
| 2012-09-30 | 26,773.00 | 14,162.00 | 10,894.00 |
| 2012-06-30 | 25,323.00 | 14,710.00 | 11,695.00 |
- NN Group's level of debt (36.8%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (48.3% vs 36.8% today).
- Operating cash flow is negative therefore debt is not well covered.
- Interest payments on debt are well covered by earnings (EBIT is 6.3x coverage).
Financial health checks
We assess NN Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) NN Group has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is NN Group's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
NN Group
shares you are expected to receive
€103
in your first year as a dividend.
Dividend Amount
- NN Group's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.32%).
- NN Group's dividend is below the markets top 25% of dividend payers in Netherlands (5.85%).
Upcoming dividend payment
Purchase NN Group before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 9 Analyst Estimates (S&P Global) | See Below |
| Europe Insurance Industry Average Dividend Yield | Market Cap Weighted Average of 65 Stocks | 4.9% |
| Netherlands Market Average Dividend Yield | Market Cap Weighted Average of 68 Stocks | 3.9% |
| Netherlands Minimum Threshold Dividend Yield | 10th Percentile | 1.7% |
| Netherlands Bottom 25% Dividend Yield | 25th Percentile | 2.3% |
| Netherlands Top 25% Dividend Yield | 75th Percentile | 5.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | 2.30 | 1.00 |
| 2021-12-31 | 2.25 | 12.00 |
| 2020-12-31 | 2.20 | 16.00 |
| 2019-12-31 | 2.09 | 15.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-14 | 1.900 | 5.054 |
| 2019-02-15 | 1.900 | 4.999 |
| 2018-08-16 | 1.700 | 4.585 |
| 2018-05-04 | 1.660 | 4.498 |
| 2017-08-18 | 1.570 | 4.344 |
| 2017-03-16 | 1.550 | 4.859 |
| 2017-02-16 | 1.550 | 5.178 |
| 2016-08-18 | 1.650 | 5.613 |
| 2016-03-24 | 1.510 | 5.618 |
| 2016-02-25 | 1.510 | 5.308 |
| 2015-11-04 | 0.920 | 3.003 |
| 2015-08-05 | 0.920 | 3.404 |
| 2015-06-01 | 1.140 | 4.354 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- NN Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but NN Group only paid a dividend in the past 4 years.
Income/ dividend checks
We assess NN Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can NN Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) NN Group has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | €2,570,000 |
| AGE | 56 |
| TENURE AS CEO | 4.8 years |
CEO Bio
Mr. E. Friese also known as Lard, was appointed as Member and Vice-Chair of the Executive Board on 1 March 2014 and Chair and Chief Executive Officer at NN Group NV since June 1, 2017. From 1 October 2013 until the legal merger between NN Group and ING Verzekeringen, which became effective on 1 March 2014, he was a Member and Vice-Chair of the management board of ING Verzekeringen. Mr. Friese is responsible for the business strategy, performance and day-to-day operations of NN Group. Mr. Friese has been employed by ING since 2008 in various positions. He was appointed Chief Executive Officer of Nationale-Nederlanden and Chair of the Dutch Intermediary Division (Nationale-Nederlanden, Movir, Westland Utrecht Bank) on 1 September 2008. In 2009, he became Chief Executive Officer of ING Insurance Benelux responsible for the whole of ING Insurance’s operations in the Netherlands, Belgium and Luxembourg. He was appointed to the management board of ING Verzekeringen with responsibility for the Insurance operations in the Netherlands, Belgium and Luxembourg, Central and Rest of Europe and Asia/Pacific on 1 January 2011 until 3 November 2011. He was appointed to the management board of ING Insurance Eurasia N.V., a direct subsidiary of NN Group (ING Insurance Eurasia) with the same responsibilities. As of 1 July 2013, he also assumed responsibility for Investment Management in the management board of ING Insurance Eurasia and, as from the end of 2013 for the insurance business in Japan. From 2006 to 2008, Mr. Friese was employed by Ceska Pojistovna a.s. (Prague, Czech Republic) as Chief Executive Officer and Vice-Chair of the board of directors and was a Member of the executive committee of Generali PPF Holding (Prague, Czech Republic). From 2003 to 2006, Mr. Friese was employed by VNU/ACNielsen (Brussels, Belgium) as Senior Vice-President and Chief Retail Services Officer Europe and he was a Member of the European board. Prior to that, from 1993 to 2003, he worked at Aegon N.V. as a Member of the board of directors of Aegon Levensverzekering N.V. (life insurance) in The Hague, the Netherlands and as Senior Vice President of Aegon the Netherlands in Tokyo, Japan. Between 1988 and 1993, Mr. Friese held various positions at insurance company NOG Verzekeringen in Amsterdam (the Netherlands). Mr. Friese began his career in 1986 as a (junior) tax consultant at Kammer Luhrmann Van Dien & Co (now PwC) in Utrecht and Arnhem, the Netherlands. Mr. Friese holds a Master of Law degree from Utrecht University (the Netherlands). Besides being a member of the Executive Board, Mr. Friese is a member of the board of representatives of Foundation VUmc CCA and a member of the Geneva Association.
CEO Compensation
- Lard's compensation has been consistent with company performance over the past year.
- Lard's remuneration is lower than average for companies of similar size in Netherlands.
Management Team Tenure
Average tenure and age of the NN Group management team in years:
- The tenure for the NN Group management team is about average.
Management Team
Lard Friese
Chairman of Executive Board & CEO
€3M
56
4.8 yrs
Delfin Arroyo
Vice Chairman of Executive Board & CFO
€2M
54
4.8 yrs
Delfin Arroyo
Vice Chairman of Management Board & CFO
€3M
54
4.8 yrs
David Knibbe
Member of Management Board & CEO of Netherlands
47
4.8 yrs
Tjeerd Bosklopper
Member of Management Board & Chief Transformation Officer
43
0.7 yrs
Jan-Hendrik Erasmus
Chief Risk Officer & Member of Management Board
38
2.7 yrs
Satish Bapat
Member of Management Board & CEO of NN Investment Partners
52
2.1 yrs
Dailah Nihot
Chief of Organisation and Corporate Relations & Member of Management Board
45
0.7 yrs
Fabian Rupprecht
CEO of International Insurance & Member of Management Board
49
0.7 yrs
Janet Stuijt
General Counsel
49
0.7 yrs
Board of Directors Tenure
Average tenure and age of the NN Group board of directors in years:
- The tenure for the NN Group board of directors is about average.
Board of Directors
Jan Holsboer
Supervisory Board Chairman
€151K
72
4.8 yrs
Dick Harryvan
Supervisory Board Vice Chairman
€122K
65
3.3 yrs
Heijo Gottfried Hauser
Supervisory Board Member
€137K
63
4.8 yrs
Hans Schoen
Supervisory Board Member
€103K
64
4.8 yrs
Hélène Vletter-van Dort
Supervisory Board Member
€98K
54
3.6 yrs
Robert Jenkins
Supervisory Board Member
€122K
67
3.3 yrs
Rob Ruijter
Supervisory Board Member
€98K
67
1.9 yrs
Clara-Christina F. Streit
Supervisory Board Member
€117K
50
1.9 yrs
David Cole
Member of Supervisory Board
57
0.3 yrs
Who owns this company?
Recent Insider Trading
- NN Group insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15. Mar 19 | Sell | E. Friese | Individual | 15. Mar 19 | 15. Mar 19 | -382 | €38.45 | €-14,688 | ||
| 15. Mar 19 | Sell | Delfin Arroyo | Individual | 15. Mar 19 | 15. Mar 19 | -288 | €38.45 | €-11,074 | ||
| 01. Jun 18 | Sell | E. Friese | Individual | 01. Jun 18 | 01. Jun 18 | -1,663 | €16.81 | €-27,952 | ||
| 01. Jun 18 | Sell | Delfin Arroyo | Individual | 01. Jun 18 | 01. Jun 18 | -1,370 | €16.81 | €-23,027 | ||
Management checks
We assess NN Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) NN Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
NN Group (AMS:NN) Shareholders Have Enjoyed A 27% Share Price Gain
(AMS:NN) share price return of 27% over three years lags the market return in the same period. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … We note that for NN Group the TSR over the last 3 years was 48%, which is better than the share price return mentioned above.
Simply Wall St - – Full articleRead This Before You Buy NN Group N.V. (AMS:NN) Because Of Its P/E Ratio
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … NN Group has a price to earnings ratio of 12.24, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleIs It Time To Consider Buying NN Group N.V. (AMS:NN)?
The company's stock. … As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at NN Group’s outlook and value based on the most recent financial data to see if the opportunity still exists.
Simply Wall St - – Full articleWhat Kind Of Shareholder Owns Most NN Group N.V. (AMS:NN) Stock?
A look at the shareholders of NN Group N.V. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … We'd expect to see both institutions and retail investors owning a portion of the company.
Simply Wall St - – Full articleDoes NN Group N.V.'s (AMS:NN) CEO Pay Matter?
This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Lard Friese's Compensation Compare With Similar Sized Companies. … has a market capitalization of €12b, and pays its CEO total annual compensation worth €3.6m.
Simply Wall St - – Full articleShould NN Group NV's (AMS:NN) Recent Earnings Worry You?
For investors with a long-term horizon, examining earnings trend over time and against industry peers is more insightful than looking at an earnings announcement in one point in time. … Investors may find my commentary, albeit very high-level and brief, on NN Group NV (AMS:NN) useful as an attempt to give more color around how NN Group is currently performing. … NN's trailing twelve-month earnings (from 31 March 2018) of €2.02b has
Simply Wall St - – Full articleWho Are NN Group NV's (AMS:NN) Major Shareholders?
In this analysis, my focus will be on developing a perspective on NN Group NV’s (AMS:NN) latest ownership structure, a less discussed, but important factor. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.
Simply Wall St - – Full articleIs It The Right Time To Buy NN Group NV (AMS:NN)?
received a lot of attention from a substantial price movement on the ENXTAM over the last few months, increasing to €39.41 at one point, and dropping to the lows of €34.48. … A question to answer is whether NN Group's current trading price of €37.4 reflective of the actual value of the? … Let’s take a look at NN Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleShould NN Group NV (AMS:NN) Be Part Of Your Portfolio?
Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … In the past 3 years NN Group NV (AMS:NN) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's dig deeper into whether NN Group should have a place in your portfolio.
Simply Wall St - – Full articleWhy NN Group NV (AMS:NN) Delivered An Inferior ROE Compared To The Industry
and looking to gauge the potential return on investment in NN Group NV (AMS:NN). … NN Group NV (AMS:NN) performed in line with its life and health insurance industry on the basis of its ROE – producing a return of 8.24% relative to the peer average of 9.44% over the past 12 months. … But what is more interesting is whether NN can sustain or improve on this level of return
Simply Wall St - – Full articleCompany Info
Description
NN Group N.V., a financial services company, primarily provides life insurance products in the Netherlands, rest of Europe, the United States, and Asia. The company operates through seven segments: Netherlands Life, Netherlands Non-life, Insurance Europe, Japan Life, Asset Management, Other, and Japan Closed Block VA. It offers group and individual life/pension products, single premium variable annuity individual life insurance products, and corporate-owned and protection life insurance products; and health, motor, fire, liability, transport, disability, and accident insurance products, as well as pension administration services. The company also provides retirement products and services; various asset management products comprising fixed income, equity, multi-asset, and alternative credit; and banking services, including mortgages, savings products, and reinsurance services. It offers its products to individuals, small and medium-sized enterprises, large corporations, retail customers, wholesale distributors, and institutional investors directly, as well as through agents, brokers, and banks. The company was formerly known as ING Insurance Topholding N.V. and changed its name to NN Group N.V. in March 2014 as a result of its merger with ING Verzekeringen N.V. NN Group N.V. was incorporated in 2011 and is headquartered in The Hague, the Netherlands.
Details
| Name: | NN Group N.V. |
| NN | |
| Exchange: | ENXTAM |
| Founded: | 2011 |
| €12,129,950,010 | |
| 328,368,977 | |
| Website: | http://www.nn-group.com |
| Address: |
NN Group N.V. Schenkkade 65, The Hague, Zuid-Holland, 2595 AS, Netherlands |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ENXTAM | NN | Ordinary Shares | Euronext Amsterdam | NL | EUR | 02. Jul 2014 | |
| OTCPK | NNGP.F | Ordinary Shares | Pink Sheets LLC | US | USD | 02. Jul 2014 | |
| DB | 2NN | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 02. Jul 2014 | |
| LSE | 0QVV | Ordinary Shares | London Stock Exchange | GB | EUR | 02. Jul 2014 | |
| WBAG | NN | Ordinary Shares | Wiener Boerse AG | AT | EUR | 02. Jul 2014 | |
| BATS-CHIXE | NNA | Ordinary Shares | BATS 'Chi-X Europe' | GB | EUR | 02. Jul 2014 | |
| OTCPK | NNGR.Y | UNSPONSOD ADR | Pink Sheets LLC | US | USD | 13. Jan 2017 |
Number of employees
Current staff
Industry
| Life and Health Insurance | |
| Insurance |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/19 22:36 |
| End of day share price update: | 2019/05/17 00:00 |
| Last estimates confirmation: | 2019/05/18 |
| Last earnings filing: | 2019/05/17 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
