NN Group
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NN Group (NN) investor relations material

NN Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Exceeded 2025 financial targets with operating capital generation of EUR 2.1 billion and free cash flow of EUR 1.62 billion, both up 7% year-over-year, and a Solvency II ratio of 220%.

  • Enhanced capital return to shareholders with a 13% increase in dividend per share to EUR 3.88 and annual share buyback raised to EUR 350 million.

  • Future Ready program progressing well, with 236 AI use cases, 42% of sales from digital leads, and ~40% of targeted EUR 200 million annual benefits delivered by 2025.

  • Set new 2028 targets, including customer satisfaction, climate goals, well-being support, and gender diversity in senior management.

  • Net result declined to EUR 1,188 million due to negative revaluations, bond sales, and special items.

Financial highlights

  • Operating capital generation reached EUR 2,089 million (+8.7% year-over-year), exceeding the EUR 1.9 billion target.

  • Free cash flow was EUR 1,620 million (+6.7% year-over-year), above the EUR 1.6 billion target.

  • Dividend per share increased 13% to EUR 3.88; annual share buyback raised to EUR 350 million.

  • Net result for 2025 was EUR 1,188 million, down from EUR 1,583 million in 2024, impacted by non-operating and special items.

  • Gross written premiums were EUR 13,256 million, down 5.2% year-over-year.

Outlook and guidance

  • 2028 targets set: OCG of EUR 2.2 billion and free cash flow above EUR 1.8 billion.

  • Future Ready programme on track to deliver EUR 200 million in annual benefits by 2027.

  • No intention to refinance EUR 600 million in senior debt maturing in 2027, improving financial flexibility.

  • Stable remittances from Netherlands Life expected until 2040.

  • Continued focus on business diversification, digital transformation, and incremental capital returns.

Detail drivers of net result decline
Future Ready program's AI impact
Impact of not refinancing 2027 debt
Detail AI's contribution to 2025 run rate benefits?
What are criteria for deploying residual excess cash?
Future impact of disability book measures on OCG?
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Frequently asked questions

NN Group N.V., a financial services company, primarily provides life insurance products in the Netherlands and internationally. It offers individual and group life insurance products; supplementary health insurance; bank-related asset management services, such as savings and investment products, pensions, mortgage loans, and annuities; investment banking, securities brokerage, and other capital market services; risk management software and consulting services for pension funds, companies, and insurers; property/casualty insurance; bancassurance products; and asset management services. NN Group N.V. was founded in 1845 and is headquartered in the Hague, the Netherlands.

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