NN Group Solvency II ratio increased to 224%, supported by net capital build and the exclusion of NN Bank from the NN Group Solvency II ratio, which more than offset unfavourable markets, as well as model and assumption changes.
Free cash flow increased 7% to EUR 922 million, remaining on track to achieve the 2028 target of over EUR 1.8 billion. Operating result increased to EUR 1,507 million from EUR 1,443 million in the first half of 2025; net result increased to EUR 1,066 million.
The Group continued delivery of attractive and compounding capital return to shareholders, with a 2026 interim dividend of EUR 1.55 per ordinary share, up 12% compared with the 2025 interim dividend
Value of new business increased 16% to EUR 275 million, driven by growth in Insurance Europe and a pension transaction at Netherlands Life. Netherlands Non-life showed 6% gross written premiums growth. The combined ratio for the first half year was 90.5%, ahead of the 91-93% guidance range. Dutch pensions business ranked number one in broker satisfaction for the fourth consecutive year. Assets under management of the defined contribution pension business grew by 13% to EUR 48 billion, benefitting from high net inflows and markets.
Future Ready programme is on track to deliver EUR 200 million in annual benefits by 2027, with 65% already achieved by June 2026.
“Today, we are pleased to report a strong set of results. Our performance during the first half of 2026 demonstrates our ability to successfully execute our strategy and positions us well to meet our 2028 targets. Operating capital generation, our key performance indicator, amounted to EUR 1.1 billion. This was largely driven by strong business growth in our European businesses, highlighting the benefits of our strategy to diversify our earnings. Our Solvency II ratio increased to 224%, driven by net capital build and the exclusion of NN Bank from NN Group’s Solvency II ratio. This was partly offset by unfavourable markets, as well as model and assumption changes”, said David Knibbe, CEO.
“Our performance during the first half of 2026 enables us to continue delivering attractive, compounding capital returns to shareholders, reflected in a 2026 interim dividend per share of EUR 1.55, up 12% year on year. Looking ahead to the rest of 2026 and beyond, these results provide a strong platform for future growth and position us well to continue to deliver sustainable long-term value for our stakeholders. We thank our customers and shareholders for their continued trust, and our colleagues for their dedication and hard work”, concluded the CEO.
The full report can be found here.
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