NN Group's results boosted by Dutch life insurance unit, growth in Europe
Adds CEO comments from interview, share reaction and details in paragraphs 4-5, 10-12
By Alban Kacher and Dagmarah Mackos
Aug 15 (Reuters) -Netherlands' biggest insurer NN Group NN.AS beat expectations for half-year operating capital generation on Thursday, driven by growth in European markets and good commercial performance in its Dutch life insurance business.
The group, which employs 16,000 people in 11 countries, said its operating capital generation fell 3.9% to 959 million euros ($1.06 billion) in the first half, but beat the consensus of 899 million euros.
"We continue to see high demand for our products and services as reflected by the higher value of new business ... supported by higher pension volumes at Netherlands Life and solid sales of protection and pension products across our European markets," CEO David Knibbe said in a press release.
In an interview with Reuters, Knibbe pointed to increased sales in Central and Eastern Europe, a region he said was still significantly under-penetrated in terms of protection products, compared to Western Europe.
"We're able to tap into that market in a better way because of the strength of our distribution," he added.
The Netherlands Life business, NN's largest, reported net inflows of 1.2 billion euros from its defined contribution pension business.
The Dutch pension fund reform, in effect since July 2023, is boosting demand for insurers as corporate sponsors transfer investment and longevity risks.
European rivals Generali GASI.MI and Allianz ALVG.DE also beat expectations in their life insurance segments in the first half of the year.
NN Group reiterated its guidance for 2025 along with the dividend and share buyback targets announced in February.
It warned lower investment returns could weigh on its life insurance segment, but said this impact should be mitigated by reduced exposure to financial markets and stronger performance in Europe and other businesses.
"The strategy for the group has continued to grow in what we call protection business. We expect a continued growth in the non-life business," Knibbe said.
The group's shares were 2.2% lower at 0825 GMT. UBS analyst Ahmed Nasib said that was due to the lack of a guidance hike and the stock's strong run in recent months.
($1 = 0.9083 euros)
Reporting by Alban Kacher and Dagmarah Mackos in Gdansk; editing by Kim Coghill and Milla Nissi
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