Dividend policy and dividend history

Dividend policy

NN Group intends to pay a progressive ordinary dividend per share. NN Group intends to declare an interim dividend, which will be calculated at approximately 40% of the prior year’s full-year dividend, with the disclosure of its first half-year results and to propose a final dividend at the annual general meeting of shareholders. NN Group intends to pay dividends in cash, after deduction of withholding tax if applicable. However, NN Group will have the discretion to make dividend payments solely in ordinary shares or offer the shareholder a choice between cash or stock dividends, if appropriate under the prevailing circumstances. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued from the share premium reserve. NN Group intends to neutralise the dilutive effect of the stock dividend through repurchase of ordinary shares.

NN Group also intends to execute a recurring annual share buyback of an amount determined at its discretion. Additional excess capital is to be returned to shareholders unless it can be used for value creating opportunities.

When proposing a dividend or announcing a buyback, NN Group will take into account, among other things, its capital position, leverage and liquidity position, regulatory requirements and strategic considerations as well as the expected developments thereof. There is no requirement or assurance that NN Group will declare and pay any dividends or execute a buyback programme. On the basis of Solvency II regulatory capital requirements, dividends or buybacks can only be paid out if NN Group is compliant with the group Solvency Capital Requirement within the meaning of the Solvency II legislation.

Final dividend 2023

At the annual general meeting on 24 May 2024, a final dividend will be proposed of EUR 2.08 per ordinary share, or approximately EUR 570m in total based on the current number of outstanding shares (net of treasury shares). The final dividend will be paid either fully in cash, after deduction of withholding tax if applicable, or fully in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount equivalent to the stock dividend.

If the proposed dividend is adopted by the General Meeting, NN Group ordinary shares will be quoted ex-dividend on 28 May 2024. The record date for the dividend will be 29 May 2024. The election period will run from 30 May 2024 up to and including 13 June 2024. The stock fraction for the stock dividend will be based on the volume weighted average price of NN Group ordinary shares on Euronext Amsterdam for the five trading days from 7 June 2024 up to and including 13 June 2024. The dividend will be payable on 20 June 2024.

On 25 September 2023, NN Group paid an interim dividend of EUR 1.12 per ordinary share, which was calculated in accordance with the NN Group dividend policy. The proposed 2023 final dividend of EUR 2.08 per ordinary share plus the 2023 interim dividend of EUR 1.12 per ordinary share gives a total dividend for 2023 of EUR 3.20 per ordinary share.

As of the payment of the 2024 interim dividend, NN Group intends to pay dividends in cash only, after deduction of withholding tax if applicable. However, NN Group will keep the discretion to make dividend payments solely in ordinary shares or offer the shareholder a choice between cash or stock dividends, if appropriate under the prevailing circumstances.

Treasury shares that may be delivered as stock dividend are entitled to the same rights as the ordinary shares that were already outstanding. For further information regarding the rights connected to and the characteristics of the ordinary shares, reference is made to the articles of association of NN Group and the relevant parts of the annual report which are both available on this website. Reference is also made to the press release published on 29 February 2024.

Pursuant to Article 1 paragraph 4 sub h and Article 1 paragraph 5 sub g of the Prospectus Regulation, dividend payments in shares may occur without a prospectus, provided that a document is made available containing the required information. The above mentioned information should be read in conjunction with the press release referred to above and constitute that document. Please note that neither this information nor the press release is a prospectus within the meaning of the Prospectus Regulation.

Dividend timeline

The dividend timeline is based on specific guidelines for both final and interim dividends. The ex-dividend date for the final dividend is typically set two business days after the AGM, while for the interim dividend, it is typically set two business days after the 1H publication. The record date follows the ex-dividend date by the next business day, and the proceeds are generally paid out within 15 business days after the record date for both dividends.

Dividend history

Financial year Dividend Amount (EUR) Record date Payment date
2023 Interim 1.12 1 Sept 2023 25 Sept 2023
2022 Final 1.79 7 June 2023 29 June 2023
2022 Interim 1.00 16 Aug 2022 7 Sept 2022
2021 Final 1.56 24 May 2022 15 June 2022
2021 Interim 0.93 17 Aug 2021 8 Sept 2021
2020 Final 1.47 25 May 2021 16 June 2021
2020 Interim 2.26 11 Aug 2020 2 Sept 2020
2019 Interim 0.76 20 Aug 2019 11 Sept 2019
2018 Final 1.24 3 June 2019 25 June 2019
2018 Interim 0.66 21 Aug 2018 10 Sept 2018
2017 Final 1.04 5 June 2018 25 June 2018
2017 Interim 0.62 22 Aug 2017 11 Sept 2017
2016 Final 0.95 6 June 2017 26 June 2017
2016 Interim 0.60 23 Aug 2016 9 Sept 2016
2015 Final 1.05 8 June 2016 28 June 2016
2015 Interim 0.46 11 Aug 2015 7 Sept 2015
2014 Final 0.57 3 June 2015 30 June 2015

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