Statement of Lard Friese, CEO
“Today we announce our first set of results after the successful listing of our company. The IPO of NN Group on 2 July was a major milestone, and represents the final step in our journey to become a standalone company. The success of our IPO reflects investor appetite for our business, a committed management team and an attractive investment proposition with a focus on capital generation and earnings improvement. NN Group delivered a solid performance and will continue to focus on delivering its strategic objectives.
Our cash capital position at the holding company substantially improved over the quarter due to dividend received from operating entities and a pre-IPO capital injection. In addition, the successful issuance of EUR 2 billion of subordinated debt in April and July, together with strong capital generation in the first half of the year, mark important steps in further strengthening our robust capital position.
Strong new sales growth was driven by Japan Life, Insurance Europe and higher pension contract renewals in Netherlands Life. Our continued client focus is increasingly being recognised. Nationale-Nederlanden has received the ‘Keurmerk Klantgericht Verzekeren’, a quality mark for customer focused insurance in the Netherlands.
At the same time, we have reduced expenses. We have made encouraging progress on the cost reduction programme in the Netherlands as so far this year we have realised EUR 75 million savings of our 2016 EUR 200 million expense reduction target. We are well positioned to achieve our strategic and operational objectives.”
NN Group Profile
NN Group is an insurance and investment management company with a strong, predominantly European presence in more than 18 countries. With around 12,000 employees the group offers retirement services, insurance, investments and banking to more than 15 million customers. NN Group includes Nationale-Nederlanden, ING Insurance Europe, ING Investment Management and ING Life Japan, and is listed on Euronext Amsterdam (ticker: NN).
Financial calendar 2014
Publication 3Q2014 results: Wednesday, 5 November 2014 (this date is provisional).
Press conference and webcast
A press conference will be held at 9.30am CET on Wednesday 6 August 2014 at NN Group’s head office, Amstelveenseweg 500, Amsterdam. The press conference will also be webcasted live. You can join in listen-only mode on + 31 20 531 5863 or watch the webcast on www.nn-group.com.
Investor conference call and webcast
Lard Friese and Delfin Rueda will host an analyst and investor
conference call to discuss the 2Q14 results on 6 August 2014 at 12:00
p.m. CET. Members of the investment community can join the conference call at
+31 20 531 5865 (NL), +44 203 365 3210 (UK) or +1 866 349 6093
(US) and via live audio webcast at www.nn-group.com.
Important legal information
Annual Accounts are prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (“IFRS-EU”).
the financial information in this document, the same accounting principles are
applied as in the NN Group N.V. condensed consolidated interim financial
information for the period ended 30 June 2014. All figures in this document are
unaudited. Small differences are possible in the tables due to rounding.
Certain of the
statements contained herein are not historical facts, including, without
limitation, certain statements made of future expectations and other
forward-looking statements that are based on management’s current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions
in NN Group’s core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential (partial) break-up
of the euro, (4) the implementation of the EC Restructuring Plan, (5) changes
in the availability of, and costs associated with, sources of liquidity as well
as conditions in the credit markets generally, (6) the frequency and severity
of insured loss events, (7) changes affecting mortality and morbidity levels
and trends, (8) changes affecting persistency levels, (9) changes affecting
interest rate levels, (10) changes affecting currency exchange rates, (11)
changes in investor, customer and policyholder behaviour, (12) changes in
general competitive factors, (13) changes in laws and regulations, (14) changes
in the policies of governments and/or regulatory authorities, (15) conclusions
with regard to accounting assumptions and methodologies, (16) changes in
ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (17) changes in credit and
financial strength ratings, (18) NN Group’s ability to achieve projected
operational synergies and (19) the other risks and uncertainties detailed in
the Risk Factors section contained in the most recent annual report of ING
forward-looking statements made by or on behalf of NN Group speak only as of
the date they are made, and, NN Group assumes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information or for any other reason. This document does not constitute an offer
to sell, or a solicitation of an offer to buy, any securities.