NN Group reports 1Q18 results
Solvency II ratio at 213%, integration progressing well
- Operating result of the ongoing business decreased to EUR 313 million from EUR 406 million in 1Q17, mainly due to a EUR 89 million total impact of the storm in January
- Net result of EUR 399 million, down 8.4% from 1Q17, reflecting the lower operating result and higher special items, partly compensated by higher non-operating items
- Further cost reductions of EUR 42 million in 1Q18; total cost reductions achieved to date of EUR 175 million; cost reduction guidance raised to EUR 400 million by 2020 of which at least half by the end of 2018
- Total new sales (APE) of EUR 547 million, down 7.8% from 1Q17 at constant currencies
- Solvency II ratio of 213% up from 199% at the end of 4Q17, driven by a combination of positive market impacts and operating capital generation
- Holding company cash capital at EUR 1,631 million, reflecting dividends received mainly from the Dutch units
Investor conference call and webcast
Lard Friese and Delfin Rueda will host an analyst and investor conference call to discuss the 1Q18 results at 10.30 am CET on Thursday 17 May 2018. Members of the investment community can join the conference call at +31 20 531 5865 (NL), +44 203 365 3210 (UK), +1 866 349 6093 (US) or follow the webcast on www.nn-group.com.
Lard Friese and Delfin Rueda will host a press call to discuss the 1Q18 results, which will be held at 07.45 am CET on Thursday 17 May 2018. Journalists can join the press call at +31 20 531 5863 (NL).