NN Group reports 1Q19 results
- Operating result increased to EUR 468 million from EUR 313 million in 1Q18, which reflected the negative impact of a storm in January 2018, while the current quarter benefited from a dividend from an indirect stake in the former ING Life Korea
- Net result of EUR 512 million, up from EUR 399 million in 1Q18
- Further cost reductions of EUR 20 million in 1Q19; total cost reductions achieved to date of EUR 310 million versus the full-year 2016 administrative expense base
- Total new sales (APE) of EUR 945 million, up 72% from 1Q18 at constant currencies, reflecting higher sales in Japan and a higher volume of group pension contracts in the Netherlands
- Solvency II ratio of 213% reflects unfavourable movements in credit spreads and interest rates, the deduction of the EUR 500 million share buyback as well as a reduction of the UFR, partly offset by operating capital generation and positive equity revaluations
- Holding company cash capital at EUR 2,048 million
Investor conference call and webcast
Lard Friese and Delfin Rueda will host an analyst and investor conference call to discuss the 1Q19 results at 10.30 am CET on Thursday 16 May 2019. 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 1Q19 results, which will be held at 07.45 am CET on Thursday 16 May 2019. Journalists can join the press call at +31 20 531 5863 (NL).