NN Group reports 4Q18 results
Solvency II ratio 230%, final dividend and share buyback announced
- 4Q18 operating result of the ongoing business of EUR 343 million, broadly stable versus 4Q17 reflecting improved results at Netherlands Life, Netherlands Non-life, Insurance Europe and Japan Life, offset by lower results at the segment Other and Asset Management
- Full-year 2018 operating result of the ongoing business of EUR 1,626 million, up 3% from 2017
- Net result EUR -533 million in 4Q18 versus EUR 700 million in 4Q17, reflecting the goodwill impairment resulting from the progress of the integration of NN Life and Delta Lloyd Life (as announced on 13 December 2018) and lower non-operating items
- Full-year 2018 net result of EUR 1,117 million versus EUR 2,110 million in 2017
- Further cost savings of EUR 20 million in 4Q18, bringing total cost reductions to EUR 289 million versus the full-year 2016 administrative expense base
- APE at the insurance businesses up 8.1% at constant currencies compared with 4Q17. Full-year 2018 value of new business (VNB) of EUR 391 million, up 13.4% from 2017
- 2018 final dividend proposal of EUR 1.24 per ordinary share, bringing the full-year 2018 dividend to EUR 1.90 per ordinary share, or approximately EUR 637 million in total, up 14.5% compared with 2017
- Solvency II ratio of 230% reflects changes in the corporate tax rate in the Netherlands, the impact of the final dividend and the termination of the warrant agreement as well as negative equity revaluations, partly offset by the expansion of the Partial Internal Model and operating capital generation
- Holding company cash capital increased to EUR 2,005 million, reflecting net dividends from subsidiaries partly offset by shares repurchased in the fourth quarter of 2018 and the termination of the warrant agreement with ING Groep
- Share buyback programme up to EUR 500 million over 12 months, anticipated to commence on 1 March 2019
Investor conference call and webcast
Lard Friese and Delfin Rueda will host an analyst and investor conference call to discuss the 4Q18 results at 10.30 am CET on Thursday 14 February 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 4Q18 results, which will be held at 07.45 am CET on Thursday 14 February 2019. Journalists can join the press call at +31 20 531 5863 (NL).