NN Group and the Amsterdam School of Economics at the University of Amsterdam (UvA) are joining forces to open a new, independent research centre: the Research Centre for Longevity Risk. At the centre, UvA scientists will study the trends in survival rates and life expectancy, and how these are affected by different relevant factors.
In recent decades, average life expectancy has risen across the globe. But the pace at which life expectancy can change is uncertain, for example as a result of sudden, higher death rates due to a pandemic. This uncertainty creates challenges, such as the affordability of pension provisions or the required capacity of healthcare systems.
The Research Centre for Longevity Risk will conduct research to gain greater insight into the financial and social consequences of changing life expectancies. The research will look at demographic trends and medical developments, as well as the impact of local socioeconomic circumstances and the quality of our living environment.
Variation in life expectancy
Michel Vellekoop, professor of Life Insurance at the Amsterdam School of Economics at the UvA: ‘The social and financial consequences of the developments in life expectancy are enormous. There is a significant variation in life expectancy among different population groups, and socio-economic differences are one of the causes. We still don’t have a sufficient understanding of how life expectancy will develop and how all relevant factors relate to one another. We also don’t have adequate knowledge of the financial and economic consequences of the developments in life expectancy. We want to change this using the research we will conduct at the Research Centre for Longevity Risk.’
Greater awareness of impact needed
Leon van Riet, CEO Netherlands Life & Pensions and member of the Management Board of NN Group: ‘As an international life insurance and pension provider, we have a lot of knowledge of, and experience with, longevity. We believe that the financial sector has an important role to play in society and we aim to create sustainable long-term value for all stakeholders, such as our customers, investors and the communities in which we operate. Our funding of the Research Centre for Longevity Risk is in line with NN's ambition to support various social initiatives in the field of financial well-being and knowledge development. The research conducted in the centre will contribute to the management of longevity risk, and is vital for governments, policymakers and other stakeholders in the financial sector. It will also help raise awareness about accruing a pension. This is in line with our purpose to help people care for what matters most to them.’
About the Research Centre for Longevity Risk
The Research Centre for Longevity Risk is an independent scientific research centre and its researchers will determine the centre’s research agenda. All research results will be made public. A Governing Board will be established to safeguard the social relevance of the research. In addition to members from the UvA and Nationale-Nederlanden, the Governing Board will include representatives from other universities and other financial organisations.
About the Amsterdam School of Economics
The Amsterdam School of Economics (ASE) is part of UvA Economics and Business at the University of Amsterdam. It is known for the high quality of its research-based teaching and its research, which makes significant contributions to addressing social problems. In addition to full-time Bachelor’s and Master’s degree programmes in Economics, Behavioural Economics, Econometrics, Actuarial Science, Business Analytics and Economics of Taxation, the ASE offers postgraduate courses to professionals in the financial corporate sector who want to broaden or deepen their professional knowledge. The ASE employs more than 200 people who serve more than 2,500 Bachelor’s, Master’s, PhD and postgraduate students.
NN Group is an international financial services company, active in 19 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, investments and banking to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).
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) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which NN Group operates, on NN Group’s business and operations and on NN Group’s employees, customers and counterparties (3) changes in performance of financial markets, including developing markets, (4) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (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 and the interpretation and application thereof, (14) changes in the policies and actions 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 NN Group 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, (19) catastrophes and terrorist-related events, (20) adverse developments in legal and other proceedings and (21) the other risks and uncertainties contained in recent public disclosures made by NN Group.
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