Dividend policy and dividend history

Dividend policy

NN Group intends to pay a progressive ordinary dividend per share. NN Group intends to declare an interim dividend, which will be calculated at approximately 40% of the prior year’s full-year dividend, with the disclosure of its first half-year results and to propose a final dividend at the annual general meeting of shareholders. NN Group intends to pay dividends either in cash, after deduction of withholding tax if applicable, or in ordinary shares, at the election of the shareholder. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued from the share premium reserve. NN Group intends to neutralise the dilutive effect of the stock dividend through repurchase of ordinary shares. NN Group also intends to execute a recurring annual share buyback of at least EUR 250 million. Additional excess capital is to be returned to shareholders unless it can be used for value creating opportunities.

When proposing a dividend or announcing a buyback, NN Group will take into account, among other things, its capital position, leverage and liquidity position, regulatory requirements and strategic considerations as well as the expected developments thereof. There is no requirement or assurance that NN Group will declare and pay any dividends or execute a buyback programme. On the basis of Solvency II regulatory capital requirements, dividends or buybacks can only be paid out if NN Group is compliant with the group Solvency Capital Requirement within the meaning of the Solvency II legislation.

Interim dividend 2023

NN Group will pay a 2023 interim dividend of EUR 1.12 per ordinary share, calculated as 40% of the 2022 full-year dividend per ordinary share in accordance with the NN Group dividend policy. The interim dividend will be paid either fully in cash, after deduction of withholding tax if applicable, or fully in ordinary shares, at the election of the shareholders. Dividends paid in the form of ordinary shares will be delivered from NN Group treasury shares or issued at the expense of the share premium reserve. To neutralise the dilutive effect of the stock dividend, NN Group will repurchase ordinary shares for an amount equivalent to the stock dividend

NN Group ordinary shares was quoted ex-dividend on 31 August 2023. The record date for the dividend was 1 September 2023. The election period ran from 4 September up to and including 18 September 2023. The stock fraction for the stock dividend was based on the volume weighted average price of NN Group ordinary shares on Euronext Amsterdam for the five trading days from 12 September to 18 September 2023. The dividend was paid on 25 September 2023.

Treasury shares that may be delivered as stock dividend are entitled to the same rights as the ordinary shares that were already outstanding. For further information regarding the rights connected to and the characteristics of the ordinary shares, reference is made to the articles of association of NN Group and the relevant parts of the annual report which are both available on this website. Reference is also made to the press releases published on 29 August 2023 and 18 September 2023.

Pursuant to Article 1 paragraph 4 sub h and Article 1 paragraph 5 sub g of the Prospectus Regulation, dividend payments in shares may occur without a prospectus, provided that a document is made available containing the required information. The above mentioned information should be read in conjunction with the press releases referred to above and constitute that document. Please note that neither this information nor the press releases are a prospectus within the meaning of the Prospectus Regulation.

Dividend timeline

The dividend timeline is based on specific guidelines for both final and interim dividends. The ex-dividend date for the final dividend is typically set two business days after the AGM, while for the interim dividend, it is typically set two business days after the 1H publication. The record date follows the ex-dividend date by the next business day, and the proceeds are generally paid out within 15 business days after the record date for both dividends.

Dividend history