Continued strong commercial performance in the first half of 2026, resulting in 5% growth in operating capital generation

Strong operating capital generation and free cash flow performance; well on track to deliver 2028 targets

• Operating capital generation increased 5% to EUR 1,073 million, building on a strong prior-year base, supported by business growth in Europe. Well on track to achieve 2028 OCG target of EUR 2.2 billion
• NN Group Solvency II ratio increased to 224%, supported by net capital build and the exclusion of NN Bank from the NN Group Solvency II ratio, which more than offset unfavourable markets, as well as model and assumption changes
• Free cash flow increased 7% to EUR 922 million; remaining on track to achieve the 2028 target of over EUR 1.8 billion
• Operating result increased to EUR 1,507 million from EUR 1,443 million in the first half of 2025; net result increased to EUR 1,066 million
• Continued delivery of attractive and compounding capital return to shareholders, with a 2026 interim dividend of EUR 1.55 per ordinary share, up 12% compared with the 2025 interim dividend

Continued strong commercial performance

• Value of new business increased 16% to EUR 275 million, driven by growth in Insurance Europe and a pension transaction at Netherlands Life
• Netherlands Non-life showed 6% gross written premiums growth. The combined ratio for the first half year was 90.5%, ahead of the 91-93% guidance range
• Dutch pensions business ranked number one in broker satisfaction for the fourth consecutive year. Assets under management of the defined contribution pension business grew by 13% to EUR 48 billion, benefitting from high net inflows and markets
• Future Ready programme on track to deliver EUR 200 million in annual benefits by 2027, with 65% already achieved by June 2026

Statement of David Knibbe, CEO

‘Today, we are pleased to report a strong set of results. Our performance during the first half of 2026 demonstrates our ability to successfully execute our strategy and positions us well to meet our 2028 targets.

Operating capital generation, our key performance indicator, amounted to EUR 1.1 billion. This was largely driven by strong business growth in our European businesses, highlighting the benefits of our strategy to diversify our earnings. Our Solvency II ratio increased to 224%, driven by net capital build and the exclusion of NN Bank from NN Group’s Solvency II ratio. This was partly offset by unfavourable markets, as well as model and assumption changes.

Value of new business (VNB) increased to EUR 275 million. In Europe, our businesses delivered a 14% increase in VNB, mainly driven by higher sales volumes in risk protection products, which was supported by our strong distribution capabilities. Assets under management of pensions services across Europe surpassed the EUR 50 billion mark for the first time. This more than offset lower VNB from Japan, where demand shifted towards shorter-duration products, moderating sales growth.

In the Netherlands, our Non-life business delivered a 6% increase in gross written premiums. The business achieved a combined ratio of 90.5%, ahead of our target range of 91-93%.

Our Dutch Life & Pensions business recorded net inflows of EUR 1.7 billion in defined contribution pension assets, increasing related assets under management to EUR 48 billion.

At the same time, our Future Ready programme remains firmly on track and continues to deliver tangible results. By the end of June, we had completed around 70% of investments related to the programme and delivered cumulative annual benefits of EUR 130 million. As a result, we remain on course to achieve our target of EUR 200 million in annual benefits. The programme is also helping us generate growth: for example, our use of AI is driving higher sales in Europe through our Agent Digital Office, an innovative platform that connects agents with potential customers. We remain focused on using AI efficiently and are carefully managing token-related costs.

We also continue to deliver strong progress against our other strategic priorities that focus on customers, our colleagues and society. Customer satisfaction remains strong across our markets. Eight of our nine international units continue to outperform their local market, while customer satisfaction in the Netherlands is also above the market average. In addition, we have achieved the highest level of broker satisfaction for pensions in the Netherlands for the fourth consecutive year. We are pleased that we continue to achieve high employee engagement scores, remaining above benchmark levels as we work to transform the company. Alongside this, we increased the volume of our investments in climate solutions to EUR 14.3 billion, demonstrating our commitment to supporting the transition to a more sustainable economy.

Our performance during the first half of 2026 enables us to continue delivering attractive, compounding capital returns to shareholders, reflected in a 2026 interim dividend per share of EUR 1.55, up 12% year on year.

Looking ahead to the rest of 2026 and beyond, these results provide a strong platform for future growth and position us well to continue to deliver sustainable long-term value for our stakeholders. We thank our customers and shareholders for their continued trust, and our colleagues for their dedication and hard work.’

You can access the full press release and the rest of the documents related to NN Group's 1H 2026 results here.