Our Thermal Coal Policy, first introduced in 2019, guides how we manage our proprietary investments in companies involved in thermal coal production and coal-fired power generation as part of our commitment to phase out thermal coal exposure in our corporate investment portfolio by 2030.

Thermal coal is among the most carbon-intensive energy sources and reducing our exposure remains an important part of our broader sustainability approach. Since introducing the Policy, we have reduced our thermal coal-related investments from around EUR 1.8 billion in 2019 to approximately EUR 300 million at the end of 2025. This reduction reflects a combination of investments reaching maturity, companies reducing their thermal coal activities and selective divestments.

Broadening our assessment of coal exposure

As we have implemented the Policy, we have seen that percentage-based thresholds remain useful, but do not always provide a complete picture of a company's involvement in thermal coal. For example, a company may generate relatively little revenue from coal while still being a significant producer.

To address this, we have introduced additional restrictions covering large thermal coal producers, large coal-fired power generators, and companies developing new coal mines or coal-fired power plants. While the update is expected to have only a limited impact on our current portfolio, it ensures that companies with significant coal-related activities or expansion plans are more consistently captured by our policy. This strengthens our ability to assess both current activities and future direction.

Supporting the wider transition

Our objective is not only to reduce our own exposure to thermal coal, but also to support the broader transition taking place in the real economy.

For the remaining thermal coal-related investments in our portfolio, we will continue to monitor progress against credible phase-out plans and engage with companies where feasible. Where transition plans are not credible, or progress is insufficient, we will not make new investments.

We have also formalised how exemptions are assessed. In limited cases, companies that exceed our restriction criteria may be considered for an exemption where deeper analysis shows credible transition plans and progress. This reflects our view that a rigid application of thresholds, or a single deadline, may not always fully capture a company's transition progress.

We also recognise that social, regional and employment impacts from phasing out thermal coal can affect the pace and feasibility of transition in some circumstances. Just transition considerations are therefore taken into account when assessing exemptions, where wider societal impacts justify a more nuanced assessment.

Importantly, these updates do not change our commitment to phase out thermal coal exposure by 2030. They strengthen our ability to deliver on that commitment, balancing clear restrictions with a practical assessment of real-world transition progress.

This approach reflects the balance we seek to maintain: staying firm on the need to phase out thermal coal, while supporting companies that are making real progress in their transition.

Rising incomes, falling unemployment and a growing middle class are reshaping people’s expectations for the future.

‘At Nationale-Nederlanden Polska, we are helping to underpin this transformation by supporting our customers in a more holistic and meaningful way,’ says CEO, Paweł Kacprzyk. ‘This approach reflects our broader purpose: helping people take care of what matters most to them.’

Creating wider value for customers and society

While experiencing growth, Polish society also faces challenges. Like many European countries, Poland faces an ageing population and growing pressure on the state pension system, increasing the importance of long-term retirement savings. Access to healthcare also remains an issue. While the public health system offers broad coverage, it faces significant pressure, with funding below the European Union average and gaps in certain areas, such as medicines and dental care.

‘By bringing pensions and healthcare support together as part of a wider suite of products, Nationale-Nederlanden Polska helps people feel secure not only about their future income, but also about their ability to cope with a broader range of life’s uncertainties,’ says Kacprzyk.

A strong foundation people can rely on

As a major financial services provider, Nationale-Nederlanden Polska has been part of the country’s financial landscape for more than 30 years. The company offers a wide range of solutions, including life and health insurance, pension products, investments, and employee group insurance.

The company’s pension business is one of the largest in Poland, managing retirement assets for nearly three million people across open pension funds, voluntary pension funds, individual retirement accounts and employee capital plans.

‘As the founder of Poland’s first open pension fund, Nationale-Nederlanden Polska has played a pioneering role in helping customers build long-term financial security, as awareness of the need to save for retirement continues to grow,’ says Kacprzyk.

Helping people in moments that really matter

Given that access to healthcare remains a challenge for many people in Poland, Nationale-Nederlanden Polska combines insurance cover with practical healthcare support through its ‘insurance support in sickness’ programme, developed with partner, LUX MED. Customers receive health insurance coverage alongside fast access to specialists and treatment, supported by a dedicated care coordinator who helps guide them through the process.

‘Nationale-Nederlanden Polska was one of the first companies to offer this type of protection,’ says Kacprzyk. ‘It reflects how we respond to customers’ needs with solutions that address real-life challenges, while also supporting our future growth.’

Using tech to differentiate the business

As Polish consumers increasingly expect to manage their finances and healthcare online, Nationale-Nederlanden Polska continues to invest in digital solutions that make services simpler, faster and more convenient. Through its Moje NN platform, customers can manage policies, track pension savings, update personal details and monitor claims whenever and wherever it suits them.

Technology also plays an important role behind the scenes. Following the acquisition of MetLife's Polish business in 2022, Nationale-Nederlanden Polska successfully integrated the acquired business into its own systems and decommissioned around 90% of MetLife's legacy infrastructure. ‘This has helped create a more efficient, scalable operating model while improving the experience for customers and employees alike,’ says Kacprzyk.

Positioned for growth

Nationale-Nederlanden Polska’s innovative approach has already translated into solid results. Between 2019 and 2024, for example, the company grew its customer base by 150%: while 25% of that increase came from the 2022 acquisition of MetLife’s Polish business, the remaining 75% came from organic growth.

Looking to the future, Poland’s growing economy, rising incomes and increasing focus on long-term financial wellbeing are creating significant opportunities for insurers and pension providers.

‘With our leading position in pensions, strong insurance business and continued investment in digital innovation, we are well placed to grow alongside our customers,’ says Kacprzyk. ‘As Poland continues to develop, we have the scale, expertise and ambition to help more people protect their health, build financial security and prepare for the future.’

• 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.

Making claims faster and simpler

Traditionally, processing an insurance claim involved several manual steps. This could slow down decision-making, especially when large volumes of claims needed to be handled at the same time. Seeing a clear opportunity to improve, NN Group launched an initiative using AI to make the claims process faster and more efficient.

‘Several years ago, we began exploring how data science and AI could help us better serve our customers and improve efficiency across the business,’ said Tjerrie Smit, chief analytics officer at NN Group. ‘The claims handling process at our Dutch non-life business stood out as being a particularly strong opportunity to apply AI – both to accelerate how quickly we can support customers and streamline the way certain claims were managed.’

The team began developing its own specialised AI-driven solution to automate several aspects of the claims process. As a result, many steps that were previously handled manually – such as flagging the cause of the damage cause and checking whether the damage is covered by the policy – are now carried out automatically by AI agents.

This has significantly reduced the turnaround time for certain types of high-volume, low-complexity claims, such as those related to household damage or a broken car windscreen. ‘Some claims can now be processed and paid out in around six minutes, with no manual handling required,’ said Remco de Mol, senior manager of Nationale‑Nederlanden’s Data and AI Hub. ‘Customers are always informed when their claim has been handled automatically and can easily request a review if needed.’

Prudent application

At the same time, we always apply AI carefully. NN’s AI policy and ethics framework help guide this, supporting our aim to use AI in a responsible, transparent and fair way. As part of this approach, NN Group’s team of data scientists spends a great deal of time and effort developing our AI models. ‘A large part of our work focuses on testing the model, ensuring it is safe and produces accurate results, complies with legal obligations, and operates within clear guardrails,’ said de Mol. 

The system also recognises when it needs help: claims that fall outside predefined criteria or that show unusual patterns, for example, are automatically flagged by the AI to be assessed by a claims handler. This means complex or potentially fraudulent cases are assessed by experienced colleagues, combining the efficiency of technology with human judgement.

‘We always have colleagues in the loop where needed. Our model is digital where possible, and personal where it matters,’ adds de Mol.

Driving efficiency and transformation

Beyond improving the experience for customers, this application of AI is already helping the business operate more efficiently. By reducing manual handling, Nationale‑Nederlanden can process a higher volume of claims more quickly, consistently and at a lower cost. Automating repetitive tasks also allows claims specialists to focus on instances such as complex claims or situations that require personal contact with customers.

The project is part of NN Group’s wider Future Ready programme, which focuses on using data and technology to make services simpler, faster and more accessible for customers. The Future Ready programme is built upon an initial investment of €450 million and aims to generate €200 million per year in overall benefits for the group.

This claims project is just the beginning. ‘Our focus is on building re-usable models, so that we can quickly scale them across other products and businesses. Our success in one place can serve as a blueprint for what we can achieve next,’ added Smit.

A smarter way to support everyday life

For customers, the impact is already clear. Claims are handled faster, communication is simpler, and there is less uncertainty during difficult moments. By combining technology with a strong focus on customers’ needs, we are showing how innovation can improve everyday experiences – not by adding complexity, but by taking it away.

The note is primarily intended to assist the sell side analyst community covering NN Group, and may be useful for their analysis. The note is available on the Financial Results page of the Investors section on NN Group’s website. 

NN Group will publish its 1H26 results on 6 August 2026. 

Through a network of around 180 partners, NN aims to support the financial, physical and mental wellbeing of 2.5 million people by 2028. Two recent healthcare initiatives in Poland and Romania demonstrate how our businesses are working with partners to turn our commitments into action.

In Poland, Nationale-Nederlanden’s prevention programme – which aims to increase access to early diagnosis and encourage people to take proactive steps to support their health – was recently recognised with a top award at Kompas ESG 2026, a major Polish awards ceremony for ESG initiatives.

Through long-standing partnerships with organisations such as the Rak’n’Roll Foundation and the Mosznowładcy campaign, the programme brings preventive screenings directly to communities, including smaller cities where access can be limited. More than 11,000 people have already taken part in screenings, with many referred for further diagnostics where needed.

In Romania, NN is contributing to a different, but equally important, part of the healthcare journey: improving access to critical care. Through a long-term partnership with the NGO, Inima Copiilor, NN Romania has supported the expansion of the paediatric cardiac surgery centre at the Marie Curie Hospital in Bucharest by contributing more than €2 million over the last five years.

Once fully completed, the expanded centre will be able to treat more than 500 children each year – significantly increasing its current capacity and enabling more families to access life-saving treatment closer to home. The project also includes modernised operating facilities, increased intensive care capacity, and improved conditions for both patients and their families.

In the Netherlands, NN is helping to improve access to healthcare through the education system. In 2025, NN and OHRA Zorg launched the Zorgbank pilot across seven Dutch primary schools, together with the Jeugdeducatiefonds and NN Community Investment, to help children who lack access to essential care that is not covered by standard reimbursements. The pilot has already supported over 500 children and, due to strong demand, is being expanded to nine more schools in 2026.

Together, these initiatives reflect how we bring our purpose to life in different ways – from prevention and early detection to advanced treatment and recovery. By working with partners and communities, we aim to help ensure that more people can access the care they need, when they need it.

With the award, the startup receives a grant of EUR 100,000, as well as access to mentorship, networks and further support to accelerate its growth. Vicky Klimi, co-founder of Grandmama: 'This award means that the caregivers − who show up every day to care for our elders − finally get seen! With this prize, we will help thousands of caregivers to find a decent job, getting our AI tools into the hands of families who desperately need them. We want to prove that we can build a real business by doing right by the most invisible workers in the world.'

Commitment to positive change
The award is part of NN’s broader commitment to contribute to the well-being of people in the communities where it operates. Through its Community Investment programme and the NN Social Innovation Fund, NN contributes to initiatives and social enterprises that support the financial, physical and/or mental well-being of people, especially those who are underserved. By partnering with organisations such as Rubio Impact Ventures, NN’s Social Innovation Fund provides social entrepreneurs with funding, mentorship and access to networks, helping them scale solutions that can drive positive change.

Important societal challenge
‘Grandmama addresses a highly relevant challenge, where many families struggle to organise home care. By combining support for families with job opportunities and fair pay, it creates impact across the care ecosystem − and this is exactly the kind of solution we want to support with this award,' says Fleur Hudig, Chair of the NN Social Innovation Fund.

Ilonka Jankovich, Venture Partner at Rubio Impact Ventures, adds: ‘What makes this award special is the opportunity to meet exceptional founders at a very early stage and showcase the innovative solutions they are building. Together with NN Group, we help create visibility for entrepreneurs using technology to improve people’s well-being and address important societal challenges.’

The group warns that weakening it could harm Europe’s economy at a critical time. In a joint statement ahead of key EU decisions this summer, the investors stress that a strong and predictable EU Emissions Trading System (ETS) is essential for investment, competitiveness and energy security.

From our perspective as a long-term investor, the message is simple: stability drives investment. Furthermore, stable and robust climate policies are important to incentivise a timely and orderly transition of the economy, which is crucial for us to achieve our climate ambitions.

The ETS has already delivered results. Emissions from covered sectors have fallen by around 50% since 2005. The system has also supported the shift from coal to renewable energy and strengthened energy security. A clear and reliable carbon price helps guide decisions across energy, infrastructure and industry.

At the same time, we recognise the pressure on European industry. Energy costs remain high, and some sectors face more complex and costly transitions. These challenges are real. But they should be addressed with targeted support, stronger infrastructure and innovation — not by weakening the ETS. Doing so would reduce investor confidence and risk slowing Europe’s progress in the global race for clean investment.

With an ETS review coming up and EU leaders meeting this month, NN Group and other signatories are calling for a consistent approach. The priority should be to build on what works — by strengthening the system and making better use of ETS revenues to support industrial decarbonisation and the energy transition.

In uncertain times, a stable and predictable carbon market is not a barrier to growth, but a key part of Europe’s economic future.

You can find more information about NN Group's climate approach here.

As of the close of the 2026 AGM, Annemiek van Melick was reappointed as vice-chair of the Executive Board and Chief Financial Officer of NN Group N.V., following notification to the General Meeting.

Strengthening our approach

In 2025, we further enhanced our active ownership approach by improving how we monitor and evaluate engagement progress and outcomes, and by introducing an engagement management platform to strengthen oversight and reporting. We also further developed our climate stewardship by setting 2030 objectives that aim to increase the share of assets in our corporate investment portfolio that align with a net-zero pathway. These objectives form an important part of our Paris-alignment strategy and will support our engagement across the portfolio, while focusing primarily on the top holdings in terms of financed emissions.

In terms of nature stewardship, we have set 2030 ambitions on land-use change to guide our engagement with investee companies towards stronger deforestation and conversion free commitments, particularly for high-risk commodities. The report also provides insights into our participation in stewardship programmes on human rights and transition, and human capital management. In addition, we clarified our expectations for heightened due diligence in conflict‑affected and high‑risk areas.

Overall, the report shows how active ownership remains a core element of our responsible investing approach and an important lever for encouraging positive change in the real economy.

Continuing our collaboration

Achieving our responsible investing ambitions is not something we can do alone, and collaboration is required for systemic change. In 2025, we continued to work closely with external asset managers, engagement partners and peer investors to ensure effective stewardship. We also expanded our participation in initiatives on climate and nature, for example, by joining initiatives that focused on deforestation linked to the automotive and chemicals sectors. In terms of policy advocacy, we participated in financing roundtables and government consultations on topics such as the energy transition.

You can find more information on sustainability at NN Group here.

The AGM will be held in a hybrid form. Shareholders can attend and vote during the meeting in person or virtually, or they can exercise their voting rights by providing an electronic proxy with voting instructions in advance. Details on how to register, participate and vote can be found in the convocation letter published today. The meeting will take place at NN Group’s office at Prinses Beatrixlaan 35, The Hague, the Netherlands, and there will also be a live webcast on NN Group's website.

Full details of all agenda items are included in the meeting documents published today on the NN Group website. The materials include the 2025 Annual Report of NN Group as published on 5 March 2026.

Nationale-Nederlanden Bank’s annual report is available for download here. 

At NN, we are committed to contribute to the well‑being of people in our communities. In line with this ambition, the NN Social Innovation Startup Award returns for its third edition on 11 June during the Hello Tomorrow Summit in Amsterdam. Early‑stage startups will pitch tech‑enabled solutions that improve mental, physical or financial well‑being, particularly for people whose well‑being is under pressure. The award is part of our collaboration with Rubio Impact Ventures, to support emerging ‘people‑tech’ startups across NN markets in Europe.  

The winning startup receives a €100,000 grant from NN's Social Innovation Fund and access to mentors, investors and the mission-driven networks of both NN and Rubio. Finalists also gain visibility and support to scale their impact. 

We encourage startups that use technology to improve people's mental, physical or financial well‑being to apply. Applications are open until 14 April 2026 on www.socialinnovationaward.com. 

For more background on NN Group contribution to communities see here.

Together with this report, NN Group published a Solvency and Financial Condition Report and a Total Tax Contribution Report.

NN Group’s 2025 Annual Report is available for download at Annual Report 2025 

For our OHRA customers, fully automatic claims resolution can be as simple as taking a photo of damage to their home or vehicle, or a screenshot of a vet’s invoice. After answering basic online questions, they can receive a decision in minutes. If something is unclear, customers can still speak to a claims processor, because AI at NN is always backed up with a human-in-the-loop. 

This innovation is part of NN’s Future Ready programme, aimed at improving customer experience, increasing efficiency and driving profitable growth. For customers, the benefits are clear: quick, transparent and fair insurance decisions. 

More information about our digital transformation be found here: NN Digital Hub

Today, NN Group announces that its Supervisory Board intends to reappoint Annemiek van Melick as member of the Executive Board of NN Group and to designate her again as Chief Financial Officer (CFO) and vice-chair of the Executive Board for a term of four years.

The current term of appointment of Annemiek van Melick ends at the close of the annual general meeting (AGM) of NN Group to be held on 21 May 2026. The reappointment will be effective after notification to the General Meeting at the 2026 AGM. Annemiek van Melick was appointed CFO and vice-chair of the Executive Board as of 1 July 2022.

David Cole, chair of the NN Group Supervisory Board: ‘We are pleased to reappoint Annemiek for another term. Under her financial leadership, NN Group has made good progress on the execution of its strategy while reporting a strong commercial and financial performance and maintaining a robust capital position. This has created a solid foundation for growth and sustainable long-term value creation for our stakeholders.’

Changes to the composition of the Supervisory Board

The current terms of appointment of David Cole and Pauline van der Meer Mohr as members of the Supervisory Board of NN Group also end at the close of the 2026 AGM. The Supervisory Board has decided to nominate David Cole for reappointment as member of the Supervisory Board for another two years. If reappointed, the Supervisory Board intends to reappoint him as its chair and as member of the Nomination, Remuneration and Governance Committee. Furthermore, the Supervisory Board has decided to nominate Pauline van der Meer Mohr for reappointment as member of the Supervisory Board for another four years. If reappointed, the Supervisory Board intends to reappoint her as its vice-chair,  chair of the Nomination, Remuneration and Governance Committee and member of the Audit Committee.

Additionally, the Supervisory Board has decided to nominate Irine Gaasbeek for appointment as new member of the Supervisory Board for a term of four years. The proposal for appointment has been approved by the Dutch Central Bank. Irine Gaasbeek (Dutch, 1971) has extensive executive experience and in-depth expertise in digital transformations, data and artificial intelligence, having worked at Accenture in various leadership roles. If appointed, she will join the Supervisory Board’s Risk Committee.

The current term of Robert Jenkins, member of the Supervisory Board since 2016, will also end as of the close of the 2026 AGM. He has indicated he will not be available for reappointment.

Further information will be included in the convocation for the 2026 AGM, which will be available from 8 April 2026 at www.nn-group.com.

• Operating capital generation increased 9% to EUR 2.1 billion, exceeding the 2025 target of EUR 1.9 billion, reflecting continued strong business performance.
• Free cash flow grew 7%, slightly ahead of the 2025 target of EUR 1.6 billion, with the contribution from business segments increasingly diversified.
• NN Group Solvency II ratio increased to 220%, benefiting from favourable market conditions and continued strong net capital build.
• Operating result rose 17% to EUR 3,002 million; net result of EUR 1,188 million.

Accelerating dividend growth and stepping up the annual buyback 

• Based on strong business performance, cash, and capital levels, NN Group enhances its capital return by an additional EUR 100 million beyond the progressive dividend policy, splitting this evenly between the dividend and the annual share buyback.
• Consequently, the total dividend per share for 2025 is up 13% to EUR 3.88 per share and annual share buyback programme is increased by EUR 50 million to EUR 350 million. 

Excellent and continued commercial momentum

• Future Ready programme well on track to reach EUR 200 million benefits in 2027; further extension of data literacy programme for employees to understand, analyse, and use data effectively.
• Value of new business (VNB) of Insurance Europe increased 16%, reflecting higher sales and a favourable product mix.
• VNB of Japan Life increased 25% following the introduction of a new long-term savings product in March.
• Gross written premiums for Netherlands Non-life up 6%, surpassing EUR 4 billion for the first time, driven by premium increases and volume growth. The combined ratio was 92.9%, within the 91%-93% guidance range.
• Netherlands Life saw assets under management of the defined contribution pension business grow by 9% to EUR 43 billion, benefitting from high net inflows and markets.

Statement of David Knibbe, CEO 

‘Today, we are presenting a very strong set of results for 2025, reflecting continued positive business performance and strategy execution despite ongoing geopolitical volatility. We exceeded our targets for 2025 and are well on track to achieve the 2028 goals outlined at our Capital Markets Day in May 2025. 

In Europe, we reported continued growth across the region, most notably in Poland, Greece, Romania and Slovakia. Netherlands Non-life increased gross written premiums by 6%, reaching the EUR 4 billion mark for the first time. Our business in Japan also showed a strong commercial performance, driven by the successful launch of a long-term savings product for business owners. Our Netherlands Life business benefitted from strong net inflows of EUR 2.6 billion and favourable market movements in defined contribution pension products, and continued to capture opportunities arising from the changing Dutch pension market. 

Our Future Ready programme, which is focused on further improving the customer experience, and driving operational efficiencies and profitable growth, is well on track towards our goal of generating EUR 200 million annual benefits as of 2027. At the end of 2025, we had 236 AI use cases in production, including a system that enables us to approve and pay out various car insurance claims within minutes. 

Operating capital generation (OCG), our key performance indicator, increased 9% to EUR 2.1 billion. Combined with positive market developments, this contributed to a further strengthening of our capital position, with a Solvency II ratio of 220%. The strong business performance, cash, and capital levels enable us to step up our annual share buyback programme to EUR 350 million, and propose a 13% higher full-year dividend compared to 2024. We continued to deliver on our strategic objectives focused on our customers, people, and our contribution to society. 

Customer satisfaction scores further improved, with eight of our nine international markets scoring above the market average. In the Netherlands, we maintained our number one position in broker satisfaction, reflecting our proven strategy to work closely with this key partner group. We also saw a further improvement in employee satisfaction. In support of a sustainable economy, we increased investments in climate solutions, reaching a total of EUR 14 billion by the end of 2025. Since 2022, our community investment programme has supported more than one million people. 

Looking ahead, these results provide us with a strong foundation for future growth, which enables us to continue to create sustainable long-term value for our stakeholders. We would like to thank our customers and shareholders for their trust, and our colleagues for their ongoing commitment.’

Collaborative process, collective progress 

Participants emphasised the value of seeing how other institutions approach impact integration and how these perspectives can strengthen the sector’s collective progress. The working group included representatives from PGGM, Achmea and ASR as well as NN.  

According to Leon van Riet, NN Group CEO Netherlands Life & Pensions, who was in the board of the working group: ‘This handbook shows the impact we can make when organisations come together with a shared purpose. By combining our experience with that of our peers, we help strengthen the financial sector’s ability to support real-world change. Collaborative initiatives like this reinforce our belief that long-term value is built not only through what we invest in, but through how we work together.’ 

NN Group’s role 

NN Group Responsible Investment Strategist Bruno Besek says the handbook is expected to be a living document, regularly updated and expanded upon. ‘We now have a source of practical examples for any investor that wants to integrate impact into investment process. By sharing our methods openly, we aim to support greater transparency and accelerate progress for all,’ he says. For NN Group, involvement in this initiative builds on our commitment to responsible investing and contributing to a more sustainable economy. ‘This handbook shows that integrating impact can start at any step in the investment process, connecting what we invest in with the health of the systems our portfolios depend on,’ says Bruno. 

The handbook is now available via the DNB website: New handbook helps investors integrate impact into their decisions | De Nederlandsche Bank. 

More details on NN Group’s investment principles and approach to responsible investment can be found here: NN Group - Responsible investment

The note is primarily intended to assist the sell side analyst community covering NN Group, and may be useful for their analysis. The note is available on the Financial Results page of the Investors section on NN Group’s website.

NN Group will publish its 2H25 results on 12 February 2026.

In January 2024, NN Group agreed a settlement with interest groups Consumentenclaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis, and Consumentenbond, regarding unit-linked insurance products sold in the Netherlands by Nationale-Nederlanden, including Delta Lloyd and ABN AMRO Levensverzekering. This settlement was subject to a 90% acceptance rate of affiliated policyholders that have received an individual proposal for compensation. As the 90% acceptance rate is reached, the settlement is now final.

All legal proceedings initiated by the aforementioned interest groups will be discontinued and no new legal proceedings may be initiated by these interest groups and their affiliated parties, upon completion of the execution of the settlement. 

The settlement costs are covered by a previously announced provision of approximately EUR 360 million recognised in the fourth quarter of 2023. This includes EUR 60 million for hardship cases and customers unaffiliated with one of the interest groups who have not previously received compensation. 

For more information about the settlement, please visit our website: www.nn.nl/schikkingsovereenkomst

• Operating capital generation (OCG) increased 6% to EUR 1,020 million, reflecting continued strong business performance, mainly supported by 10% growth of Insurance Europe and 15% growth of Netherlands Non-life
• Solvency II ratio of NN Group increased to 208%, or 205% on a pro-forma^1,2 basis, from 194% at the end of 2024, benefiting from favourable market conditions, strong organic capital generation and a new longevity reinsurance agreement
• Free cash flow (FCF) of EUR 863 million in the first half of 2025, on track to achieve EUR 1.6 billion target for 2025
• Continued delivery on attractive and compounding capital return to shareholders, with a 2025 interim dividend of EUR 1.38 per ordinary share, up 8% compared with the 2024 interim dividend
• Operating result increased to EUR 1,443 million from EUR 1,329 million in the first half of 2024; net result of EUR 391 million

Strong commercial performance in growth segments

• 11% increase of value of new business (VNB) for Insurance Europe, reflecting higher sales across most channels and products as well as a favourable product mix
• VNB of Japan Life increased 25% following the recent introduction of a new long-term savings product
• Total VNB was broadly stable due to lower defined benefit pension sales in the Netherlands
• Assets under management of the defined contribution pension business remained stable at EUR 39 billion, as EUR 1.2 billion net inflows offset market impacts in the first half of 2025
• Netherlands Non-life showed 6% gross written premiums growth driven by premium increases and volume growth. The combined ratio for the first half year was 91.2%, at the lower end of the 91%-93% guidance range
• Number 1 ranking in Dutch broker satisfaction

Statement of David Knibbe, CEO

‘The strong results we report today show that, amid a globally volatile first half year of 2025, we continue to deliver on our strategy. With these results, we are creating a foundation for future growth, as announced during our Capital Markets Day on 27 May 2025. Operating capital generation increased 6% to EUR 1,020 million in the first half of 2025, compared with EUR 959 million in the first half of 2024, driven by higher OCG from Netherlands Life and continued business growth of Insurance Europe as well as Netherlands Non-life, partially offset by Banking due to lower interest margins, Japan and the segment Other. Our capital position increased with a Solvency II ratio of 208%, or 205% on a pro-forma^1,2 basis, from 194% at the end of 2024, reflecting favourable market conditions, strong organic capital generation and a new longevity reinsurance agreement.

We saw continued strong commercial results, across markets. Value of new business in Europe and Japan increased with respectively 11% and 25%, highlighting the strength of our diverse businesses and customer dedication. Customer satisfaction continued its positive trajectory, particularly in international markets. We rank overall number 1 in Dutch broker satisfaction. Improved distribution and higher demand drove stronger sales across Europe, notably in Greece, Poland, and Slovakia. NN Japan recorded significant sales growth due to launch of a long-term savings product. In the Netherlands, the Non-life activities achieved a combined ratio of 91.2%. Our pension administrator AZL achieved a major milestone by transitioning the first pension fund to its new platform consistent with the new Dutch pension legislation. We expect more customers to follow soon.

To enhance our digital presence and operational efficiency, while maintaining a strong emphasis on customer experience and growth, targets were introduced. We launched our Future Ready programme, designed to transform NN Group by emphasising AI, standardisation, automation, and re-use. This transformation aims to improve customer experiences, drive growth, and generate approximately EUR 200 million in annual benefits by 2027. Early adoption of AI provided a foundation for measurable outcomes. We are making significant progress towards our goal of generating 50% of new sales from digital leads in Insurance Europe by 2028, having reached 40% in the first half of 2025, up from 36% in 2024. Furthermore, we currently have 191 AI use cases in production compared with 148 cases at the end of 2024, with all business units reporting strong progress.

Our focus remains firmly on our customers, people and our contribution to society. In addition to maintaining net-zero targets across investments, own operations, and insurance underwriting, we reinforced our dedication to supporting a more sustainable economy and society by publishing our new Biodiversity Plan in January and updating both our Climate Action Plan and Active Ownership Report in April. Total investments in climate solutions increased to EUR 14.3 billion as of 30 June 2025. We are also pleased to note that our employee engagement scores remain high.

In line with our attractive dividend policy, we will pay an interim dividend of EUR 1.38 per share.’