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Anticipate today,
benefit tomorrow
NN Group N.V.
Annual Report 2024
NN Group N.V. Annual Report 2024 | 2
Our strategy and business Our performance Managing our risks Annual accounts Other information AppendixSustainability StatementGovernanceAbout NN
Contents
1 About NN
About this report 3
NN at a glance 4
Our profile 5
Our values and behaviours 7
A conversation with our CEO 12
The world around us 16
Determining our material sustainability matters 20
2 Our strategy and business
Our strategy 25
Progress on our commitments 26
How we create value 33
Stakeholder engagement and international commitments 35
3 Our performance
Our business performance 42
Creating value for investors 46
4 Managing our risks
Managing our risks 52
5 Governance
Corporate governance 66
Our Management Board 86
Our Supervisory Board 89
A conversation with our Supervisory Board chair 93
Report of the Supervisory Board 95
Remuneration Report 103
Our Code of Conduct and other policies 115
Conformity statement 119
8 Other information
Independent auditor’s report on the annual accounts 385
Limited assurance report of the independent auditor on the
Sustainability Statement 392
Appropriation of result 395
9 Appendix
Principles for Sustainable Insurance Progress report 2024 396
Our response to the Task Force on Climate-related
Financial Disclosures (TCFD) 397
United Nations Global Compact Progress report 2024 398
GHG emissions 402
Glossary 406
Publication details 412
6 Sustainability Statement
General disclosures 121
Environment 134
Social 179
Governance 207
Annex 210
7 Annual accounts
Consolidated annual accounts 244
Consolidated balance sheet 245
Consolidated profit and loss account 246
Consolidated statement of comprehensive income 248
Consolidated statement of cash flows 249
Consolidated statement of changes in equity 251
Notes to the Consolidated annual accounts 253
Risk management (Note 48) 344
Capital and liquidity management (Note 49) 366
Authorisation of the Consolidated annual accounts 374
Parent company balance sheet 375
Parent company profit and loss account 375
Parent company statement of changes in equity 376
Notes to the Parent company annual accounts 378
Authorisation of the Parent company annual accounts 383
PDF/printed version
This document is the PDF/printed version of the 2024 Annual Report
of NN Group N.V. and has been prepared for ease of use and does
not contain European Single Electronic Format (ESEF) information as
specified in the Regulatory Technical Standards on ESEF (Delegated
Regulation (EU) 2019/815). The 2024 Annual Report was made
publicly available pursuant to section 5:25c of the Dutch Financial
Supervision Act (Wet op het financieel toezicht) and was filed with
the Netherlands Authority for the Financial Markets (Autoriteit
Financiële Markten) in European single electronic reporting format
(the ESEF package). The ESEF package is available on the company’s
website and includes a human-readable XHTML version of the 2024
Annual Report. In any case of discrepancies between this PDF/
printed version and the ESEF package, the latter prevails.
NN Group N.V. Annual Report 2024 | 3
Our strategy and business Our performance Managing our risks Annual accounts Other information AppendixSustainability StatementGovernanceAbout NN
About this report
This report is intended to inform our stakeholder
groups (customers, shareholders, employees,
business partners, regulators and society at large).
We aim to show how we create sustainable, long-
term value.
Purpose
The report brings together relevant information about
our strategy, governance and performance in a way
that reflects the current economic, environmental
and social contexts. This year, for the first time, we
include a separate Sustainability Statement, outlining
how we address our material sustainability matters.
Our financial statements are included in ‘Annual
accounts’. The report is published on 13 March 2025
and covers the year from 1 January to 31 December
2024.
Relevant topics and materiality
We take into account the sustainability matters (see
p. 20-21 for definition) that have a material impact on
our stakeholders and/or that are financially material
to our business. Our material sustainability matters
were selected as part of our Double Materiality
Assessment (DMA), as the basis for disclosure in our
Sustainability Statement. Read more on p. 20.
Preparation
This Integrated Annual Report, including the NN
Group Annual accounts, is prepared in accordance
with applicable Dutch law. NN Group’s Annual
accounts are also prepared in accordance with the
International Financial Reporting Standards as
endorsed by the European Union (IFRS-EU). The
non-financial information and data is prepared in
accordance with relevant non-financial disclosure
regulations, such as the European Sustainability
Reporting Standards (ESRS) and EU Taxonomy. Since
2017, NN Group has externally disclosed that it is
aligning its climate action approach to the Task Force
on Climate-related Financial Disclosures (TCFD). Our
approach to addressing net zero can be found in the
Sustainability Statement on p. 136, and included in a
TCFD reference table on p. 397.
We report our progress on the UN Principles for
Sustainable Insurance (PSI) on p. 396, and on the UN
Global Compact (UNGC) on p. 398.
Other reports
We aim to tailor our reporting for different
stakeholders by publishing additional reports on
specific topics on the NN Group website in the
Investors/Annual Report section. In 2024, NN
Group published its Active Ownership report and
a biodiversity white paper. Alongside this Annual
Report, NN Group publishes a Solvency and Financial
Condition Report and a Total Tax Contribution Report.
Data in this report
All amounts quoted in this Integrated Annual Report
are in euros (EUR), the functional currency of NN
Group. Millions of euros are rounded to the nearest
million, unless otherwise indicated. Calculations are
made using unrounded figures. As a result, rounding
differences can occur.
External assurance
The Consolidated annual accounts and the Parent
company annual accounts of NN Group are audited
by KPMG N.V. Accountants (KPMG). Read more in
the independent auditor’s report on p. 385. KPMG
also provided limited assurance on the Sustainability
Statement included in this Annual Report, read
more in the independent auditor’s report on p. 392.
KPMG issued a limited assurance report on NN
Group’s Total Tax Contribution Report, read more
in the Independent auditor’s report of the Total Tax
Contribution Report.
About this report
The Integrated Annual Report 2024 of NN Group N.V. (NN)
provides an overview of NN’s strategic and financial performance
over the past year.