NN Group: third-quarter profit rises on lower expenses
(CercleFinance.com) - Dutch insurer and asset manager NN Group posted a 7.
4% rise in quarterly operating profit, driven by improved underwriting performance at Netherlands non-life, in addition to lower expenses.
The financial services company, which is present in 18 countries, said that its operating result from ongoing business rose to 463 million euros in the third quarter, from 431 million euros a year earlier.
Net result grew by 7.3% to 788 million euros, helped by the proceeds of the divestment of ING Life Korea.
With the integration of Delta Lloyd still ongoing, the group said cost savings reached 33 million euros, bringing total cost reductions to 269 million euros compared with the 2016 full-year expense base.
The shares were up 2.5% on Euronext Amsterdam after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
4% rise in quarterly operating profit, driven by improved underwriting performance at Netherlands non-life, in addition to lower expenses.
The financial services company, which is present in 18 countries, said that its operating result from ongoing business rose to 463 million euros in the third quarter, from 431 million euros a year earlier.
Net result grew by 7.3% to 788 million euros, helped by the proceeds of the divestment of ING Life Korea.
With the integration of Delta Lloyd still ongoing, the group said cost savings reached 33 million euros, bringing total cost reductions to 269 million euros compared with the 2016 full-year expense base.
The shares were up 2.5% on Euronext Amsterdam after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.