NN Group: operating profit up 8% in 2023

(CercleFinance.com) - NN Group shares climbed over 7% on the Amsterdam Stock Exchange on Thursday, as the Dutch insurer reported a solid performance for FY 2023, also unveiling encouraging targets.


This morning, the group announced a stronger-than-expected rise of almost 8% in annual operating profit, which exceeded E2.5bn last year.

Its so-called 'Solvency II' ratio - a closely watched indicator within the sector - remained robust at 197%, compared with 201% at the end of June 2023.

In a press release, CEO David Knibbe highlights the company's solid results in view of the current 'volatile' economic and geopolitical environment.

On the strength of this performance, NN plans to increase its annual dividend by 15% to E3.20, compared with the consensus forecast of E3.10.

The group also plans to launch a E300m share buyback program, again exceeding market expectations of E250m.

The group now targets free cash flow (FCF) of E1.6bn by 2025.


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