NN Group: quarterly profit down on high storm cost

(CercleFinance.com) - NN Group, formerly the insurance division of Dutch banking giant ING, posted a 22.
9% drop in quarterly operating profit, impacted by the severe storm that hit Europe in January.

The insurance and asset management company, which operates in 18 countries, announced that its operating result from ongoing business decreased to 313 million euros from 406 million euros over the first three months of 2017, mainly due to a 89 million euros total impact resulting from the storm in January.

Net profit from ongoing businesses fell to 399 million euros over the period, compared with 435 million euros a year earlier.

NN Group, whose retirement services, pensions, insurance, investments and banking are offered to approximately 17 million customers, said its Solvency II capital ratio rose to 213% at the end of March, from 199% a year ago.

The share was inching up 0.1% at 38.5 euros after this report.

Copyright (c) 2018 CercleFinance.com. All rights reserved.